Ajel Limited has appointed CS Sheetal Pareek as its Company Secretary and Compliance Officer, effective July 22, 2026. The Board of Directors approved the appointment during a meeting held on July 22, 2026, based on the recommendation of the Nomination & Remuneration Committee. This decision follows the resignation of Ms. Sneha Chandak from the positions of Company Secretary, Compliance Officer, and Key Managerial Personnel (KMP), which was effective July 22, 2026.

Appointment Details

CS Sheetal Pareek (Membership No. A34090) has assumed the roles with immediate effect from the conclusion of the board meeting. Ms. Pareek is an Associate Member of the Institute of Company Secretaries of India and possesses experience in handling matters related to the Companies Act, Listing Regulations, and allied laws. The company confirmed that she has no relationship with any Director or Key Management Personnel of the company.

Regulatory Compliance

The appointment was intimated to the Bombay Stock Exchange Limited pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The consent letter from Ms. Pareek, dated July 20, 2026, confirms her eligibility to act as Company Secretary under Section 203 of the Companies Act, 2013, and certifies that she has not been disqualified under the provisions of the Act.

Key Information

Ajel Limited reported a consolidated net loss of ₹43.98 lakh for the financial year ended March 31, 2026, narrowing from a loss of ₹165.95 lakh in the previous year. The company's total income for the year stood at ₹1,399.43 lakh, while total expenses were ₹1,445.51 lakh. For the quarter ended March 31, 2026, the company posted a net loss of ₹18.48 lakh on a total income of ₹401.39 lakh.

The Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, at a meeting held on May 30, 2026. The results were reviewed by the Audit Committee and subjected to a limited review by the company's statutory auditors.

Statutory auditors M/s. GMK & CO LLP issued a disclaimer of opinion on the consolidated financial statements. The auditors stated they could not obtain sufficient appropriate audit evidence due to several material issues. These included a ₹5 crore loan from Bank of Maharashtra declared as a Non-Performing Asset (NPA) on October 8, 2024, for which no interest provision was made. Additionally, the auditors lacked details to confirm trade payables, loans, and advances, and were unable to verify the physical share certificates or dematerialized shares for investments worth ₹91.21 lakh.

The auditors also highlighted concerns regarding the accuracy of goodwill amounting to ₹206.70 lakh arising from the acquisition of Ajel Technologies Private Limited, citing the absence of proper workings and documents. Furthermore, the company financed ₹85.96 lakh disclosed under "Other Long Term Loans & Advances" which are yet to be recovered, and the auditors were unable to opine on their recoverability.

In the standalone financial results, Ajel Limited reported a net loss of ₹82.79 lakh for FY26, compared to a loss of ₹136.52 lakh in the previous year. Revenue from operations for the year was ₹396.83 lakh. The auditors issued a similar disclaimer of opinion for the standalone financial statements, citing the NPA, unverified trade payables and receivables, and unrecovered loans and advances.

The company noted that its US branch and step-down subsidiary, Ajel Technologies Inc, have not been independently audited, and the auditors relied solely on unaudited numbers provided by management. Ajel Limited also disclosed statutory payables of ₹85.36 lakh outstanding from prior periods, for which management confirmation on payment status was unavailable.