Teesta Agro Industries’ record is marked by a recurring gap between what its Board reports state and what its own filings disclose. The Board has repeatedly declared zero related-party transactions while quarterly disclosures and year-end filings show transactions with promoter-linked entities, including ₹15 crore in unsecured promoter loans. The promoter family holds four executive board seats, has raised its aggregate monthly pay to a proposed ₹25.0 lakh, and the secretarial auditor has flagged improper board composition across three years. Trading in the shares was suspended for four years, and a pattern of SEBI filing lapses accumulated through FY2023.
Key findings
- Board reports say no related-party transactions, but filings show promoter loans of ₹15 crore
Major- The Board’s Report for FY2025-26 states “There was no transaction entered with related parties for the year under review”. However, AOC-2 for the same year lists remuneration to four KMPs, rent from Cama Infra, and a hire purchase loan from HSB Leasing. The related-party disclosure as of 31.03.2026 shows unsecured loan transactions of ₹1,000 lac from Hardev Singh and ₹500 lac from Mrs. Joginder Kaur during the year, with year-end balances of 0. - Promoter family holds four executive seats and has raised disclosed pay to ₹25.0 lakh
Major- Mr. Hardev Singh (Managing Director), Mr. Paramdeep Singh, Mr. Inderdeep Singh, and Ms. Joginder Kaur are all promoter-family members holding executive board seats. The aggregate monthly remuneration for Mr. Hardev Singh, Mr. Paramdeep Singh, and Mr. Inderdeep Singh is proposed at ₹25.0 lakh effective 1 September 2026. The secretarial auditor flagged improper board composition in FY2021-22, FY2022-23, and FY2025-26, and reported in FY2025-26 that no independent director had passed the required Proficiency Test. - BSE suspended trading for four years; multiple SEBI filing lapses accumulated through FY2023
Major- BSE suspended trading in the shares from 9 April 2019; revocation was approved only on 29 June 2023. In FY2021-22, audited financial results were filed late, the website was inactive, and the Stakeholder Relationship Committee lacked an independent director. In FY2022-23, a director’s DIN was deactivated and none of the independent directors had qualified the Proficiency Test. - The statutory auditor resigned mid-tenure in June 2025, citing merger of partners
Minor- M/s Mantry & Associates resigned on 16.06.2025 during a five-year term approved to run until FY2026-27. The CARO report states the resignation was “due to merger of their firm and change of partners” with no issues raised by the outgoing auditor, though a stock exchange announcement dated 23.07.2025 cites “death or otherwise” as the reason. M/s Agarwal R G & Associates was appointed to fill the vacancy on 23.07.2025. - Revenue recognition is a recurring Key Audit Matter with a static pool of unprovided overdue receivables
Minor- Revenue recognition is identified as a Key Audit Matter in both FY2024-25 and FY2023-24. Sundry debtors include overdue debts of ₹15 lakh in FY2025-26 and ₹15 lakh in FY2024-25 for which no provision is made. Trade receivables stood at ₹21.35 crore in the latest year, with receivables days improving to 34 from 60 in FY2024-25.
What to watch
- Promoter-director salary increases. Special resolutions to raise Mr. Hardev Singh’s salary to ₹15,00,000 per month and Mr. Paramdeep Singh’s and Mr. Inderdeep Singh’s to ₹5,00,000 per month are up for vote at the 40th AGM, notice dated 31 July 2026.
- Dividend resolution. A final dividend of ₹2.50 per share for FY2025-26 is to be resolved at the 40th AGM convened on 31 July 2026.
- Related-party disclosures. The half-yearly related-party disclosure for the period ending 30 September 2026, to be filed under Regulation 23(9) of SEBI LODR.
- GST dispute. The ₹16.56 lakh GST dispute for FY2021-22 was pending at Commissioner Appeals as of 31 March 2025.
Bottom line: This is a small fertiliser company with a real operating business and improving receivables days, but its governance record is thin. The Board’s own reports say one thing about related-party transactions while the filings say another, and the promoter family both runs the board and sets its own pay. The four-year trading suspension and the pattern of filing lapses are behind it, but the habits that produced them, late filings, inactive website, deactivated director DINs, are worth watching for in the next two quarters. Read the related-party disclosure for the half-year ending September 2026 when it lands, and watch the outcome of the salary resolutions at the 40th AGM.