Appointment of Mr. Pinalkumar Kalidas Patel as Executive Director and CFO with effect from from 06th February, 2026 and resignation of Mr. Jatinbhai Ramanbhai Patel as CFO and change in ....
Awaiting price reaction for this filing.
PAE Limited reported zero revenue and a loss of Rs. 15.20 lakhs for Q3 FY26 (Dec 31, 2025), with a 9-month loss of Rs. 45.36 lakhs; the auditor issued a disclaimer of opinion citing non-availability of confirmations and the fact that all fixed assets were written off as on March 31, 2025. The Board approved two large preferential share issues at Rs. 60 per share (a 50% premium): 8 lakh shares to promoter Jatinbhai Ramanbhai Patel for loan conversion (Rs. 4.8 crore) and around 2.57 crore shares via share swap worth about Rs. 154 crore, which will massively dilute existing public shareholders. Mr. Jatinbhai Ramanbhai Patel resigned as CFO (continuing as Non-Executive Director), and Mr. Pinalkumar Kalidas Patel was appointed as Executive Director and CFO. The company is also changing its name to 'Aurique Limited', moving its registered office from Mumbai to Ahmedabad, expanding its business objects into agro commodities and spices, and seeking shareholder approval to raise borrowing and investment limits up to Rs. 5,000 crore each.
The company is a post-CIRP entity that recently re-listed in November 2025 with zero current operations, so the share swap preferential issue will cause significant dilution for existing public shareholders while shifting control toward the promoter group. The name change, shift to Ahmedabad, and pivot into agro commodities/spices signal a complete business reset; existing shareholders should track the March 7, 2026 AGM closely given the scale of dilution and the auditor's disclaimer of opinion.