Submission regarding change in management
Price
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On the reaction day the stock moved 0.7 pts more than Nifty Microcap 250 and 1.7 pts more than its Trading & Distributors peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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At the AGM held on 30 September 2025, SMT Engineering Ltd (formerly Adarsh Mercantile Ltd, scrip code 538563) shareholders approved key management changes. The previous Statutory Auditor, M/s NKSJ and Associates, retired at the AGM and was replaced by M/s Anil Kamal Garg & Company (Indore) for a 5-year term till the 2030 AGM. M/s P.S. Tripathi & Associates was appointed as Secretarial Auditor for FY2025-26 to FY2029-30. Additionally, three new Non-executive Independent Directors were appointed for 5-year terms effective 1 October 2025: Mr. Abhishek Kanungo (electrical engineering/project execution background), Mr. Rajendra Saxena (38 years in pharma marketing at Alkem Laboratories), and Mrs. Varsha Ravindra Bhadoriya (social welfare background from Indore collector office). Managing Director Ajay Jaiswal continues in his role.
Routine governance housekeeping — auditor rotation and strengthening of the independent board. None of these changes involve CEO, CFO, or promoter resignations, so impact on stock price is expected to be neutral.