Avenique Limited has appointed M/s. J M Patel & Bros. as its Statutory Auditors to fill a casual vacancy caused by the resignation of M/s. DD Shah Patel & Co., effective July 14, 2026. The Board of Directors, at its meeting on July 15, 2026, also recommended the firm for a five-year term from FY27 to FY31, subject to shareholder approval at the 33rd Annual General Meeting (AGM) scheduled for August 10, 2026. Additionally, the company approved alterations to its Memorandum of Association to enter the renewable energy sector and Articles of Association to remove provisions regarding the Common Seal.

Management Changes

The Board accepted the resignations of Mr. Hemantbhai Khodidasbhai Raval as Managing Director and Mr. Akash Parmar as Director and Chief Financial Officer, both effective July 15, 2026. Consequently, Mr. Ravikumar Patel was appointed as Managing Director for a period of three years, and Mr. Purvikkumar Bhagvanbhai Patel was appointed as Executive Director and Chief Financial Officer, effective immediately. These appointments are subject to shareholder approval.

Statutory Auditor Appointment

M/s. DD Shah Patel & Co. resigned citing increased professional commitments and capacity constraints. M/s. J M Patel & Bros. has been appointed in the casual vacancy until the ensuing AGM. The firm's profile indicates extensive experience in statutory audit and taxation since 1976.

Key Board Decisions

The Board also reconstituted the Stakeholders Relationship Committee and appointed M/s. Kamlesh M. Shah & Co. as the Scrutinizer for the e-voting process. The company seeks shareholder approval for the new auditor appointment, alteration of objects, and management changes at the upcoming AGM.