Enclosed herewith EGM Outcome and Proceedings
Awaiting price reaction for this filing.
Avi Products India held an adjourned Extra-Ordinary General Meeting (EGM) on 24 March 2026 via video conferencing, after the original 17 March meeting was adjourned due to lack of quorum. The meeting was attended by only 4 members out of 13,930 total shareholders, and after a half-hour adjournment for want of quorum, members present were treated as a valid quorum under Section 103 of the Companies Act, 2013. Seven agenda items were considered, including appointment of two directors (one Independent, one Non-Executive Non-Independent), appointment of statutory and secretarial auditors for 5-year terms, enhancement of borrowing limits, and authorizations under Sections 180(1)(a) and 186. Notably, the proposed Statutory Auditor M/s. N K Jalan & Co. withdrew its consent to be appointed via a letter dated 23 March 2026, just a day before the meeting. E-voting results are awaited and will be announced within 2 working days.
The extremely low attendance (4 out of 13,930 shareholders) and the last-minute withdrawal of the proposed statutory auditor raise governance concerns, though the resolutions themselves (debt expansion, new auditor appointments, director additions) suggest the company is undertaking structural changes. Investors should wait for the e-voting results to see which resolutions were actually approved, especially since the statutory auditor resolution may have been effectively nullified.