Clarification with respect to Outcome of Board Meeting dated September 05, 2025.
Awaiting price reaction for this filing.
AVI Polymers has submitted a revised disclosure to BSE for its September 05, 2025 board meeting, admitting it had originally missed disclosing the resignation of an Independent Director as required by SEBI norms. The revised filing details a major board reshuffle: two Independent Directors (Ms. Sapna and Mr. Ram Kumar Singh) resigned citing pre-occupation with other professional commitments, while three new directors were appointed — Mr. Sadhu Jignesh Harendrabhai and Ms. Varsha Prajapat as Additional Non-Executive Independent Directors, and Mr. Harsh Parmar as Additional Executive Director. The Company Secretary and Compliance Officer, Ms. Ritu Tiwari, also stepped down. Additionally, secretarial auditor Jalan Alkesh & Associates resigned and was replaced by M/s SCS & Co. LLP for FY 2024-25.
The simultaneous exit of two Independent Directors and the Company Secretary, combined with the original omission of the disclosure, raises governance and transparency concerns for shareholders. The rapid board turnover and auditor swap may be viewed negatively by the market, though new independent directors have been inducted to maintain compliance.