Appointment of Ms. Ayushi Singh Bais (DIN: 11510837) as an Additional Director (Non-Executive & Independent) of the Company with effect from May 25, 2026
Awaiting price reaction for this filing.
Melstar Information Technologies held a board meeting on May 25, 2026, approving several key changes. Mr. Rajnikant Patel resigned as Independent Director effective May 24, 2026, citing professional commitments, while Ms. Ayushi Singh Bais was appointed as Additional Independent Director from May 25, 2026 (subject to shareholder approval for a 5-year term). The company reported audited standalone FY2025-26 results with revenue of Rs. 75 lakh and net profit of Rs. 44.72 lakh, while consolidated results showed net profit of Rs. 10.29 lakh. Both audits received qualified opinions due to ongoing IBC insolvency proceedings initiated in October 2019. Ms. Bais has been added to all four board committees (Audit, NRC, SRC, and RMC). Internal auditors were also changed, with M/s M. N. Kholiya & Associate resigning (citing fee disagreements) and M/s Saini & Saini appointed in their place.
The resignation of an independent director and appointment of a replacement with finance/governance expertise (Ms. Bais is a strategic finance professional) represents routine board renewal. The ongoing IBC insolvency qualification continues to be a risk factor. The change in internal auditors due to fee disputes is a minor governance event.