Revision in intimation dated 14/06/2025 for resignation of directors
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At a 14 June 2025 board meeting, Konndor Industries appointed three new directors: Ms. Sarita Ahire and Mr. Vigil Rodrigues as Executive Directors, and Mr. Mayank Tiwari as Independent Director for a 5-year term. The board accepted the resignations of two Independent Directors — Mr. Jignesh Shah (effective 7 June) and Ms. Ananya Acharya (effective 9 June) — both citing pre-occupation. The previous statutory auditor, M/s. Vijay Moondra and Co., resigned creating a casual vacancy, and M/s. Maitra J & Co. was appointed as the new statutory auditor for a 5-year term (42nd to 46th AGM). The board also approved issuance of 65 lakh equity warrants (face value Rs. 10 each), aggregating up to Rs. 6.5 crore, on a preferential basis to 10 non-promoter/public investors. Additionally, M/s. Utkarsh Shah & Co. was named as Secretarial Auditor for FY 2025-26 and Scrutinizer for the 42nd AGM.
The simultaneous exit of two independent directors and a statutory auditor change may raise governance concerns, though fresh appointments have quickly filled those roles. The Rs. 6.5 crore preferential warrant issue to non-promoter entities will dilute existing shareholders and depends on shareholder and regulatory approvals.