The 59th AGM of the Company was held on September 1 , 2022 at SRI THYAG BRAHMA GANA SABHA "VANI MAHAL" 103, GOPATHI NARAYANASWAMI CHETTY ROAD, T. NAGAR, CHENNAI-600017. This AGM has lot of significance as the Company after going. through a turbulent period in the last decade, is turning around after resolving most of the litigations and clearing all the pending dues to the secured creditors. There was a change in management of the Company in month of June 2022 pursuant to the sale of shares by the erstwhile promoter group. The Company is under the management of the new promoter group comprising of Mr. C. K. Venkatachalam, Mr. C. K. Balasubramaniam, Mr. S. Anandavadivel, Mr. S. Aravindan, Mr. S. Nagarajan, Mr. K. V, Prakash and M/s.Trineva Infra Projects Private Limited, who have the relevant experience and expertise in the infrastructure business and has already obtained an order for the construction of integrated storm water drain works approximately valued at Rs.64.59 Cr from a reputed infra player and the same has been intimated on 10th June 2022 to all the stake holders. The Company is in the process of bidding for multiple projects on the backing of its new promoters.
The New Promoters convey their whole hearted appreciation and gratitude of the Company to the erstwhile promoter group for their long years of support, managerial guidance and technology direction which has ensured the pre-eminent position of the company in the High Voltage electrical industry. Furthermore, the Company places on record the recognition of the extensive financial support extended to the company by the erstwhile promoter group during its difficult period and the comprehensive resolution of all liabilities and obligations of the company in a fair and transparent manner for the benefit of all stake holders.
The Company has discontinued the insulators business and are now diversifying into the Infrastructure business and execution of Turnkey Projects in the segments of electrical projects, EPC and construction projects. The Infrastructure segment of the business is driven by the new promoter group who have vast experience in this line of business. Under the stewardship of the new management, the Company is looking at a robust order book in excess of Rs200 cr.,
With the relevant expertise in the infrastructure business, the new management intends to develop IT/ITES infrastructure in the remaining land parcel of the Company and the preliminary project related works have already been initiated. The Company is also evaluating its entry into other emerging sectors and shall promptly update the stakeholders upon finalization of the business strategies going forward.