Aditya Forge AGM highlights audit gaps and director re-appointments
- Aditya Forge Limited held its 33rd AGM on September 30, 2026, with 24 members present.
- Statutory audit flagged missing balance confirmations for payables and receivables.
- Secretarial audit noted absence of internal auditor and delays in SEBI compliance filings.
- Agenda included adoption of FY26 financials and re-appointment of MD Nitin Rasiklal Parekh.
- Proposal to change registered office outside local municipal limits was tabled.
*this image is generated using AI for illustrative purposes only.
Aditya Forge Limited concluded its 33rd Annual General Meeting on September 30, 2026, in Vadodara. The proceedings focused on the adoption of FY26 financial statements and addressed significant observations from both statutory and secretarial audits.
The meeting commenced at 1:00 pm and ended at 1:20 pm. Nitin Rasiklal Parekh, Managing Director, served as Chairman. A quorum of 24 members was present, with no proxies attending. Voting was conducted via poll for all agenda items, following a remote e-voting window that closed on September 29, 2026.
Audit and compliance concerns raised
The Company Secretary read out specific observations from the Statutory Audit Report and the Secretarial Audit Report. These disclosures highlight potential risks in financial reporting accuracy and regulatory adherence.
| Report Type | Key Observations |
|---|---|
| Statutory Audit | No balance confirmations received for trade payables, loans, advances, or receivables. |
| Statutory Audit | Uncertainty regarding an income tax notice; no provision made for potential liability. |
| Secretarial Audit | Internal Auditor was not appointed during the year under review. |
| Secretarial Audit | Promoter shareholding remained in physical form, not dematerialized. |
| Secretarial Audit | Delays in filing compliances under SEBI (LODR) Regulations and Companies Act, 2013. |
The Board provided explanations for these observations in their report, as referenced by the host during the meeting.
Agenda items and governance changes
Four ordinary and special business items were put to vote. These included the adoption of audited financials and reports for the fiscal year ended March 31, 2026. Governance changes were also proposed, including the re-appointment of Nitin Rasiklal Parekh as Managing Director, who retires by rotation.
Additionally, the meeting considered:
- Appointment of Ruta Rohankumar Soni as Non-Executive Professional Director.
- Change of Registered Office to a location outside the local limits of any city, town, or village.
Financial presentation and future roadmap
Yogeshkumar Pujara, Chief Financial Officer, presented the financial performance for FY26. Following this, Nitin Rasiklal Parekh shared insights into the company's future roadmap and business expansion plans. He thanked shareholders for their support during the year.
The results of the voting will be declared within 48 hours after the receipt of the scrutinizer's report. The outcome will be available on the company's website and submitted to stock exchanges in accordance with listing regulations.
How will the absence of internal audit oversight and unconfirmed trade balances impact Aditya Forge's credit rating and ability to secure future debt financing?
What specific remedial measures will the new Non-Executive Professional Director implement to address the recurring SEBI and Companies Act compliance delays?
Will the pending income tax notice result in a material restatement of FY26 financials or significant cash outflows in the upcoming fiscal quarters?
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