OUTCOME - STATUTORY AUDITORS, EXTRA ORDINARY GENERAL METING
Price
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Awaiting price reaction for this filing.
The board met on October 18, 2025 and identified a compliance lapse: the re-appointment of M/s G.K. Kedia & Co. as statutory auditors, approved at the September 29, 2025 AGM, was null and void because the firm had already completed the maximum 10-year tenure under Section 139(2) of the Companies Act, 2013. To rectify this, the board is recommending the appointment of M/s SMGA & Co. (FRN: 014671C) as the new statutory auditor, to serve until the conclusion of the 43rd AGM for FY2025-26, subject to shareholder approval. An Extra-Ordinary General Meeting (EoGM) has been scheduled for November 12, 2025 via video conferencing, with e-voting open from November 9-11, 2025 and the register of members closed from November 5-16, 2025. B. Bhushan & Co. has been appointed as scrutinizer for the e-voting process.
This is a governance correction to fix an inadvertent error in complying with mandatory auditor rotation rules. Shareholders must approve the new auditor at the November 12 EoGM. The event is procedural and unlikely to materially affect the stock price, but it exposes a weakness in the company's compliance and filing processes.