Board approves Brazil subsidiary, auditor reappointments
GEMAROMA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Gem Aromatics board on June 23, 2026 approved three items: (1) re-appointment of RANK & Associates as Internal Auditor for FY 2026-27; (2) appointment of N. L. Bhatia & Associates as Secretarial Auditor for 5 years (FY 2026-27 to FY 2030-31), subject to shareholder approval; (3) incorporation of a Wholly Owned Subsidiary in Brazil. The Brazil arm will distribute essential oils, aromatic and specialty chemicals for Gem Aromatics and Krystal Ingredients. Investment is up to Rs 2 crore equity via ODI plus up to Rs 15 crore Standby Letter of Credit (around Rs 17 crore total), in tranches subject to RBI and local approvals.
Brazil subsidiary signals overseas expansion push, boosting long-term growth potential but adds capex of around Rs 17 crore. Auditor changes are routine compliance items.