Appointment of Secretarial Auditor
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The board approved a preferential allotment of 42,00,000 equity shares at Rs. 50 per share, raising about Rs. 21 crore. Allottees include two promoters — Akhil Nair (20 lakh shares, also Managing Director) and Arun M Nair (10 lakh shares) — and three non-promoters (Vrutika Shah, Sumita Mishra, Satyajit Mishra). To accommodate this, the company plans to raise its authorized capital from Rs. 11 crore to Rs. 30 crore, subject to shareholder approval. Mr. Jitendra Bhagat (FCS 3032, COP 1311) of M/s Bhagat Associates was appointed as Secretarial Auditor for a 5-year term covering FY 2025-26 to 2029-30. The board also cleared the 32nd AGM notice (scheduled for September 30, 2025 via video conferencing), approved the Board's Report and Secretarial Audit Report for FY25, and fixed the book closure window from September 24–30, 2025.
Existing shareholders will see dilution as the share count grows from 1 crore to about 1.42 crore (~42% increase). Promoters are strengthening their control, which may be viewed as a positive confidence signal, but the low preferential issue price relative to a Rs. 10 face value (Rs. 50/share) needs to be benchmarked against the prevailing market price to assess fairness. All items are subject to shareholder approval at the AGM on September 30, 2025.