Appointment of Statutory Auditor at the Board Meeting held on 28.02.2026
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
At its February 28, 2026 meeting, Kalind Limited's board approved sweeping changes including the resignation of CFO Preeti R. Mistry and Company Secretary Poonam Khemka (both for personal reasons), with Vijay Palsingh Gulya appointed as new CFO effective March 1, 2026. Statutory auditor JMMK & Co and secretarial auditor Nitin Sarfare resigned, replaced by D G K T & CO LLP and Riddhi Shah respectively to fill casual vacancies. The board approved acquiring 100% of DBJ Multi Services Pvt Ltd for up to ₹310 crore entirely through a share swap by issuing 2.58 crore equity shares at ₹120 each (aggregating ~₹309.60 crore) to DBJMSPL's existing shareholders, making it a wholly owned subsidiary. Authorized share capital was raised sharply from ₹122 crore to ₹1,000 crore, and borrowing/mortgage/loan limits were each bumped to ₹1,000 crore. The transaction qualifies as a related-party deal since promoters Jasani family are sellers of DBJMSPL and also allottees of the preferential shares.
Existing shareholders face significant dilution as ~2.58 crore new shares (over 2x current equity base) will be issued to promoter-linked entities and select investors. DBJMSPL's FY25 turnover of just ~₹36 lakhs against a ₹310 crore valuation raises valuation concerns for minority holders. The simultaneous departure of two key managerial personnel and back-to-back auditor resignations warrant close governance review. Shareholders should track the EGM on March 27, 2026 where approvals for the acquisition, preferential issue, and enhanced borrowing powers will be sought.