Axel Polymers Limited shareholders approved the appointment of Yogesh Keshariya as an independent director and the reappointment of Gaurav Thanky as managing director at its 34th annual general meeting held on September 11, 2026.

The meeting was conducted through video conference or other audio-video means. The company appointed Mr. Devesh Pathak, Founder of M/s. Devesh Pathak & Associates, as the scrutinizer for remote e-voting and e-voting during the AGM. The resolutions were passed in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and applicable provisions of the Companies Act, 2013. The company also reappointed A.B. Bodhanwala as a non-executive non-independent director.

Board Changes

Yogesh Keshariya has been appointed as a non-executive independent director for his first term of three consecutive years. His tenure begins on June 12, 2026, and ends on June 11, 2029.

Gaurav Thanky was reappointed as managing director for five consecutive years. His new term starts on October 1, 2026, and runs until September 30, 2031. The shareholders also approved the payment of remuneration for this role.

A.B. Bodhanwala was reappointed as a non-executive non-independent director with effect from October 1, 2026. He is liable to retire by rotation.

Director Profiles and Relationships

Yogesh Keshariya is a Chartered Accountant with a Bachelor of Commerce degree and DISA (ICAI) qualification. He has been in professional practice since 1993 and serves as an IDT Partner at CNK, Vadodara. He specializes in indirect taxes, internal audits, GST reviews, and litigation. Keshariya previously served as an assistant professor at The Maharaja Sayajirao University of Baroda for over 25 years. He is not related to any other directors.

Gaurav Thanky’s wife, Dhara Thanky, serves as a non-executive director of the company. A.B. Bodhanwala has no disclosed relationships with other directors.

Axel Polymers received a show cause notice from the Securities and Exchange Board of India (SEBI) on September 11, 2026, regarding alleged wrongful availment of input tax credit under the Goods and Services Tax regime.

The regulator initiated adjudication proceedings under Section 151 of the SEBI Act, 1995, against the company, its non-independent directors, and other persons. The notice, bearing number SCN No. SEBI/EAD3/MS/SM/DIS/23926/2026, was issued under Rule 4(1) of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995.

Allegations and Financial Exposure

The Office of the Commissioner, Central GST & Central Excise, Vadodara-II, alleged that the company wrongfully availed input tax credit without physical receipt of inward supplies during financial years 2021-22 to 2024-25. The authority further claimed the company passed on such credits without actual supply of goods.

Consequently, a recovery of ₹31.57 crore, along with applicable interest and penalties, has been proposed against the entity. This figure represents the core financial exposure cited in the regulatory action.

What the Numbers Show

The proposed recovery amount of ₹31.57 crore relates specifically to the alleged wrongful availment of input tax credit. It does not include the additional interest and penalties that are also proposed by the tax authority. The total monetary impact on the company’s balance sheet will depend on the final outcome of these adjudication proceedings.

Operational Impact

The company stated in its exchange filing that the notice has no impact on its routine operations. However, it noted that the exact financial implications cannot be ascertained at present and will depend on the adjudication results.

This development follows previous intimations dated July 4, 2024, July 24, 2024, and February 4, 2026, concerning the same GST matter. The company has committed to keeping the stock exchanges informed of further developments.