AVI Products India Limited has notified BSE Limited regarding a significant change in its statutory auditor arrangement. The company announced that M/s. N K Jalan & Co, Chartered Accountants, has expressed unwillingness to continue serving as the statutory auditor effective March 23, 2026.

Auditor Transition Details

The auditing firm N K Jalan & Co (Firm Registration No. 104019W) communicated their decision through a formal letter dated March 23, 2026. The firm cited better professional engagement as the primary reason for their unwillingness to continue the audit assignment.

Auditor Tenure and Service History

N K Jalan & Co had been serving as the statutory auditor since their appointment at the 31st Annual General Meeting held on December 28, 2020. Their original term was scheduled to conclude at the 36th Annual General Meeting of the company.

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notification includes comprehensive details as required under SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, and SEBI Circular SEBI/HO/CFD/POD2/CIR/P/0155 dated November 11, 2024.

Impact on Upcoming Meeting

The auditor's unwillingness letter specifically requested that the company not place the resolution for their appointment in the forthcoming Extraordinary General Meeting scheduled for March 24, 2026. N K Jalan & Co had initially provided consent for appointment through a letter dated October 30, 2025.

Company Response

AVI Products India Limited, through Managing Director Avinash D. Vora (DIN: 02454059), has formally acknowledged the auditor's decision and submitted the required documentation to BSE Limited. The company confirmed that the auditor reported no concerns or issues prior to expressing their unwillingness to continue.

The auditor confirmed in their declaration that there were no material reasons beyond the stated professional engagement considerations for their decision to step down from the statutory audit assignment.

AVI Polymers Limited has published a detailed newspaper advertisement announcing the successful completion of its rights issue allotment and the appointment of a monitoring agency. The company completed allotment of 8,99,95,400 rights equity shares worth ₹89.99 crores and appointed Brickwork Ratings India Private Limited as the monitoring agency.

Rights Issue Allotment Details

The company successfully completed the allotment of rights equity shares following its Letter of Offer dated February 13, 2026. The rights issue opened for subscription on February 23, 2026, and closed on March 17, 2026.

Application Breakdown

The detailed breakdown of valid applications shows strong participation from both eligible equity shareholders and renouncees:

Monitoring Agency Appointment

The Board of Directors approved the appointment of Brickwork Ratings India Private Limited as the monitoring agency in accordance with Regulation 32 of the SEBI (LODR) Regulations, 2015. The monitoring agency will oversee the utilization of proceeds raised through the rights issue.

Brickwork Ratings Details:

• SEBI Registration Number: IN/CRA/005/2008
• Contact Person: Baiju Mukundray Upadhyay
• Address: 3rd Floor, Raj Alkaa Park, Kalena Agrahara, Bannerghatta Road, Bangalore 560076

Listing and Trading Status

The company submitted its listing application to BSE Limited on March 19, 2026, which was approved on March 20, 2026. Trading in the fully paid-up equity shares is subject to receipt of trading permission from BSE.

Instructions for unblocking of funds in case of ASBA applications were issued to Self-Certified Syndicate Banks (SCSBs) on March 19, 2026. The registrar to the issue, MCS Share Transfer Agent Ltd, is handling investor queries and grievances related to the allotment process.

Corporate Compliance

The basis of allotment was finalized on March 18, 2026, in consultation with BSE Limited and the Registrar to the Issue. All valid applications after technical rejections were considered for allotment, with no rights equity shares kept in abeyance.

The company has fulfilled its disclosure obligations under SEBI regulations by publishing the detailed allotment advertisement and informing the stock exchange of these developments.