Ishan Dyes and Chemicals Limited has informed the Exchange about Resignation and Appointment of Internal Auditor.
ISHANCH · price
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At a board meeting on 21st March 2026, Ishan Dyes and Chemicals allotted 4,23,280 equity shares to promoter Anilaben Piyushbhai Patel on conversion of warrants at ₹63 per share, bringing in about ₹2 crore and lifting paid-up capital from 2,61,40,417 to 2,65,63,697 shares. Around 41.6 lakh warrants are still pending conversion, with the 18-month window running from September 2025. M/s K. D. Dave & Co resigned as Internal Auditor for FY26 citing pre-occupations and other professional commitments, and M/s H D Panchal & Co has been appointed in their place. The board also approved a postal ballot to seek shareholder approval for re-appointing Mr. Shrinal P Patel as Whole-Time Director and Mr. Piyushbhai Natvarlal Patel as Managing Director.
The warrant conversion is a positive sign of promoter confidence and strengthens the equity base, but it also dilutes existing shareholders. The internal auditor change so close to fiscal year-end (just 10 days before 31st March 2026) is a minor governance item that may raise a few eyebrows, though the reason given is routine. Re-appointment of the two key directors ensures leadership continuity.