Alfa Transformers Limited shareholders have approved the resignation of M/s Goutam & Co, Chartered Accountants, as the company's internal auditors. The approval was granted during a shareholder meeting held on July 28, 2026, formalizing a transition that began earlier in the financial year. The resignation stems from Goutam & Co's appointment as the statutory auditor for Alfa Transformers Limited for the financial year 2025-26, necessitating a change in its engagement scope to comply with regulatory independence requirements.

The company issued an intimation to the BSE Limited pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This disclosure aligns with the SEBI Master Circular dated January 30, 2026, bearing reference number HO/49/14/14(7)2025-CFDPOD2/I/3762/2026. The move ensures that the firm's new statutory duties do not conflict with its previous internal audit responsibilities, maintaining compliance with the Companies Act, 2013.

Goutam & Co, identified by Firm Registration No. 326869E, originally tendered its resignation on May 26, 2026. The firm confirmed that it had completed all deliverables under its internal audit engagement for FY25-26 prior to stepping down. Specifically, the final Internal Audit Report for Q4 of FY2026, covering the period from January 2026 to March 2026, was submitted to the Audit Committee on May 25, 2026.

Key Details of Resignation

The resignation letter, signed by Managing Partner CA Goutam Lenka, stated that there were no outstanding internal audit reports, pending observations, or unresolved matters at the time of departure. The firm issued a comprehensive Internal Audit Closure Letter on the same day as its resignation, marking the end of its tenure as internal auditor. The company had previously communicated the intent to resign in a notice dated May 30, 2026.

Regulatory Compliance and Transition

The transition from internal auditor to statutory auditor is a standard regulatory procedure designed to preserve audit independence. Under Section 138 of the Companies Act, 2013, read with Rule 13 of the Companies (Accounts) Rules, 2014, firms cannot serve in both capacities simultaneously for the same entity. By resigning from the internal audit role effective close of business on May 26, 2026, Goutam & Co cleared the path for its statutory appointment.

Choudhury Sanjay Kumar Das, Company Secretary and Compliance Officer of Alfa Transformers Limited, certified the disclosure. The company maintains its registered office at Plot No. 3337, Mancheswar Industrial Estate, Bhubaneswar, Odisha. The operational plants are located in Bhubaneswar and Vadodara, Gujarat. The ISIN for the company's securities remains INE209C01015, and the scrip code on BSE is 517546.

Shareholders of Alfa Transformers Limited approved significant board composition changes at their meeting held on Tuesday, July 28, 2026. The approvals included the reappointment of four existing directors and the formal appointment of Jayramrao Marathe as a Non-Executive Non-Independent Director. These decisions were made on the recommendation of the Nomination and Remuneration Committee and disclosed pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Board structure now includes Dillip Kumar Das as Managing Director, who was reappointed for a further period of one year from July 19, 2026, to July 18, 2027, despite having attained the age of 75 years. Debasis Das was reappointed as Whole Time Director for a two-year term commencing March 31, 2026, and ending March 30, 2028. Both directors are liable to retire by rotation.

Independent Directors Rashmi Ranjan Satapathy and Prem Sagar Mishra were each reappointed for a second consecutive term of two years. Their terms commence on July 29, 2026, and conclude on July 30, 2027. Neither director is liable to retire by rotation. Satapathy brings over 17 years of experience in legal and corporate governance matters as a practicing Company Secretary. Mishra contributes 14 years of experience in banking and financial services, having previously worked with Axis Bank Ltd., HDFC Bank Ltd., and the Motilal Oswal Group.

Jayramrao Marathe was appointed as an Additional Director effective July 17, 2026, and formally confirmed as a Director by shareholders for a two-year term. He is categorized as a Non-Executive Non-Independent Director and is liable to retire by rotation. Marathe possesses over 36 years of leadership experience, including a prior role as Joint Managing Director at Madhya Gujarat Vij Co. Ltd. (MGVCL).

Board Appointments Summary

Disclosures and Relationships

The filing discloses that Dillip Kumar Das and Debasis Das are related; Das is the father of Debasis Das. All appointed directors confirmed they are not debarred from holding office by any SEBI order or other authority. Rashmi Ranjan Satapathy, Prem Sagar Mishra, and Jayramrao Marathe have no inter-se relationships with other directors on the Board.

The company’s compliance officer, Choudhury Sanjay Kumar Das, submitted the disclosure to the BSE Limited on July 28, 2026, referencing Master Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026.