Akshar Spintex Limited held its 13th Annual General Meeting (AGM) on September 28, 2026, via Video Conferencing (VC). The meeting saw members approve the appointment of new statutory auditors and ratify remuneration for key executive directors.

The AGM commenced at 1:30 pm and concluded at 1:53 pm. A total of 35 members attended the virtual meeting. While five members registered as speakers, none addressed the board during the session.

Key resolutions passed

Members transacted both ordinary and special business items outlined in the notice. The most significant operational change involved the replacement of the retiring statutory auditors.

Leadership and governance updates

The board composition was reaffirmed with several re-appointments. Harikrushna Shamjibhai Chauhan was re-appointed as Chairman cum Whole-time Director for a three-year term starting January 8, 2027. His remuneration was set at ₹30,00,000 per annum, inclusive of perquisites and allowances.

Ilaben Dineshbhai Paghdar was re-appointed as a director and her remuneration was approved up to ₹15,00,000 per annum effective October 1, 2026. Harry Paghdar’s remuneration was also re-seeked and approved at ₹1,00,000 per month (₹12,00,000 per annum) for the period from October 1, 2026, to September 30, 2029.

Two independent director positions were addressed. Parshotam Lakhabhai Vasoya was re-appointed for a second and final term of five years. Sureshkumar Chaturbhai Gajera was appointed as an independent director for a five-year term commencing September 28, 2026.

Auditor transition details

The company replaced M/s H. B. Kalaria & Associates, who retired from their role. M/s H. Jamnadas & Company, Chartered Accountants, were appointed to serve for a period of five years from the conclusion of this AGM until the conclusion of the AGM in 2031.

Additionally, the remuneration for cost auditors M/s Mitesh Suvagiya & Co. was approved at ₹36,000 plus applicable taxes and out-of-pocket expenses for the financial year ending March 31, 2027.

Meeting proceedings

The meeting was chaired by Harikrushna Shamjibhai Chauhan. Executive Director Harry Paghdar presented the financial performance, business operations, and corporate governance outlook. He noted that the statutory and secretarial audit reports contained qualifications which were read out along with explanations provided in the annual report.

CS Dipali Vora served as the scrutinizer for the e-voting process. The results of the voting were to be placed on the company website and submitted to stock exchanges as per regulatory requirements.

Akshar Spintex has scheduled its 13th annual general meeting for September 28, 2026, to approve the appointment of M/s. H. Jamnadas & Company as statutory auditor for five years. The meeting will also ratify director remuneration packages amid a reported net loss of ₹738.94 lakh for FY26.

The board approved these proposals during its September 1, 2026 meeting. Shareholders will vote on ordinary and special resolutions covering auditor fees, cost audit remuneration, and executive compensation structures.

Auditor and Cost Audit Appointments

The board recommended appointing M/s. H. Jamnadas & Company (Firm Registration No. 104033W) as statutory auditor, replacing the retiring M/s. H. B. Kalaria & Associates. The term runs from the conclusion of the AGM until the AGM in 2031.

The proposed remuneration for the new statutory auditor is ₹5,00,000 plus applicable taxes and out-of-pocket expenses for FY27, an increase from the ₹4,50,000 paid to the outgoing auditor. For the cost audit of FY27, the board approved remuneration of ₹36,000 plus taxes and expenses for M/s. Mitesh Suvagiya & Co., subject to shareholder ratification.

Director Remuneration and Re-appointments

Several director-related proposals were approved based on Nomination and Remuneration Committee recommendations:

• Mrs. Illaben Dineshbhai Paghdar: Remuneration up to ₹15,00,000 per annum for three years from October 1, 2026, to September 30, 2029.
• Mr. Harry D. Paghdar (Executive Director): Remuneration up to ₹12,00,000 per annum for three years from October 1, 2026, to September 30, 2029. This proposal is being re-submitted after a previous postal ballot resolution failed to secure requisite majority.
• Mr. Harikrushna Shamjibhai Chauhan (Chairman-cum-Whole Time Director): Re-appointment for three years from January 8, 2027, to January 7, 2030, with remuneration up to ₹30,00,000 per annum.

Mr. Parshotam Lakhabhai Vasoya is recommended for re-appointment as an Independent Director for a second and final five-year term starting September 28, 2026. Mr. Sureshkumar Chaturbhai Gajera is recommended for appointment as an Independent Director for five years from the AGM date.

Financial Performance Context

The company reported revenue from operations of ₹11,728.12 lakh in FY26, a marginal increase from ₹11,676.91 lakh in FY25. However, net loss widened to ₹738.94 lakh from ₹444.81 lakh in the previous year. The chairman attributed the results to volatility in raw material prices, fluctuating demand, and changing global market conditions.

AGM Logistics and Compliance

The 13th AGM will be conducted via video conferencing or other audio-visual means on September 28, 2026, at 1:30 pm. Remote e-voting through National Securities Depository Limited (NSDL) will be available from September 23, 2026, at 9:00 am to September 27, 2026, at 5:00 pm. The cut-off date for e-voting eligibility is September 21, 2026.

CS Dipali Vora (FCS 21254) was appointed as the scrutinizer for the voting process. The board also took note of the secretarial audit report for FY26 issued by M/s. D N Vora & Associates and approved the directors' report for the financial year ended March 31, 2026.