BLS International Services announced that its step-down subsidiary, Atyati Technologies Private Limited (ATPL), has changed its statutory auditor. The move follows the resignation of M/s. S.R. Batliboi & Co. LLP due to independence constraints arising from a recent shift in ATPL's ownership structure.

The change was effective September 28, 2026. M/s. S.S. Kothari Mehta & Co. LLP has been appointed to fill the casual vacancy created by the resignation. This appointment was approved by the Board of Directors of ATPL in compliance with Section 139 of the Companies Act, 2013.

Reason for auditor change

S.R. Batliboi & Co. LLP resigned citing internal independence requirements. The firm noted that other member firms of Ernst & Young Global Limited are providing non-audit services to BLS E-Services Limited and BLS International Services Limited. Since the ownership of ATPL changed from Geosansar Mauritius Limited to BLS E-Services Limited on July 2, 2026, continuing as the statutory auditor would have violated these independence standards.

Details of the transition

The new auditor, S.S. Kothari Mehta & Co. LLP, will serve from the conclusion of the Extra-Ordinary General Meeting held on September 28, 2026, until the ensuing Annual General Meeting for the financial year ending March 31, 2027. The previous auditor had completed the audit for the year ended March 31, 2026, but had not commenced the audit for the current fiscal year.

What the numbers show

The disclosure highlights a direct link between corporate restructuring and audit governance. The resignation letter explicitly ties the auditor change to the July 2, 2026, transfer of ownership from Geosansar Mauritius Limited to BLS E-Services Limited. This indicates that the integration of Atyati Technologies into the BLS group structure triggered immediate compliance adjustments regarding auditor independence, ensuring that related-party service conflicts were resolved before the next audit cycle began.

BLS International Services Limited held its 42nd Annual General Meeting on September 23, 2026, where shareholders approved a final dividend of ₹0.50 per equity share for the financial year ended March 31, 2026.

The meeting was conducted via Video Conferencing (VC) and Other Audio Visual Means (OAVM). Nikhil Gupta, Managing Director, chaired the proceedings in the absence of Chairman Diwakar Aggarwal. The session commenced at 3:00 pm and concluded at 3:47 pm IST, including time allocated for electronic voting.

Key resolutions passed

Shareholders voted on both ordinary and special business items. The audited standalone and consolidated financial statements for FY26 were adopted. Additionally, Shikhar Aggarwal was re-appointed as a director retiring by rotation.

Board changes and leadership updates

The AGM approved the appointment of Manoj Joshi as an Independent Director for an initial term of five consecutive years, commencing August 7, 2026, through August 6, 2031. Separately, shareholders approved the re-appointment of Shikhar Aggarwal as Joint Managing Director (Key Managerial Personnel) effective June 17, 2027.

Management address and auditor status

Shikhar Aggarwal, Joint Managing Director, addressed shareholders on behalf of the chairman due to a technical issue affecting Nikhil Gupta’s speech. He provided a business overview, highlighted financial performance for FY26, and outlined future outlooks and business landmark mandates. Amit Sudhakar, Chief Financial Officer, assisted in responding to shareholder queries.

The Company Secretary confirmed that the Statutory Auditors’ Report for FY26 contained no qualifications or adverse remarks. Similarly, the Secretarial Audit Report by P. K. Mishra & Associates noted no adverse observations. The reports were circulated via email prior to the meeting.

Voting details and institutional sentiment

The Consolidated Scrutinizer’s Report filed on September 24, 2026, detailed the voting patterns across promoter, public institution, and public non-institution categories. While all five resolutions were passed, significant divergence was observed in institutional voting behavior regarding leadership appointments.

For the re-appointment of Shikhar Aggarwal as Joint Managing Director (Resolution 5), institutional investors cast 84.18% of their votes against the resolution. In contrast, promoters voted 100% in favor. A similar pattern emerged for his re-appointment as Director (Resolution 3), where institutions voted 55.21% against.

What the numbers show

The voting data reveals a stark contrast between shareholder approval of financial outcomes and skepticism regarding executive appointments. While the dividend declaration received near-unanimous support from institutions (100% in favor), the re-appointment of Shikhar Aggarwal as Joint MD faced substantial institutional opposition (84.18% against). This suggests that while investors are satisfied with the company's financial distribution policy, they may have reservations about the continuity or terms of specific key managerial personnel, a sentiment not reflected in the overall pass status due to the dominant voting power of the promoter group.