The designation of Mr. Jatinbhai Ramanbhai Patel (DIN: 06973337) has been changed from Executive Director to Non-Executive Director with effect from 27th February, 2026.
Awaiting price reaction for this filing.
Alka India Limited (to be renamed Audroc Limited) held a board meeting on February 27, 2026 approving a sweeping set of corporate actions. Mr. Jatinbhai Ramanbhai Patel was redesignated from Executive Director to Non-Executive Director, while Company Secretary & Compliance Officer Jinal Dishank Shah resigned citing personal reasons and was replaced by Ms. Himani Jhamar (a CS with about one year of post-qualification experience). The company will change its name to Audroc Limited, shift its registered office from Thane (Maharashtra) to Ahmedabad (Gujarat), and radically alter its main objects to focus on agriculture, food processing, FMCG, dairy, contract farming and organic farming. Two preferential allotments were approved: 45 lakh shares at Rs. 15 each (Rs. 6.75 crore) to promoter Jatinbhai Patel for loan conversion, and 23.21 crore shares (Rs. 348.21 crore face value) by way of share swap to mostly Patel-family entities, leading to massive equity dilution. The board also raised borrowing and investment/loan limits to Rs. 5,000 crore each, divested its 71.34% stake in Vintage FZE for just Rs. 90,000, and called an AGM for March 23, 2026.
Shareholders are facing a sweeping identity and business overhaul — new name, new state, new business focus — alongside very significant equity dilution (over 23 crore new shares) largely to promoter-family allottees. The tiny Rs. 90,000 sale price for a 'material' subsidiary and the Rs. 5,000 crore borrowing/investment headroom point to an aggressive expansion plan whose funding and end-use warrant close scrutiny at the March 23 AGM.