Resignation of Mr. Jatinbhai Ramanbhai Patel as CFO of the Company with effect from 06 February, 2026
Awaiting price reaction for this filing.
PAE Ltd's board, at its meeting on February 6, 2026, accepted the resignation of Mr. Jatinbhai Ramanbhai Patel as Chief Financial Officer due to pre-occupation; he will continue as Non-Executive Director. Mr. Pinalkumar Kalidas Patel was appointed as the new Executive Director & CFO. The company reported zero revenue and a net loss of Rs. 15.20 lakh for Q3 FY26 and Rs. 45.36 lakh for the nine months ended December 31, 2025, with the auditor issuing a disclaimer of opinion citing non-availability of confirmations, unreconciled balances, and written-off fixed assets. The board also approved two large preferential issues at Rs. 60 per share — 8 lakh shares (Rs. 4.8 crore) to Mr. Jatinbhai for loan conversion, and about 2.57 crore shares (Rs. 154 crore) via share swap to promoter group and public allottees. Other major changes include renaming the company to 'Aurique Limited', shifting the registered office from Mumbai to Ahmedabad, changing the main objects to focus on agro commodities and spices, and convening an AGM on March 7, 2026.
The CFO transition is part of a larger post-CIRP restructuring following the resolution plan approved by NCLT in late 2024; the auditor's disclaimer of opinion and zero revenue flag serious financial and operational weaknesses, while the name change, share swap, and shift into agro commodities mark a fresh start for shareholders but come with execution risk.