Please find attached herewith outcome of Board Meeting
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The Board approved the Directors' Report for FY 2024-25 and fixed the 34th AGM on 30th September 2025 via video conferencing. It approved the re-appointment of Mr. Kishor A. Shah (Managing Director, 6.58% shareholder) by rotation, and the re-appointment of Mr. Shrikant Govind Nakhe as an Independent Director for a second three-year term starting 1st October 2025. The Board appointed M/s. Motilal & Associates LLP as the new Statutory Auditor for one year, and noted auditor comments/qualifications in the FY24-25 audit report. The authorised share capital was increased from Rs. 10 crore to Rs. 14 crore (1.2 crore equity shares of Rs. 10 each). The Board also approved a preferential issue of up to 60 lakh convertible equity warrants at Rs. 25 each, raising up to Rs. 15 crore from 17 identified non-promoter public-category allottees, subject to shareholder approval.
The Rs. 15 crore preferential warrant issue at Rs. 25 per share (above floor price) will dilute existing shareholders but bring in fresh capital from 17 new non-promoter allottees, with warrants convertible within 18 months. The auditor change and re-appointments are routine, though existing shareholders should watch the auditor's qualifications noted in the FY24-25 report.