Notice of Postal Ballot for approval of appointment of Statutory Auditor and Directors of the Company.
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SGL Resources Ltd has issued a Postal Ballot notice seeking shareholder approval for five resolutions. The first resolution is to appoint M/s Manoj Acharya & Associates (FRN 114984W) as the new Statutory Auditor for FY 2024-25, filling a casual vacancy caused by the resignation of M/s SPARKS & Co (FRN 101458W) on April 5, 2025, who had originally been appointed in September 2023 for a five-year term. The other four resolutions seek approval to regularize the appointments of two Non-Executive Non-Independent Directors (Mr. Rajeshbhai Katkoria and Mrs. Naynaben Vanparia) and two Non-Executive Independent Directors (Mr. Keval Parikh and Mrs. Pooja Shah). E-voting runs from April 23, 2025 to May 22, 2025, with results expected by May 24, 2025.
The mid-term exit of the previous statutory auditor less than two years into its five-year term is a red flag worth investor attention, though the replacement has been recommended by the Audit Committee. Shareholders should review the rationale for the auditor change and the profile of the incoming board members before voting.