Bikaner, 24 July 2024 – Bikaji Foods International Limited has announced key outcomes from its Board of Directors meeting held on 24 July 2024. The meeting covered several important decisions, including financial results, appointments, and strategic business moves.
Approval of Financial Results
Financial Performance: The Board approved the Un-audited Standalone and Consolidated Financial Results for the quarter ended 30 June 2024. The results reflect the company's ongoing growth and financial health.
Limited Review Report: The Limited Review Report on the Un-audited Standalone and Consolidated Financial Results, issued by M/s M Surana & Company and M/s M S K A & Associates, was noted and accepted. The report will be published in newspapers to comply with regulatory requirements.
Re-appointments and Appointments
Re-appointment of Chairman and Whole-Time Director: The Board recommended the re-appointment of Mr. Shiv Ratan Agarwal (DIN: 00192929) as Chairman and Whole-Time Director for a term of three years from 1 May 2025 to 30 April 2028, subject to shareholder approval at the upcoming AGM.
Statutory Auditors: The re-appointment of M/s M S K A & Associates, Chartered Accountants, as one of the Joint Statutory Auditors for a second term of five consecutive financial years, was recommended. This term will commence from the conclusion of the 29th AGM and end at the 34th AGM in 2029.
New Appointment of Auditors: The Board recommended the appointment of M/s Ashok Shiv Gupta & Co., Chartered Accountants, as one of the Joint Statutory Auditors for a first term of five consecutive financial years, starting from the conclusion of the 29th AGM and ending at the 34th AGM in 2029.
Corporate Developments
Internal Auditor Resignation: The resignation of M/s SSVA & Co. as the Internal Auditor, effective 24 July 2024, was noted.
New Internal Auditor: Mr. Saurabh Kumar Agrawal, Associate Vice President – Finance, was appointed as the new Internal Auditor effective 24 July 2024.
Wholly-Owned Subsidiary: The Board approved the incorporation of a new wholly-owned subsidiary.
Scheme of Amalgamation: The Board approved a scheme of amalgamation of Vindhyawasini Sales Private Limited with Bikaji Foods International Limited, subject to statutory and regulatory approvals, including the Hon'ble National Company Law Tribunal.
Annual General Meeting: The 29th AGM of the company is scheduled for 25 September 2024 at 11:00 A.M. through Video Conferencing (VC) / Other Audio-Visual Means (OAVM).
Directors' Report: The Directors’ Report for the financial year ended 31 March 2024, including the Management Discussion and Analysis Report, Corporate Governance Report, and Business Responsibility and Sustainability Report, was approved.
Management Appointments
Chief People Officer: Ms. Deepshikha Thakur was appointed as the Chief People Officer, effective 1 August 2024.
Vice President – Operations (Frozen): Mr. Deepu Sharma was appointed as the Vice President – Operations (Frozen), effective 24 July 2024.
Investments and Loans
Investment in Bhujialalji Private Limited: The Board approved an investment of ₹2 Crore in the form of 20 Lakh Optionally Convertible Debentures.
Investment in Bikaji Foods International USA Corp: The Board approved an investment of $500,000 in the form of 50,000 common stock.
Loan Agreement: The Board approved a loan agreement with Petunt Food Processors Private Limited for ₹15 Crore.
Trading Window and Compliance
The trading window for dealing in securities of the company will reopen on 27 July 2024. The outcomes of the Board Meeting will be available on the company’s website.
For more information, please visit Bikaji Foods International Limited.
Contact Information
Rahul Joshi
Head - Legal and Company Secretary
Bikaji Foods International Limited
Phone: +91-151-2250350
Email: cs@bikaji.com
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