Notice of Extra-Ordinary General Meeting
Price
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Awaiting price reaction for this filing.
Avax Apparels and Ornaments Ltd has called an Extra-Ordinary General Meeting (EGM) on Friday, 25 April 2025 at 3:30 PM, to be held via video conferencing. The single agenda item is the appointment of CA Priyank Goyal, Partner of M/s. NKSC & Co., Chartered Accountants (FRN: 020076N), as the new Statutory Auditor to fill a casual vacancy. The outgoing auditor, M/s. Arvind Manoj and Associates, resigned on 11 March 2025 because the firm had not completed the mandatory peer review required under SEBI regulations for auditors of listed companies. The new auditor's fee is fixed at INR 1.50 lakh per annum (inclusive of taxes), with the term running from the conclusion of this EGM until the 20th AGM. E-voting will be open from 22 April to 24 April 2025, with 18 April 2025 as the cut-off date. The company recently got listed on the BSE SME platform on 14 January 2025.
This is a routine governance update driven by regulatory compliance rather than any financial concern. The previous auditor was not peer-reviewed and could not continue auditing a listed entity, so the swap was necessary. The proposed audit fee is modest and unchanged materially, so shareholders should not read this as a negative signal for the stock.