Enclosed herewith EGM Outcome and Proce4edings
Awaiting price reaction for this filing.
Avi Products India Ltd held its adjourned Extraordinary General Meeting on 24 March 2026 via video conferencing, from 2:00 PM to 2:45 PM. The original EGM on 17 March 2026 was adjourned due to lack of quorum, and the reconvened meeting proceeded with members present being treated as a valid quorum under Section 103 of the Companies Act, 2013. Out of 13,930 total shareholders (as of 10 March 2026 cut-off), only 4 members attended the meeting, indicating extremely low shareholder participation. Seven resolutions were tabled, including appointments of two new directors (Mr. Manas Ranjan Palo as Independent Director and Mr. Saroj Kumar Choudhury as Non-Executive Non-Independent Director), appointment of a new statutory auditor (M/s. N K Jalan & Co) and secretarial auditor (M/s. VKMG & Associates LLP) for five years, enhancement of borrowing limits, and authorisations under Sections 180(1)(a) and 186 of the Companies Act, 2013. Notably, the proposed statutory auditor M/s. N K Jalan & Co declined the appointment via a letter dated 23 March 2026, just a day before the meeting. E-voting results are awaited and will be announced separately within two working days.
Shareholders should watch for the e-voting results, which will determine whether the director appointments, auditor changes, and enhanced borrowing powers are approved. The auditor's last-minute refusal to be appointed as statutory auditor is a red flag and may create uncertainty around audit continuity. Very low attendance at the EGM (4 out of 13,930 shareholders) is also notable and may indicate weak shareholder engagement.