Board Meeting Details

The Board meeting was held on Wednesday, 02nd September 2026, commencing at 07:00 PM and concluding at 07:30 PM.

Key Decisions Approved

1. Fundraising via Preferential Allotment

The Board approved raising funds through the issuance and allotment of up to ₹24,00,00,000 (Rupees Twenty-four Crores Only) by way of preferential allotment through private placement. This will involve issuing up to 1,50,00,000 (One Crore fifty Lakhs) Equity Shares of face value ₹10/- each at a price of ₹16/- per share (including a premium of ₹6/- per share). The allotment is intended for persons falling under the non-promoter category, subject to approval from the Members of the Company and other applicable approvals.

The relevant date for the preferential issue, as per SEBI (ICDR) Regulations, 2018, is Friday, 28th August 2026.

Details of Preferential Allotment (Annexure A):

  • Type of Security: Equity Shares (ISIN: INE021N01011), face value ₹10/- each.
  • Total Number of Shares: Up to 1,50,00,000 shares.
  • Total Amount: Up to ₹24,00,00,000.
  • Issue Price: ₹16 per share (₹10 face value + ₹6 premium).
  • Investor Details: The allotment is to be made to 83 allottees, a mix of promoter and non-promoter categories. The list includes individuals and entities such as Nitin Babulal Shah, Minal Jain, Kakad Holdings Private Limited, and Cosmos Prime Projects Ltd. The largest allottees are Rajan Kantilal Shah (45,10,000 shares, ₹7.216 crore), Chhaya Shah (30,00,000 shares, ₹4.8 crore), Shagun Shah (20,00,000 shares, ₹3.2 crore), and Sanket Rajan Shah (20,00,000 shares, ₹3.2 crore).
2. Amendment to Memorandum of Association (MOA)

The Board approved amendments to the object clause of the Company's Memorandum of Association, subject to member approval. The proposed change involves inserting a new main object (Clause III (A), point no. 2) to include:

  • The business of construction, development, execution, repair, maintenance, improvement, widening, and strengthening of roads, highways, expressways, bridges, flyovers, culverts, and other civil and infrastructure projects.
  • To manufacture, produce, process, purchase, sell, supply, distribute, import, export, and otherwise deal in Autoclaved Aerated Concrete (AAC) blocks, bricks, panels, and other construction and building materials.
  • To establish and operate manufacturing units, plants, and facilities for the same.
3. Annual General Meeting (AGM) Arrangements
  • The date of the Annual General Meeting (AGM) is fixed for Tuesday, 29th September 2026, at 11:00 AM IST.
  • The cut-off date for the dispatch of the AGM notice is Friday, 28th August 2026.
  • The Record Date (cut-off date) for determining members eligible for e-voting is Monday, 21st September 2026.
  • M/s. Avinash Prakash Gandhewar, Practicing Company Secretary (CP No. 16490), was appointed as the Scrutinizer for the Remote E-Voting process.
  • Purva Sharegistry India Private Limited was appointed to facilitate E-Voting.
4. Appointment of Statutory Auditors

Based on the recommendation of the Audit Committee, the Board approved and recommended the appointment of M/s. Ojha Agrawal & Associates, Chartered Accountants (Firm Registration No. 119981W), as the Statutory Auditors for a term of 5 (five) years. This appointment is to commence from the conclusion of the ensuing AGM until the conclusion of the 52nd AGM, subject to member approval. The remuneration is to be approved by the Audit Committee/Board in consultation with the auditors.

Auditor Appointment Details (Annexure C):

  • The existing auditors, M/s. Bagdia & Company (FRN: 128256), resigned effective 8th August 2026.
  • The new firm, M/s. Ojha Agrawal & Associates, provides services in audit, taxation, GST, internal audit, and business advisory.
  • No relationships between the auditors and company directors were disclosed (Not Applicable).
5. Other Administrative Approvals
  • The draft of the Offer Letter for the preferential issue was considered and approved.
  • Approval was given to open a separate bank account for the preferential issue.
  • Certificates issued by a Practicing Company Secretary regarding the pricing of securities and compliance for the preferential issue were taken on record.