Avance Technologies Limited has initiated a postal ballot process to secure shareholder approval for the appointment of its statutory auditor, Managing Director, and a Non-Executive Independent Director. The Board of Directors approved the postal ballot notice during its meeting held on July 10, 2026, at the company's registered office in Mumbai. Shareholders will vote on the appointment of M/s. A. Raghavendra Rao & Associates, Chartered Accountants, as statutory auditors to fill a casual vacancy caused by the resignation of the previous auditor. Additionally, the resolution seeks approval for the appointment of Mr. Santosh Hambare (DIN: 11523270) as Managing Director for a period of five years and the regularization of Mr. Dipak Gaikwad (DIN: 11797117) as Non-Executive Independent Director for a term of five years.

The Board appointed M/s. Sidhi Maheshwari & Associates, Practicing Company Secretaries, as the scrutinizer to ensure the postal ballot process is conducted fairly. The remote e-voting period is scheduled to begin on July 16, 2026, at 9:00 A.M. IST and will conclude on August 14, 2026, at 5:00 P.M. IST. The cut-off date for determining shareholders eligible to receive the postal ballot notice is June 26, 2026. The results of the voting will be declared on or before August 18, 2026.

Calendar of Events

The company has established the following timeline for the postal ballot process:

The filing was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board meeting commenced at 4:30 P.M. and concluded at 5:00 P.M. on July 10, 2026.

Avance Technologies has restructured its leadership by appointing Santosh Hambare as Managing Director and Chief Financial Officer effective June 30, 2026. The Board of Directors also approved the appointment of Dipak Gaikwad as an additional Non-Executive and Independent Director. These changes are aimed at meeting operational requirements and strengthening corporate governance.

The Board meeting, held on June 30, 2026, approved the change in designation of Latesh Poojary from Managing Director to Non-Executive Director. Santosh Hambare has been appointed as Managing Director for a period of five years, subject to the approval of members at the next general meeting or within three months from the date of appointment, whichever is earlier. He will also serve as the Chief Financial Officer until his resignation or cessation in accordance with applicable laws.

Dipak Gaikwad was appointed as an additional Non-Executive and Independent Director for a five-year term, also subject to shareholder approval within the same regulatory timeframe. The appointments are intended to broaden the Board's professional expertise and enhance independent oversight in line with the company's long-term growth strategy.

Key Appointments and Designations

Santosh Hambare is an accounting professional with experience in managing core accounting functions and maintaining financial records. He holds directorship at Aris International Limited. Dipak Gaikwad's appointment is expected to bring strategic insights and independent judgment to the Board. Both appointees have confirmed they are not debarred from holding the office of director by any authority, including the Securities and Exchange Board of India (SEBI).