AVRO INDIA LIMITED has informed the Exchange regarding Change in Auditors of the company.
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Avro India's board met on August 30, 2025 and approved three items. First, the 29th Annual General Meeting will be held on September 30, 2025 via video conference at 1:00 p.m. Second, M/s Chaturvedi & Company was reappointed as Secretarial Auditor for another five years starting April 1, 2025, subject to shareholder approval. Third, the company will invest Rs. 39,76,21,872 (about Rs. 39.76 crore) by subscribing to 82,83,789 equity shares of its wholly owned subsidiary, Avro Recycling Limited, at Rs. 48 per share. The subsidiary was incorporated on May 14, 2025 to set up a greenfield plastic waste recycling project and has not yet started operations. The investment will be funded from the proceeds of a preferential issue. Since Avro India is acquiring 100% of the subsidiary with common directors, this is classified as a related party transaction.
The reappointment of the existing secretarial auditor is routine and not a red flag. The Rs. 39.76 crore investment into a newly formed, not-yet-operational subsidiary for plastic recycling is a significant capital deployment decision that will use up the preferential issue funds. Shareholders should watch for execution updates on the recycling project, as the subsidiary is a greenfield venture with no operating history yet.