Appointment of Mr. Pinalkumar Kalidas Patel as Executive Director and CFO with effect from 06th February, 2026 and resignation of Mr. Jatinbhai Ramanbhai Patel as the CFO and change in ....
Awaiting price reaction for this filing.
PAE Limited's board, at its February 6, 2026 meeting, approved multiple major changes. Mr. Pinalkumar Kalidas Patel was appointed as Executive Director and CFO, replacing Mr. Jatinbhai Ramanbhai Patel who resigned as CFO (citing pre-occupation) but continues as Non-Executive Director. The company reported nil revenue and a net loss of Rs. 15.20 lakh for Q3 FY26 and Rs. 45.36 lakh for nine months FY26, compared to Rs. 61,422.24 lakh revenue previously — the auditor issued a Disclaimer of Opinion citing inability to verify balances, fixed assets, and bank confirmations. The company approved two preferential allotments totalling about Rs. 158.85 crore at Rs. 60 per share — Rs. 4.80 crore to promoter Mr. Jatinbhai Patel (loan conversion) and Rs. 154.05 crore via share swap to promoter group and public allottees. Additionally, the company proposed changing its name to 'Aurique Limited', shifting its registered office from Mumbai to Ahmedabad, and altering its main objects to pivot into agro commodities and spices business. An AGM is scheduled for March 7, 2026 to seek shareholder approvals.
Post-CIRP restructuring is ongoing — the revenue base has collapsed to zero as the business pivots to agro commodities, and existing shareholders face significant dilution from large preferential issues at Rs. 60 (well above face value). The auditor's disclaimer of opinion and the simultaneous exit/restructuring of promoter shareholding raise governance red flags, though the new CFO appointment and clear business pivot may bring stability over time.