Nature of Event

Regulatory disclosure of Extraordinary General Meeting (EGM) notice for shareholder approval of statutory auditor appointment to fill casual vacancy.

Key Quantitative Figures

  • Proposed statutory auditor remuneration: ₹50,000 per annum (exclusive of applicable taxes)
  • Record date for voting rights: August 7, 2026
  • Remote e-voting period: August 10, 2026 (9:00 AM IST) to August 12, 2026 (5:00 PM IST)
  • EGM date and time: August 13, 2026 at 3:30 PM IST

Dates of Action

  • Previous auditor resignation date: July 11, 2026
  • Board meeting date approving new auditor: July 20, 2026
  • EGM notice date: July 22, 2026
  • EGM scheduled date: August 13, 2026
  • Auditor appointment validity: Until conclusion of next Annual General Meeting (2027)

Parties Involved

  • Previous Statutory Auditors: M/s. ACG & Co, Chartered Accountants (FRN: 0028477N)
  • Proposed Statutory Auditors: M/s. MAARS & Associates, Chartered Accountants (FRN: 134798W)
  • Scrutinizer: Mr. Ranjit Binod Kejriwal, Practicing Company Secretary
  • Registrar and Transfer Agent: Kfin Technologies Ltd
  • E-voting service provider: National Securities Depository Limited (NSDL)
  • Company Directors: Aayush Hiren Desai (Whole-time Director, DIN: 08636117), Hiren Indravadan Desai (Chairman & Managing Director)
  • Company Secretary: Shivani Parth Kothari (Company Secretary and Compliance Officer)

Purpose and Rationale

To fill casual vacancy caused by resignation of previous statutory auditors M/s. ACG & Co. The Board recommends appointment of M/s. MAARS & Associates based on Audit Committee recommendation to ensure statutory audit compliance for financial year ending March 31, 2027.

Financial Impact

Auditor remuneration fixed at ₹50,000 per annum exclusive of applicable taxes and reimbursement of out-of-pocket expenses. No material change in audit fees compared to previous auditor.

Capital Structure Impact

No impact on capital structure disclosed. Voting rights proportional to paid-up equity share capital as on August 7, 2026.

Meeting Logistics

  • Conducted through Video Conferencing/Other Audio-Visual Means (VC/OAVM)
  • Deemed venue: Registered Office at Surat
  • Physical attendance dispensed with, no proxy facility available
  • VC/OAVM facility available for 1,000 members on first-come-first-served basis (exceptions for large shareholders holding 2%+, promoters, institutional investors, directors, KMPs, committee chairpersons, auditors)

E-voting Instructions

  • Remote e-voting through NSDL platform from August 10-12, 2026
  • Shareholders can vote using demat account credentials or physical folio details
  • Individual shareholders in demat mode can vote through their depository participants
  • Institutional shareholders must submit Board Resolution/Authority letter to scrutinizer
  • Members can also vote during EGM through same platform if not voted remotely

Auditor Credentials

M/s. MAARS & Associates: Established 2012, Peer Review certified by ICAI, headquartered in Surat with branch in Kashipur, Uttarakhand. Offers assurance, audit, taxation, advisory, risk consulting, and corporate finance services. Team of over 20 professionals with four partners.

Governance Aspects

  • Audit Committee recommended the appointment
  • Board of Directors approved the recommendation on July 20, 2026
  • No directors/KMP/their relatives are financially or otherwise interested in the resolution
  • New auditor provided written consent and confirmed eligibility under Section 141 of Companies Act, 2013