Kirloskar Ferrous Industries Limited has notified the BSE that M/s. Kirtane & Pandit LLP has ceased to hold office as its statutory auditor effective August 5, 2026. The departure follows the completion of two consecutive terms of five years each, a mandatory rotation requirement under the Companies Act, 2013. This regulatory compliance move ensures independent audit oversight for the listed entity.

The cessation took effect immediately after the conclusion of the company's 35th annual general meeting (AGM) held on the same date. The Board of Directors acknowledged the services rendered by M/s. Kirtane & Pandit LLP during their tenure. The transition aligns with shareholder resolutions passed at the AGM held on July 27, 2021, which governed the initial appointment and term limits.

M/s. P G Bhagwat LLP, Chartered Accountants, continues to hold the office of statutory auditor. Their current mandate is valid until the conclusion of the 38th annual general meeting, based on a resolution passed by members at the AGM held on September 24, 2024. This continuity ensures no gap in statutory audit coverage for the company.

Audit Transition Details

The following table outlines the key details regarding the cessation of the previous auditor:

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company submitted the update to the Department of Corporate Services at BSE Limited, citing Scrip Code 500245. Mayuresh Gharpure, Company Secretary, signed the communication on behalf of the board.

What the Numbers Show

The audit rotation reflects strict adherence to corporate governance norms mandated by Indian law. By rotating auditors after ten years, the company mitigates familiarity threats to independence. The overlap between the outgoing firm's end date and the continuing firm's existing mandate ensures seamless audit operations without interim gaps.

Kirloskar Ferrous Industries kirloskar ferrous industries shareholders have authorized the Board of Directors to raise capital up to ₹1,000 Crores through the issuance of Non-Convertible Debentures (NCDs). The approval was secured via a special resolution during the company’s 35th Annual General Meeting (AGM), which was conducted via Video Conferencing (VC) or Other Audio Visual Means (OAVM) on August 5, 2026. This borrowing authority provides the company with significant flexibility to fund future growth initiatives or manage its capital structure through private placements.

The AGM, which began at 4:00 p.m. IST and concluded at 5:25 p.m. IST, transacted several ordinary and special business items in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Shareholders also approved the reappointment of key board members, ensuring continuity in leadership. Mr. Nishikant Balakrishna Ektare was reappointed as Executive Director (Operations) after retiring by rotation. Two independent directors were also appointed for new terms: Mr. Sathya Moorthy Venkataramani, whose term extends until October 21, 2031, and Mrs. Pallavi Pratap Gokhale, appointed until June 11, 2031.

In addition to governance matters, shareholders ratified the remuneration of M/s. Dhananjay V. Joshi & Associates as the Cost Auditor. The meeting also covered standard annual business, including the adoption of the Audited Financial Statements for the financial year ended March 31, 2026. This included both standalone and consolidated financial statements, along with the reports of the Board of Directors and the Auditors.

Dividend entitlements were also confirmed during the proceedings. Shareholders passed an ordinary resolution confirming the payment of the Interim Dividend on equity shares and declaring the Final Dividend on equity shares for FY26. These decisions reflect the company’s commitment to returning value to shareholders while maintaining financial discipline.

Key Resolutions Passed at the 35th AGM

The proceedings were conducted in adherence to the Companies Act, 2013, and various General Circulars issued by the Ministry of Corporate Affairs, including Circulars No. 14/2020, No. 17/2020, No. 20/2020, and No. 03/2025. Compliance with SEBI guidelines was maintained under Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

What the Numbers Show

The authorization of a ₹1,000 Crore borrowing limit is a material strategic move, signaling management’s intent to potentially expand operations or optimize debt-equity ratios without immediate dilution of equity. While the specific use of proceeds was not detailed in the filing, the ability to issue NCDs in tranches offers operational flexibility. Combined with the declaration of final dividends, the company appears to be balancing shareholder returns with long-term capital requirements. The reappointment of experienced directors suggests a stable governance framework supporting these financial strategies.