Gujarat Hy-Spin Limited’s board of directors approved the appointment of Maganlal Shambhubhai Parvadiya as managing director and Chandubhai Shambhubhai Parvadiya as whole-time director during a meeting held on August 31, 2026. The appointments are subject to shareholder approval at the upcoming annual general meeting.

The board also approved the notice for the 16th annual general meeting (AGM), scheduled for September 30, 2026, at 11:00 am at the company’s registered office. Share transfer books will remain closed from September 23, 2026, to September 30, 2026. The cut-off date for determining voting eligibility is set for September 25, 2026.

Key Appointments

The Nomination and Remuneration Committee recommended the following key leadership changes:

• Maganlal Shambhubhai Parvadiya appointed as Managing Director for a five-year term effective August 31, 2026.
• Chandubhai Shambhubhai Parvadiya appointed as Whole-time Director for a five-year term effective August 31, 2026.
• Bindiya Ketankumar Parvadiya recommended for re-appointment as Non-Executive Non-Independent Director, liable to retire by rotation.

All appointments require final approval from shareholders at the AGM.

Auditor Change

The board appointed M/s. Finava & Associates as Statutory Auditors to fill the casual vacancy caused by the resignation of M/s. RPC & Co. Finava & Associates will hold office until the conclusion of the ensuing AGM. The board also recommended their appointment for a five-year term commencing from the conclusion of the 16th AGM until the 21st AGM in 2031.

What the Numbers Show

The simultaneous appointment of two promoters to top executive roles—Managing Director and Whole-time Director—signals a consolidation of operational control within the founding family. Both appointees have served on the board since incorporation, with Maganlal Parvadiya bringing over three decades of industry experience and Chandubhai Parvadiya contributing more than two decades.

Governance Details

NDSL has been appointed to facilitate e-voting for the AGM. M/s. Monika V Tyagi & Associates, Practicing Company Secretary, serves as the scrutinizer. The meeting commenced at 3:00 pm and concluded at 4:00 pm IST.

Gujarat Hy-Spin Limited’s statutory auditor, M/s. RPC & Co., has resigned effective August 22, 2026. The firm cited pre-occupancy in other assignments as the reason for stepping down from its role.

The company scheduled a Board of Directors meeting for August 31, 2026, to address the resulting casual vacancy. The board will consider the appointment of a new statutory auditor during this session.

Auditor Resignation Details

M/s. RPC & Co., Chartered Accountants (FRN: 121723W), submitted its resignation letter dated August 22, 2026. The firm had been appointed as statutory auditor for the financial year 2023-24 on May 13, 2024, to fill a casual vacancy. It was subsequently appointed for a five-year term (financial years 2024-25 to 2028-29) at the 14th Annual General Meeting held on September 30, 2024.

Prior to resigning, the auditor issued audit reports for the year ended March 31, 2024, and limited review reports for half-years ended September 30, 2024, March 31, 2025, September 30, 2025, and March 31, 2026. The latest report covered the year-to-date results for the period April 1, 2025, to March 31, 2026, submitted on May 29, 2026.

Board Meeting Agenda

In addition to filling the auditor vacancy, the board meeting on August 31 will focus on approving the draft notice for the company’s 16th Annual General Meeting. The directors will finalize logistics for the AGM, including the date, time, and venue.

The session will also see approval of the draft director’s report along with its annexures. Furthermore, the board will determine the cut-off date for shareholder eligibility for e-voting.

Regulatory Compliance

The intimation regarding the resignation was issued pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The communication was signed by Maganlal Shambhubhai Parvadiya, Chairman and Whole-time Director, on August 22, 2026.

The company stated that necessary steps are being taken to appoint another auditor in the resultant casual vacancy, which will be intimated accordingly along with the date of the board meeting where it is considered.