Airo Lam Ltd has appointed M/s Ashish Sheth & Associates as its statutory auditor to fill a casual vacancy caused by the resignation of M/s Piyush J. Shah & Co. The appointment, effective from July 21, 2026, will remain valid until the conclusion of the Annual General Meeting to be held in the calendar year 2026. The decision was taken during a Board of Directors meeting held on Tuesday.

The new auditor, M/s Ashish Sheth & Associates, is a Chartered Accountant firm based in Ahmedabad with a Firm Registration Number (FRN) of 146184W. The firm brings approximately a decade of experience in professional services, including Direct Tax, Statutory and Tax Audits, Corporate Advisory Services, Bank Audits, Management Consultancy, Company Law Matters, and Due-Diligence.

The firm comprises two partners and a team of professionals including Company Secretaries, Law Graduates, and Chartered Accountants. M/s Ashish Sheth & Associates is a peer-reviewed firm registered with the Reserve Bank of India (RBI) and is empaneled with various public sector banks to execute assignments for banks and NBFCs. Additionally, the firm is qualified to register with the Comptroller and Auditor General (C & A G) of India, making it eligible to audit government entities.

The appointment was made pursuant to Regulation 30(2) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The company confirmed that there are no disclosures required regarding relationships between directors and the newly appointed auditor firm.

M/s Ashish Sheth & Associates has provided its consent for the appointment and confirmed eligibility under Section 141 of the Companies Act, 2013. The firm stated that the appointment for F.Y. 2026-27 is in accordance with the conditions prescribed under the Act.

Airo Lam Ltd has approved the sale of its 40% equity stake in associate company Airolam Asia Pacific Co. Ltd for a cash consideration of ₹36,00,000. The Board of Directors sanctioned the divestment during a meeting held on July 21, 2026. Upon completion of the transaction, Airo Lam's shareholding in the Thailand-based entity will decrease from 49% to 9%, resulting in the cessation of its status as an associate company. The sale is aligned with the company's strategic business and investment objectives.

The disposal involves the transfer of 8,000 equity shares to an unrelated third party. The purchaser does not belong to the promoter or promoter group of Airo Lam Limited, confirming that the transaction is not a related party transaction. Airolam Asia Pacific Co. Ltd is engaged in the trading of laminate products and reported a turnover of 65,26,679.53 Baht as of March 31, 2026.

Completion of the sale is subject to customary closing conditions, the execution of definitive documents, and applicable regulatory compliances. This includes adherence to regulations under the Foreign Exchange Management Act, 1999, where relevant. The company expects the transaction to be finalized on or before July 30, 2026, pending the fulfilment of these conditions precedent.

Financial and Operational Details of Airolam Asia Pacific

The target entity, Airolam Asia Pacific Co. Ltd, was incorporated on September 10, 2020, in Thailand. The company operates outside India and falls within the industry segment of trading laminate products.

The consideration of ₹36,00,000 represents the price for the 40% equity share capital being disposed of. Following the sale, Airo Lam Limited will retain a 9% stake in the entity.