Business Wire India
Ms Monika Garware, Vice Chairman and Joint Managing Director of the Company chaired the meeting in accordance with the provisions of the Companies Act, 2013.
At the said AGM, the shareholders of the Company passed the following resolutions by the requisite majority in respect of:
- Audited financial statements (standalone and consolidated) for the year ended 31 March 2023, together with the reports of the Board of Directors and the Auditors thereon.
- Declared dividend (at 100% of par value) on Equity Shares for the financial year ended 31 March 2023.
- Re-appointment of Ms Sonia Garware as a non-independent director.
- Revision of Ms Monika Garware as Joint Managing Director of the Company up to 31.10.2026.
- Appointment of Mr MS Adsul as Director – Technical (whole-time director) for three years.
Ms Garware further updated that GHFL has touched around 100 partnerships, including Garware application studios and PPF distributors. The company’s dealer network has also expanded to over 350 outlets.
In addition, Ms Monika Garware provided guidance on the company’s growth prospects and future scenarios.
- GHFL’s growth is expected to be driven by its extensive global presence spanning across 90 countries, supported by a diverse, value-added product range, strategic export growth and a robust portfolio of patents and IPRs. Investments in PPF, new SCF lines, and increasing demand for recyclable shrink films are expected to drive volume and revenue growth.
- Growth in the Solar Control Film (SCF) business is expected to be driven by global economic recovery, untapped domestic market and diversification into complementary architectural film segments. SCF products offer unique features such as 99% UV rejection and infrared rejection.
- In the Paint Protection Films business, the Company maintains a positive outlook in both the global and Indian markets. Increased customer awareness regarding the benefits of PPF, such as scratch resistance and hydrophobicity, supports this optimism. In addition, the company expects higher PPF penetration driven by the premiumisation of the Indian automotive market and the rapid growth of the EV segment.