Cupid Breweries and Distilleries Limited has announced a postal ballot notice seeking shareholder approval for the strategic acquisition of a manufacturing unit from United Spirits Limited for ₹22.50 crore. The company is also seeking approval for the appointment of Mr. Rohit Shetty as an Independent Director. The remote e-voting period commences on May 30, 2026, and concludes on June 28, 2026.

Acquisition Details

The Board proposes to acquire a running alco-beverage production unit situated at Gopalpur, Odisha, from United Spirits Limited. The transaction includes land admeasuring approximately 6.801 acres, buildings, plant and machinery, and associated licenses on an ‘as-is-where-is’ basis. The unit has a production capacity of approximately 2,50,000 cases per month. The completion of the transaction is subject to definitive agreements, due diligence, and statutory or regulatory approvals.

Postal Ballot and Voting Schedule

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has engaged NSDL to provide remote e-voting facilities. Only members registered as on Friday, May 22, 2026, are entitled to vote.

Financial Performance

For the year ended March 31, 2026, the company reported a consolidated net loss of ₹367.14 lakh on total income from operations of ₹0.20 lakh. On a standalone basis, the net loss for the year stood at ₹40.52 lakh, an improvement from a net loss of ₹50.29 lakh in the previous year. The paid-up equity share capital increased significantly to ₹9,134.33 lakh as of March 31, 2026, from ₹96.00 lakh in the previous year, following a preferential allotment of equity shares.

The following table summarises the audited consolidated financial results for the year ended March 31, 2026 (₹ in lacs):

Note: The company is adopting year-ended consolidated financials for the first time; hence, comparisons for the previous year are not provided.

Corporate Governance Updates

The Board approved the discontinuance of M/s. Bhumika & Co. as the Secretarial Auditor due to shareholding exceeding permissible limits. Ms. Neha Poddar has been appointed to fill the casual vacancy. Additionally, the Board has approved the monetisation of surplus land parcels available with certain acquired group companies through leasing and sub-leasing arrangements. The company is also exploring potential opportunities to acquire additional running manufacturing units across various states in India.

Cupid Breweries and Distilleries Limited disclosed that its statutory auditor, M/s. H Rajen & Co., resigned on November 16, 2025, citing issues with data submission and pressure from the board and management. The auditor stated that the submission of data and documents required to conduct the limited review audit was not acceptable, leading to the resignation with immediate effect. The company submitted the detailed resignation information to the stock exchange on May 27, 2026, following a delay in receiving the necessary disclosures from the auditor.

The resignation letter, signed by Partner Mr. Rajendra Desai, indicated that the firm tendered its resignation due to peer pressure from the board and management insisting on their departure. The auditor was originally appointed on June 25, 2024, and the term was scheduled to expire at the conclusion of the 43rd Annual General Meeting. The latest limited review report was submitted by the auditor on August 14, 2025.

Auditor Disclosure Details

The company provided a detailed breakdown of the auditor's association and the circumstances surrounding the resignation in a filing submitted under Regulation 30 of the SEBI (LODR) Regulations, 2015. The filing referenced SEBI Circular No. CIR/CFD/CMD1/114/2019 dated October 18, 2019, regarding the specific information required from the outgoing auditor.

Reasons and Impact Assessment

The auditor confirmed that no separate communication was made with the Audit Committee prior to the resignation. Regarding the availability of information, the auditor stated that the inability to obtain sufficient appropriate audit evidence was due to management-imposed limitations or circumstances beyond management's control, as detailed in the resignation letter. However, the auditor confirmed that the lack of information would not have a significant impact on the financial statements or results.

The disclosure also clarified that the lack of information was not prevalent in the previously reported financial statements. Consequently, the basis for issuing previous audit and limited review reports remained unaffected. The company enclosed the resignation letter and the requisite information under the SEBI circular as annexures to the regulatory filing.