Lakshmi Electrical Control Systems Limited shareholders approved the appointment of NRD Associates as statutory auditors for a five-year term and amended Article 84 of its Articles of Association during the 45th Annual General Meeting held on July 31, 2026. The resolutions, disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensure continuity in audit oversight and regulatory compliance for director appointments.

The Board of Directors had recommended the change in statutory auditors following the expiration of the tenure of M/s. Subbachar & Srinivasan (Firm Registration No. 004083S). The previous firm completed two consecutive terms of five years each, concluding their engagement upon the conclusion of the current AGM as mandated by the Companies Act, 2013.

Auditor Appointment Details

NRD Associates, based in Coimbatore, has been practising for more than 30 years. The firm employs three Chartered Accountants as partners and three employed Chartered Accountants, alongside support staff. Its services include audit functions, direct and indirect taxation, international taxation, and transfer pricing for clients across healthcare, banking, textiles, manufacturing, and engineering sectors. The disclosure pursuant to Regulation 30(6) of the Listing Regulations confirms no applicable relationships between the directors and the appointed auditors.

Amendment to Articles of Association

Shareholders also approved the substitution of Article 84 in the Articles of Association. The amendment updates provisions regarding the appointment and remuneration of directors to align with the Companies Act, 2013. The new article empowers the Board to appoint individuals to the offices of Chairman, Vice Chairman, Managing Director, Joint Managing Director, or Whole Time Director. It specifies that such appointments are subject to shareholder approval for remuneration and Central Government approval if they vary from Schedule V conditions. Additionally, it clarifies that Chairmen and Vice Chairmen are not subject to retirement by rotation at Annual General Meetings.

What the Numbers Show

The shift in statutory auditors reflects a standard regulatory rotation cycle rather than a performance-driven change, as the predecessor firm completed its maximum permissible tenure. The simultaneous update to Article 84 indicates a proactive governance alignment with current corporate law requirements, particularly concerning executive compensation structures and board composition flexibility.

Lakshmi Electrical Control Systems Limited has approved a consortium arrangement with BIEMSYS Private Limited to manufacture Electrical Vehicle (EV) chargers and establish public charging stations. This decision serves as a pre-commitment to apply for a tender floated by New & Renewable Energy Development Corporation of Andhra Pradesh Limited. The company will proceed with the incorporation of a subsidiary and the implementation of the consortium terms only if the tender is successfully awarded to it by the state corporation.

The Finance and Operations Committee of the Board approved the incorporation of a subsidiary as part of the consortium arrangement. The new entity is proposed to be incorporated as a subsidiary of Lakshmi Electrical Control Systems Limited , with the company holding 51% of the equity share capital. The initial investment towards equity share capital is proposed to be ₹51,000. The incorporation is subject to the successful award of the tender and necessary approvals from the Registrar of Companies.

The consortium agreement with BIEMSYS Private Limited outlines a share exchange ratio of 51:49 between the two entities. The scope of the business operation includes the manufacturing of EV chargers and the establishment of charging stations. The agreement is domestic in nature, and no consideration has been paid or received as of the approval date. The proposed new company is expected to have an initial paid-up share capital of ₹1,00,000.

Key Details of the Proposed Subsidiary

Key Details of Consortium Agreement