Gemstone Investments Limited announced the outcome of its board meeting held on May 20, 2026. The board approved the appointment of M/s. A. Raghavendra Rao & Associates, Chartered Accountants, as the statutory auditors of the company. This appointment is effective from May 20, 2026, and fills the casual vacancy caused by the resignation of M/s. Rishi Sekhri & Associates, Chartered Accountants.

Additionally, the board appointed Mr. Jiten Shah as an Additional Director (Non-Executive Director) of the company with effect from May 20, 2026. This appointment was made based on the recommendation of the company's Nomination and Remuneration Committee.

Appointment Details

The new statutory auditor firm, M/s. A. Raghavendra Rao & Associates, brings nearly four decades of experience in auditing public sector banks, co-operative banks, and government entities. The firm specializes in audit, taxation, advisory, and banking audits.

Mr. Jiten Shah, the newly appointed Additional Director, holds DIN 03147534. His profile indicates strong expertise in advisory and management, expected to contribute to the company's strategic growth and operational efficiency.

Board Meeting Summary

The meeting commenced at 3:00 P.M. and concluded at 3:45 P.M. on May 20, 2026. The necessary disclosures pursuant to Regulation 30 of the SEBI Listing Regulations were enclosed as Annexure – A.

Gemstone Investments Limited, at its Board of Directors meeting held on May 08, 2026, approved the conversion of 6,18,80,000 (Six Crores Eighteen Lacs Eighty Thousand) convertible warrants into an equal number of fully paid-up equity shares. The conversion was carried out in accordance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, and Sections 62 and 42 of the Companies Act, 2013. The board meeting commenced at 02:00 P.M. and concluded at 02:30 P.M. at the company's registered office.

Conversion and Allotment Details

Each convertible warrant was converted into one equity share of face value ₹1/- each at a conversion price of ₹2.50/- per equity share, reflecting a premium of ₹1.50/- per share. The total allotment aggregated to ₹11,60,25,000/-. The equity shares were allotted exclusively to non-promoters of the company on a preferential basis, at a ratio of 1:1 — one equity share for every warrant exercised — upon receipt of the full subscription amount as prescribed under Regulation 169 of the SEBI ICDR Regulations.

The following table summarises the key parameters of this allotment:

Allottee-wise Breakdown

Seven non-promoter investors participated in the warrant conversion. All warrants held by each allottee were fully exercised, leaving no warrants pending for conversion. The table below provides the complete allottee-wise details:

Regulatory Compliance

The disclosure was made under Regulation 30 read with Schedule III Part A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the SEBI Master Circular dated January 30, 2026. The outcome of the board meeting was communicated to BSE Limited by Managing Director Sudhakar Gandhi (DIN: 09210342). Gemstone Investments Limited is incorporated under CIN: L65990MH1994PLC081749 and is headquartered at Unit No. 1212, Kosha Kommercial Komplex, Podar Road, Malad (East), Mumbai, Maharashtra, 400097.