Ajel Limited appointed Sheetal Pareek as its Company Secretary and Compliance Officer on July 22, 2026, filling the vacancy created by the resignation of Sneha Chandak. The Board of Directors approved the appointment during a meeting held that day, ensuring immediate continuity in the firm’s regulatory compliance and corporate governance functions. Chandak had resigned from her roles as Company Secretary, Compliance Officer, and Key Managerial Personnel (KMP) effective July 22, 2026, citing a better opportunity as the reason for her departure.

The transition was managed within the same board meeting, which commenced at 11:00 A.M. and concluded at 12:00 P.M. on July 22, 2026. Chandak’s resignation letter was dated July 20, 2026. Following the acceptance of her resignation, the Board, based on the recommendation of the Nomination & Remuneration Committee, appointed Pareek with immediate effect. This swift succession plan prevents any lapse in statutory reporting and listing compliance for the Mumbai-based engineering firm.

Appointment Details

Sheetal Pareek, an Associate Member of the Institute of Company Secretaries of India (Membership No. A34090), brings experience in dealing with matters related to the Companies Act, Listing Regulations, and allied laws. The company confirmed that Pareek has no relationship with any Director or Key Management Personnel of Ajel Limited. Her consent to act in the role was dated July 20, 2026.

Regulatory Compliance

Ajel Limited intimated the appointment to the Bombay Stock Exchange Limited pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure also complied with SEBI Circular No. CIR/CFO/CMD/4/2015 dated September 09, 2015, which mandates detailed annexures regarding changes in key managerial personnel. The filing was signed by Srinivasa Reddy Arikatla, Managing Director of Ajel Limited.

Governance Continuity

The simultaneous acceptance of Chandak’s resignation and appointment of Pareek underscores the company’s focus on maintaining uninterrupted regulatory oversight. Chandak held Institute of Company Secretaries of India Membership No. A68064. Her exit was confirmed to have no material reasons other than those stated in her resignation letter. Pareek’s appointment ensures that all statutory filings and board meeting compliances continue without delay.

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.