Reconstitution of the Audit Committee and Nomination and Remuneration Committee of the Company
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Avax Apparels and Ornaments announced board changes effective October 15, 2025. Two directors resigned: Mr. Amitabh Agrawal (Non-Executive Independent Director) and Mr. Harish Kumar (Whole Time Director). To fill the gaps, the board appointed Ms. Shruti Shri Agnihotri as an Additional Non-Executive Independent Director for a 5-year term and Mr. Deepak Kumar as an Additional Executive Director (Whole Time Director) for a 3-year term, pending shareholder approval. Both appointments are subject to confirmation at the next general meeting. The Audit Committee and Nomination & Remuneration Committee have been reconstituted accordingly, with Pradeep Srivastava chairing the Audit Committee and Rajat Goel chairing the NRC. Notably, Mr. Deepak Kumar is the spouse of existing Whole Time Director Ms. Deepika Garg, indicating a family connection on the board.
The resignations and new appointments are routine governance housekeeping, but the addition of a director who is a spouse of an existing Whole Time Director may raise governance concerns among investors about board independence and family representation. Shareholders should watch for the general meeting outcome ratifying these appointments.