Resignation and Appointment of Secretarial Auditor
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Kalind Ltd announced multiple board-level changes at its February 28, 2026 meeting. The CFO (Mrs. Preeti R. Mistry) and Company Secretary (Ms. Poonam Khemka) both resigned for personal reasons, effective the same day; Mr. Vijay Palsingh Gulya was named the new CFO from March 1, 2026, while a new Company Secretary is yet to be appointed. Both the Statutory Auditor (JMMK & Co) and Secretarial Auditor (CS Nitin Sarfare) stepped down mid-term, replaced by D G K T & Co LLP and CS Riddhi Shah respectively. More materially, the board approved acquiring 100% of DBJ Multi Services Pvt Ltd (a promoter-related civil services and construction firm) for up to Rs. 310 crore via a share swap, issuing up to 2.58 crore new shares at Rs. 120 each (a premium of Rs. 110). To fund future flexibility, the board also raised its borrowing, mortgage, and investment limits to Rs. 1,000 crore each and hiked authorised share capital from Rs. 122 crore to Rs. 1,000 crore. An EGM is scheduled for March 27, 2026 to seek shareholder approval for these major decisions.
The two KMP exits alongside mid-term changes in both auditors may raise governance concerns for retail investors, though replacements have been lined up. The bigger picture is a transformative acquisition of a promoter-linked entity through a large share swap that will dilute existing shareholders by roughly 3% and meaningfully expand the company's scope into construction and infrastructure services, subject to shareholder approval at the March 27 EGM.