Dutron Polymers Limited says dispute unresolved, NCLT orders report

Dutron Polymers Limited said on October 31, 2026 that personal disputes between directors remained unresolved after a board discussion held in response to a National Company Law Tribunal order. The tribunal’s October 29 order directed the company’s three independent directors to file an independent report on its affairs by the next hearing on December 10, 2026.

What did Dutron Polymers say after its board meeting?

Dutron Polymers said the personal disputes between its directors were not resolved after discussion at the board meeting on October 31, 2026. The disclosure says the discussion was held under the National Company Law Tribunal, or NCLT, order dated October 29, 2026, and contains wording excluding the non-executive independent director and referring separately to a non-executive non-independent director.

The board meeting began at 5 p.m. and concluded at 5:45 p.m. on October 31, 2026. Alongside the dispute discussion, the board approved unaudited standalone financial results for the quarter and half year ended September 30, 2026, and took note of compliance matters for the quarter ended June 30, 2026.

The filing was submitted to BSE Limited under Regulations 30 and 33 of the Securities and Exchange Board of India listing regulations. The NCLT proceedings are identified as CP/28(AHM)2024 and IA/106(AHM)2025, brought under Sections 241 and 242 of the Companies Act, 2013.

What has the NCLT ordered Dutron Polymers to do?

The NCLT directed both parties to attend a board meeting and required Dutron Polymers, identified as respondent No. 1 in the order, to file the recording or minutes of that meeting through an affidavit. Its October 29, 2026 order recorded that both parties were board members and had consented to seek resolution at a board meeting.

Dutron Polymers’ October 31 disclosure establishes that the directed board discussion took place, but says the personal disputes remain unresolved. The tribunal stated that the company secretary must serve a copy of its order on BSE through the stock exchange portal before the next board meeting.

The tribunal also said it would consider issuing notices to BSE and the Registrar of Companies if the order was not complied with at the next hearing. The matter was listed for further consideration on December 10, 2026, giving the company and the independent directors a disclosed governance deadline.

Why must Dutron Polymers’ independent directors file a report?

Dutron Polymers’ three independent directors must file an independent report on the company’s affairs with the NCLT by the December 10, 2026 hearing. The order states that the report is to be filed in terms of the Companies Act, 2013, after the tribunal observed that a personal dispute was affecting the interests of a company listed on BSE.

The NCLT set out a specific consequence if the report is not filed: it will appoint new independent directors to the board. The October 29 order does not identify the three directors, prescribe the report’s findings, or state that any replacement has yet been made.

The order also records that mediation had failed before the hearing. It notes that the applicant appeared in person and said he was the elder brother seeking to resolve the matter, while the tribunal recorded that the company’s financial statements had been audited and signed by both parties.

How did Dutron Polymers perform in the September quarter?

Dutron Polymers reported revenue from operations of Rs 23.65 crore for the three months ended September 30, 2026, compared with Rs 27.34 crore in the June 2026 quarter and Rs 19.44 crore in the September 2025 quarter. Revenue therefore fell sequentially but exceeded the level reported a year earlier.

Profit after tax was Rs 68.60 lakh in the September 2026 quarter, against Rs 70.32 lakh in the June 2026 quarter and Rs 33.87 lakh in the September 2025 quarter. Basic and diluted earnings per share were Rs 1.14, compared with Rs 1.17 in the preceding quarter and Rs 0.56 a year earlier.

For the six months ended September 30, 2026, revenue from operations was Rs 50.99 crore, compared with Rs 46.38 crore in the corresponding six months of 2025. Profit after tax for the first half was Rs 1.38 crore, versus Rs 1.20 crore in the prior-year period.

Dutron Polymers identifies one business segment under Indian Accounting Standard 108, namely the manufacturing of plastic pipes. Paid-up equity share capital was Rs 6 crore at September 30, 2026, unchanged from the June 2026 quarter and the September 2025 quarter.

What do Dutron Polymers’ financial statements show?

Dutron Polymers’ statutory auditor, Krutesh Patel & Associates, said in its limited review report dated October 31, 2026 that nothing had come to its attention indicating that the standalone results were not disclosed as required or contained a material misstatement. The review was conducted under Standard on Review Engagements 2410 and is not a full audit.

Total assets stood at Rs 44.26 crore at September 30, 2026, compared with Rs 40.32 crore at September 30, 2025. Inventories increased to Rs 17.57 crore from Rs 14.08 crore, while trade receivables rose to Rs 11.64 crore from Rs 10.17 crore over the same period.

Property, plant and equipment were Rs 6.54 crore at September 30, 2026, down from Rs 7.01 crore a year earlier. The balance-sheet figures show that the increase in total assets was accompanied by higher inventory and receivables, while property, plant and equipment declined.

For the half year ended September 30, 2026, net cash inflow from operating activities was Rs 42.73 lakh, compared with an outflow of Rs 99.87 lakh in the audited year ended March 31, 2026. Net cash outflow from investing activities was Rs 11.99 lakh, while financing activities generated an inflow of Rs 25.94 lakh during the half year.

Conclusion

The October 31 disclosure confirms that Dutron Polymers’ board discussion did not resolve the personal dispute identified by the NCLT. The tribunal has treated the matter as relevant to the interests of the BSE-listed company, while the September-quarter filing reports revenue of Rs 23.65 crore and profit after tax of Rs 68.60 lakh.

The next disclosed milestone is the NCLT hearing on December 10, 2026. Before that date, Dutron Polymers’ three independent directors are required to submit their report, while the company must file the board-meeting record through an affidavit; the order states that non-submission by the independent directors could lead to new appointments.