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97th AGM of EIL held

Published: Dec 30, 2024

By TIOLCorplaws News Service

NEW DELHI, DEC 30, 2024: THE 97th Annual General Meeting (AGM) of Eastern Investments Limited (EIL), Subsidiary of RINL and a CPSE under Administrative control of Ministry of Steel was held on 28th December, 2024 through Video Conferencing.

Ajit Kumar Saxena, CMD (Additional Charge), RINL & Non- Executive Chairman of EIL, Chaired the Meeting from Administration Building, Visakhapatnam Steel Plant, today.

Swapna Bhattacharya, DDG (Deputy Director General), Ministry of Steel and Government Director, EIL attended the AGM from New Delhi through video conference. S Narayanaswamy, Under Secretary to the Govt. of India, Ministry of Steel (MoS) attended the AGM on behalf of President of India as authorised nominee from New Delhi through Video Conference.

Suresh Chandra Pandey, Director (Personnel), RINL and Managing Director, EIL, S Raja Babu, Company Secretary, EIL and K Hema Raju, AGM (Company Affairs), representative of RINL, attended the AGM from Visakhapatnam. Puspen Sarkar, Chief Financial Officer (CFO), EIL and other officers attended the meeting from Bhubaneswar. Shareholders of EIL from different parts of the country attended the meeting through Video Conference. The Company Secretarial Department of EIL coordinated the proceedings of the Meeting.

Ajit Kumar Saxena, CMD (Addl Charge), RINL and Non-Executive Chairman, EIL, addressed the shareholders of EIL and explained the position of the Company. In his address, he mentioned that during the year 2023-24, M/s EIL has made a standalone net profit of Rs.2.10 lakhs and its Net Worth stands at Rs. 267.19 Crs.

He also mentioned that the Orissa Minerals Development Company Limited (OMDC), subsidiary of EIL has earned a net profit of Rs. 2.82 Crs during the year 2023-24 as compared to a net loss of Rs.16.54 Crs during the previous year 2022-23 and The Bisra Stone Lime Company Limited (BSLC), another subsidiary of EIL has earned a net profit of Rs. 2.29 Crs during the year 2023-24 as compared to Rs. 11.74 Crs in the previous year 2022-23.

During the year 2023-24, the consolidated income of EIL was raised to Rs. 171.63 Crs from Rs. 126.36 Crs in previous year 2022-23 and Consolidated net profit of EIL during the year 2023-24 is Rs. 3.37 Crs compared to a net loss of Rs.6.49 Crs in previous year 2022-23.

Ajit Kumar Saxena thanked all the Stakeholders, Ministry of Steel and Ministry of Finance, Govt. of India and Govt. of Odisha for their co-operation and for their contribution to the Company. With such continued support, Eastern Investments Limited ( EIL) will revive and turnaround at the earliest and contribute positively for better stakeholders' delight. He also thanked the colleagues on the Board who have given their valuable time and assistance in charting Company's progressive move.

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