With profound grief, we regret to inform you about the untimely and sad demise of Sh. Abhey Oswal, Chairman, Oswal Agro Mills Ltd., in Moscow on 29th March, 2016. We would further wish to intimate that a Board Meeting was held on 2nd April, 2016 and Mrs. Aruna Oswal (wife of Late Shri Abhey Oswal) has been appointed as Director & Chairperson of the Company.
Mrs. Aruna Oswal is a Post Graduate and has been closely associated with Late Shri Abhey Oswal in managing the business. She is actively involved in the management of Aruna Abhey Oswal Trust which is operating Eye Hospitals, Mobile Medical Vans, Skill Development Centre and School for underprivileged of the society. She is also International Director Endorsee of Lions Club International. She has vast experience in managing national and international projects.
During the year, the company has earned net profit of Rs.12.77 crores against the net
loss of Rs. 7.78/- crores in the previous year. During the year company was mainly
engaged in Real Estate and investment activities. As you aware that the real estate
development project at Chembur, Mumbai could not be started back due to the adverse
judgement of the Hon’ble Supreme Court however the company has filed a review
petition of the judgement.. The future of this project is solely dependent on the outcome
of the judgement. The company is exploring other possibilities in real estate sector.
