Axel Polymers Ltd has appointed Yogesh Keshariya as a Non-Executive Independent Director to strengthen its board oversight, effective June 12, 2026. The appointment is for a term of three years and is subject to the approval of shareholders at the next General Meeting or within three months from the date of appointment, whichever is earlier. Keshariya will not be liable to retire by rotation.

The company disclosed the appointment in a regulatory filing under Regulation 30 of the LODR, read with the SEBI Master Circular No SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The filing confirmed that Keshariya is not related to any other directors on the board.

Director Profile

Yogesh Keshariya (DIN: 07063024) is a Chartered Accountant and holds a Bachelor of Commerce degree. He is also qualified as DISA (ICAI) and has been in professional practice since 1993. He currently serves as an IDT Partner at CNK, Vadodara, specialising in Indirect Taxes and Internal Audits.

His professional experience includes handling GST Reviews, GST Litigation matters, statutory compliances, and internal audit assignments. Additionally, Keshariya has served as an Assistant Professor at the Faculty of Commerce, The Maharaja Sayajirao University of Baroda for over 25 years.

Appointment Details

Axel Polymers reported a net loss of ₹11.26 crore for the financial year ended March 31, 2026, compared to a profit of ₹1.74 crore in the previous year. Revenue from operations for the year fell to ₹44.40 crore from ₹78.09 crore in FY25. The board approved the audited financial results for the fourth quarter and financial year ended March 31, 2026, at a meeting held on June 2, 2026.

The statutory auditors, M/s. Mukund and Rohit, issued an Independent Auditor's Report highlighting a material uncertainty related to the company's ability to continue as a going concern. This arises from a Show Cause Notice dated January 19, 2026, issued by the Office of the Commissioner GST, Central Vadodara, pertaining to FY 2021-22 to FY 2024-25. The notice alleges wrongful availment of Input Tax Credit (ITC) amounting to ₹31.57 crore, along with applicable interest and penalties. Based on management's assessment, the matter is treated as a contingent liability, and no provision has been made.

The auditors also drew attention to an ongoing investigation by regulatory authorities, including SEBI and the Income Tax Department, related to the GST matter. Additionally, a vendor has initiated legal proceedings under Section 138 of the Negotiable Instruments Act against the company regarding nine post-dated cheques aggregating to ₹18 crore. The company contends no amount was due at the time of issuance. The auditors noted that inventory ageing and obsolete items have been assessed by management and carried at the same amount, with no provision made for obsolete or slow-moving inventories.

For the quarter ended March 31, 2026, the company reported a net loss of ₹8.23 crore on revenue from operations of ₹13.12 crore. The board also reappointed M/s. Chirag Bhatt & Associates as the Internal Auditor for FY 2026-27. The trading window remains closed until 48 hours after the declaration of the financial results.

Financial Results for FY26