Ajel Limited has accepted the resignation of Mr. Mariya Sharivn Jeffrey Loorthuraj from the position of Additional Director, effective July 3, 2026. The Board of Directors approved the resignation based on the recommendation of the Nomination and Remuneration Committee. Mr. Loorthuraj cited personal preoccupations as the reason for stepping down from the role.

The Board met on July 2, 2026, to consider the resignation. The company confirmed that there are no other material reasons for the resignation beyond those stated in the resignation letter. The cessation of the directorship is effective from the conclusion of the Board Meeting held on July 3, 2026.

Board Composition Update

Following the resignation, the Board of Ajel Limited comprises six members. The updated list of directors includes the Chairman & Managing Director, a Wholetime Director & CFO, and four Independent Directors.

The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

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. Revenue from operations for FY26 stood at ₹1,366.57 lakh, while total income was ₹1,399.43 lakh. The Board of Directors approved the standalone and consolidated audited financial results at a meeting held on May 30, 2026.

Statutory auditors M/s. GMK & CO LLP issued a disclaimer of opinion on the consolidated financial statements. The auditors stated they were unable to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion. Key issues cited included the inability to confirm balances of trade payables and loans & advances, and a lack of details to confirm the performance of the annual impairment test of goodwill. Additionally, the company had not provided for interest accrued on a loan from Bank of Maharashtra, which was declared a Non-performing Asset (NPA) on October 8, 2024.

The auditor's report highlighted that the company financed ₹85,96,143 under "Other Long Term Loans & Advances" which are yet to be recovered, and the status of recovery could not be confirmed. Furthermore, the auditors noted they could not verify physical share certificates or dematerialized shares for investments in listed equity shares worth ₹91.21 lakh. The financial statements also relied on unaudited numbers from the company's branch office in the USA and its step-down subsidiary, Ajel Technologies Inc., as these were not independently audited.

For the quarter ended March 31, 2026, the company reported a consolidated net loss of ₹18.48 lakh on a total income of ₹401.39 lakh. In the standalone results, the net loss for the quarter was ₹16.84 lakh, with total income at ₹140.62 lakh. The company's statutory payables amounted to ₹85.36 lakh outstanding prior to the current year, the status of which could not be confirmed by the auditors.

Financial Performance for FY26