AGM Details

The 42nd Annual General Meeting is scheduled to be held on Friday, 28th August, 2026 at 04:00 P.M. (IST) through Video Conferencing (VC) / Other Audio Visual Means (OAVM).

Auditor Transition Details

Outgoing Auditor: M/s. B S R & Associates LLP, Chartered Accountants, were re-appointed at the 37th AGM (FY 2021-22) for a second term of 5 consecutive years. They will retire upon completion of their term at the conclusion of the 42nd AGM, in accordance with Section 139 of the Companies Act, 2013.

Incoming Auditor: The Board of Directors, on the recommendation of the Audit Committee, approved the appointment of M/s. MSKA & Associates LLP, Chartered Accountants (ICAI Firm Registration No. 105047W/W101187) at its meeting held on 26th May, 2026.

Proposed Term: The appointment is for a term of 5 consecutive years, from the conclusion of the 42nd AGM until the conclusion of the 47th AGM to be held in the financial year 2031-32, subject to shareholder approval.

Credentials of Proposed Auditor

  • Establishment & Network: MSKA & Associates LLP is registered with the Institute of Chartered Accountants of India (ICAI) and the PCAOB (US Public Company Accounting Oversight Board). It is a member firm of BDO International.
  • Office Location: 14th Floor, Level 14-B, Nippon Mall Q1, Ernakulam Bypass, Service Road East, Vennala, Kochi – 682028.
  • Services: Offers Audit, Assurance, Tax, and Advisory services with extensive experience in auditing listed corporate entities, particularly in the automobile sector.
  • Peer Review: Holds peer review certificate number 016966, valid until 31st July 2027. The firm has communicated its eligibility, independence, and consent to act as Statutory Auditors under Sections 139 and 141 of the Companies Act, 2013.

Financial Details

  • Outgoing Auditor Remuneration: M/s. B S R & Associates LLP were paid an aggregate statutory audit remuneration of ₹6.10 million (₹0.61 Crores) for FY 2025-26.
  • Proposed Remuneration: The total audit fees proposed for the new auditor for FY 2026-27 is lower than the amount paid to the outgoing auditors. The change in fee is stated to be not material.

Rationale for Change and Governance Enhancement

The change includes an expansion of the audit scope to enhance overall group corporate governance. The new auditor will be appointed for an additional material subsidiary (beyond the one already audited by the outgoing auditor). This expansion aims to increase the percentage of component auditing conducted directly by the group auditor, with both material subsidiaries now covered, while optimizing total audit costs across the group.

Interest Statement

None of the Directors, Key Managerial Personnel of the Company, or their relatives are concerned or interested, financially or otherwise, in the resolution at Item No. 3.

Board Recommendation

The Board recommends the Ordinary Resolution set out at Item No. 3 for approval by the members.

Availability

The full corrigendum is available on the company's website (www.popularvehicles.in) and the websites of the stock exchanges (BSE Limited and National Stock Exchange of India Limited).