Advik Capital will hold its 41st Annual General Meeting on September 30, 2026, to approve the appointment of M/s. MASAR & Co. as statutory auditor and ratify material related party transactions from FY25-26.

The board accepted the resignations of independent directors Mr. Devender Kumar Garg and Mr. Rajnish Kumar Gupta with immediate effect. Both cited personal reasons for their departure.

Auditor Appointment Details

The board recommended the appointment of MASAR & Co. for a five-year term starting from the conclusion of the 41st Annual General Meeting until the conclusion of the 46th AGM in 2031. This follows the resignation of M/s. KSMC & Associates, which tendered its resignation effective August 15, 2026, creating a casual vacancy.

Board Resignations and Committee Reconstitution

Mr. Devender Kumar Garg resigned citing deteriorating health, specifically hypertension and diabetes. He confirmed there were no other material reasons for his resignation. Mr. Garg also serves as an independent director at Ebix Limited.

Mr. Rajnish Kumar Gupta resigned due to family commitments and other personal obligations. He similarly confirmed no other material reasons existed for his cessation.

Consequent to these resignations, the board reconstituted its committees:

• Audit Committee: Ms. Swati Gupta (Chairperson), Ms. Sony Kumari (Member), Mr. Pankaj (Member)
• Nomination and Remuneration Committee: Mr. Mukesh Kumar Puniani (Chairperson), Ms. Swati Gupta (Member), Ms. Sony Kumari (Member)

Director Reappointments

The AGM notice includes resolutions for the reappointment of Mr. Narendra Kumar Singhal, who retires by rotation. Additionally, shareholders are asked to approve the reappointment of Ms. Sony Kumari as an independent director for a second term of five years, commencing December 28, 2026.

Ms. Kumari, a qualified Company Secretary with over eight years of experience, was initially appointed in December 2021. Her reappointment requires a special resolution under Section 149(10) of the Companies Act, 2013.

Related Party Transactions

The board approved related party transactions pursuant to Section 188 of the Companies Act and Regulation 23 of SEBI Listing Regulations, subject to member approval. The AGM will also seek ratification for material related party transactions entered into during FY25-26, which were previously placed before members but did not receive requisite approval at the September 2025 meeting.

Proposed limits for FY26-27 related party transactions include:

Transactions involve providing or receiving loans, advances, inter-corporate deposits, guarantees, and securities on an arm's length basis.

AGM Logistics

The company will convene its 41st Annual General Meeting on Wednesday, September 30, 2026, at 2:00 pm via Video Conferencing or Other Audio-Visual Means. The register of members will remain closed from September 24, 2026, to September 30, 2026.

Advik Capital disclosed on August 17, 2026, that its statutory auditors, KSMC & Associates, have tendered their resignation effective August 15, 2026. The firm stated that the existing fee structure is no longer commercially or professionally sustainable given the scale and complexity of the audit and quarterly review assignments.

Resignation Details

KSMC & Associates, which was appointed by the Board of Directors in August 2022 and approved by members in September 2022, cited several factors for its departure:

• Fee Inadequacy: The firm noted that despite repeated discussions regarding a revision in professional fees to match the deployed time and resources, no adjustment was made. The latest communication from the firm regarding these concerns was dated April 22, 2026, with a response from management received on May 18, 2026.
• Financial Constraints: Management informed the auditors that the company is currently facing financial constraints and has been incurring losses.
• No Future Revision: The company indicated it is not in a position to revise fees and does not foresee an increase in the foreseeable future.

The resignation will be placed before the Audit Committee and the Board of Directors at their ensuing meetings. Advik Capital stated it will take necessary steps under the Companies Act, 2013, and SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015, to fill the casual vacancy.

Transition Plan

KSMC & Associates emphasized that the timing of the resignation was chosen to facilitate an orderly transition. The firm confirmed that all audit and review reports required prior to the resignation date have been issued or completed. This includes the un-audited report dated August 14, 2026, on the company's financial results for the quarter ended June 30, 2026 (Q4 FY25-26), as well as reviews for Q1 FY26-27. The firm committed to extending reasonable cooperation to the incoming statutory auditor for a smooth handover.