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The board met on November 20, 2025, and approved the appointment of Chartered Accountant Mr. Girish L. Shethia as the new Statutory Auditor for FY 2025-26, replacing the previous auditor M/s. H. G. Sarvaiya & Co., who resigned and created a casual vacancy. The appointment is subject to shareholder approval at an upcoming EGM. The new auditor brings over 35 years of experience in audit, taxation, IND AS compliance, and internal controls. The board also approved amending the Articles of Association to add provisions enabling an Employee Stock Option Plan (ESOP), again subject to member approval. An Extra-Ordinary General Meeting has been scheduled for December 18, 2025, via video conferencing to seek these approvals.
The midterm change of statutory auditor may raise short-term governance questions among investors, though a quick replacement limits disruption. The proposed ESOP framework, if approved, could lead to future share dilution but may help the company attract and retain talent.