Faze Three appoints Mohit Solanki as independent director
- Faze Three appoints Mohit Solanki as Independent Director effective August 17, 2026
- Shareholders approved borrowing limit hike and asset mortgage authorization at AGM
- Sanjay Anand reappointed as director after retiring by rotation
- Voting participation stood at 75.30% with negligible opposition from public shareholders
*this image is generated using AI for illustrative purposes only.
Faze Three Limited shareholders approved the appointment of Mohit Dinesh Solanki as an Independent Director during its 41st Annual General Meeting on September 4, 2026. The appointment is effective from August 17, 2026, for a five-year term ending August 16, 2031.
The virtual meeting saw the adoption of audited financial statements for FY26 and the passage of special resolutions regarding corporate governance and capital structure. A total of 53 shareholders attended, forming the requisite quorum. Chairman and Managing Director Ajay Anand presided, while Company Secretary Akram Sati managed the agenda.
Key Resolutions Passed
Shareholders approved ordinary resolutions to adopt standalone and consolidated financial statements for the year ended March 31, 2026. The statutory auditor’s report contained no adverse remarks or reservations.
The Board secured approval for several special resolutions:
- Appointment of Mohit Solanki as an Independent Director.
- Increase in borrowing limits under Section 180(1)(c) of the Companies Act, 2013.
- Authorization for selling or creating mortgage/charge on company assets under Section 180(1)(a).
Mr. Sanjay Anand, who retired by rotation, was reappointed as a director following an ordinary resolution.
New Director Profile
Mr. Solanki is a qualified Chartered Accountant with a B.Com and M.Com degree. He brings over 14 years of experience across banking, financial services, and the gems and jewelry industry. Previously, he worked with Barclays Bank PLC, gaining exposure to banking operations, risk management, and regulatory compliance.
He currently serves as Head of Manufacturing Operations at L Star, overseeing end-to-end operations in the gems and jewelry sector. His multidisciplinary background aims to support corporate governance, strategic decision-making, and financial oversight at Faze Three.
Voting Process and Results
The Company utilized NSDL’s remote e-voting facility from September 1 to September 3, 2026. Sanjay Dholakia served as the scrutinizer. Queries were addressed by CFO Ankit Madhwani and Chairman Ajay Anand.
All resolutions were passed with requisite majority. A total of 18,521,906 votes were polled out of 24,597,840 shares held on the record date of August 28, 2026, representing a 75.30% participation rate.
| Category | Shares Held | Votes Polled | Votes In Favour | Votes Against |
|---|---|---|---|---|
| Promoter Group | 14,106,493 | 14,106,493 | 14,106,493 | 0 |
| Public Institutions | 76,624 | 59,182 | 59,182 | 0 |
| Public Non-Institutions | 10,414,723 | 4,356,231 | 4,356,217 | 14 |
| Total | 24,597,840 | 18,521,906 | 18,521,892 | 14 |
Promoter group shareholders voted unanimously in favour. Among public non-institutional shareholders, only 14 votes were cast against the resolutions.
Historical Stock Returns for Faze Three
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.89% | +1.69% | -10.39% | +10.98% | +13.19% | 0.0% |
How will the increased borrowing limits under Section 180(1)(c) impact Faze Three's debt-to-equity ratio and future capital expenditure plans?
What specific strategic initiatives or operational improvements does Mohit Solanki plan to prioritize given his background in gems and jewelry manufacturing?
Are there any immediate plans to utilize the authorization for selling or creating charges on company assets, and how might this affect the firm's liquidity position?
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