Afloat Enterprises appoints three independent directors for five years
- Shareholders approved three new independent directors for five-year terms
- Voting results showed 100% support for all six agenda items
- New directors include experts in finance, capital markets, and corporate law
*this image is generated using AI for illustrative purposes only.
Afloat Enterprises Limited shareholders unanimously approved all six agenda items at its 11th Annual General Meeting (AGM) held on September 30, 2026. The final voting results, disclosed on October 1, 2026, confirmed the adoption of FY26 financial statements and the appointment of new statutory and secretarial auditors.
Voting results and attendance
The meeting, presided over by Director and Chairperson Pawan Kumar Mittal, saw the participation of 14 members holding 44,46,491 equity shares in person, with no attendees via video conferencing. The Scrutinizer, Mr. Aakash Goel of M/s G Aakash & Associates, submitted his report on October 1, 2026, confirming that all resolutions were passed with 100% votes in favour and zero votes against.
The total number of votes polled across all resolutions was 45,96,074, representing approximately 36.6% of the company's outstanding shares. Promoter and promoter group members cast 20,56,074 votes, while public non-institutional shareholders cast 25,40,000 votes.
Key resolutions passed
The business transacted included both ordinary and special resolutions, all of which received unanimous support from the voting shareholders:
| Item No. | Agenda Item | Resolution Type | Result |
|---|---|---|---|
| 1 | Adoption of Financial Statements for FY26 along with Auditor's and Director's Report | Ordinary | Approved |
| 2 | Appointment of M/s S K Handa & Associates as Statutory Auditor | Ordinary | Approved |
| 3 | Appointment of Mr. Indrajeet Pradhan as Non-Executive Independent Director | Special | Approved |
| 4 | Appointment of Mr. Mohit Lochan as Non-Executive Independent Director | Special | Approved |
| 5 | Appointment of Mrs. Ritika Bachhawat as Non-Executive Independent Director | Special | Approved |
| 6 | Appointment of M/s Rohit Bhatia & Associates as Secretarial Auditor | Special | Approved |
Statutory auditor appointment details
Shareholders approved the appointment of M/s S K Handa & Associates (FRN: 016424N) as the company's Statutory Auditors for a term of 5 years. This appointment is effective from the conclusion of the 11th AGM until the conclusion of the 16th AGM. The firm replaces the retiring auditors, M/s V.N Purohit & Co (FRN: 304040E), whose term expired at the close of the current AGM.
M/s S K Handa & Associates is a Chartered Accountant firm headquartered in Delhi with branches in multiple locations. It provides services in Direct Tax, GST, Auditing, Accounting, and Business Valuation. The firm holds a Peer Review Certificate no: 022934. Disclosure regarding relationships between directors and the firm was marked as Not Applicable.
Directorship appointments and profiles
The shareholders approved the appointment of three new Non-Executive Independent Directors, each for a term of five consecutive years commencing from September 3, 2026. All three directors hold nil shares in the company and are not related to any existing director.
- Mr. Indrajeet Pradhan (DIN: 10148955): Appointed as an Independent Director with expertise in financial markets, share trading, and business development. He holds a Bachelor of Commerce (Honours) degree from the University of Calcutta and has professional exposure through associations with Choice International Private Limited and Cifdaq Private Limited.
- Mr. Mohit Lochan (DIN: 11896430): Appointed as an Independent Director with experience in banking, insurance, and capital markets. He holds an MBA in Finance from Udaipur University and began his career with ICICI Lombard before engaging in stock market activities since 2009.
- Mrs. Ritika Bachhawat (DIN: 08615248): Appointed as an Independent Director with a background in corporate law and securities regulations. She is a qualified Company Secretary from ICSI and holds an LL.B. from Chaudhary Charan Singh University. She has previously worked with Sampark India Logistics Limited and the UV Group.
Additionally, the board recommended and shareholders approved the appointment of M/s Rohit Bhatia & Associates, Practicing Company Secretaries, as the Secretarial Auditors.
Compliance and disclosures
The Notice dated September 3, 2026, convening the AGM, along with the Explanatory Statement and the Report and Accounts for FY26, were taken as read. The remote e-voting facility was open from September 27 to September 29, 2026. The meeting concluded at 2:30 pm with a vote of thanks from the Chairperson.
Historical Stock Returns for Adishakti Loha & Ispat
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +4.98% | +27.82% | +50.77% | 0.0% | 0.0% | -0.74% |
How will the specific expertise of the three newly appointed independent directors in capital markets, banking, and corporate law influence Afloat Enterprises' strategic direction and governance standards?
What operational or financial impacts might the transition from M/s V.N Purohit & Co to M/s S K Handa & Associates as statutory auditors have on the company's reporting processes for FY27?
Given that only 36.6% of outstanding shares voted, what measures is the board planning to implement to improve minority shareholder engagement and voting participation in future AGMs?
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