Libas Consumer Products Limited has appointed M/s Sabadra & Associates, Chartered Accountants as its internal auditor for the financial year 2026-2027. The appointment, effective from June 2, 2026, was approved by the Board of Directors based on the recommendation of the Audit Committee. The firm is not related to any directors of the company.

Appointment Details

The decision was taken during a board meeting held on June 2, 2026. M/s Sabadra & Associates replaces the previous incumbent and will serve for the duration of the upcoming financial year.

Firm Profile

M/s Sabadra & Associates is a professional firm providing consulting and advisory services. Its offerings include Risk Advisory, Consulting, Financial Advisory, Tax, and Audit & Assurance Services. The firm utilizes a team with domain expertise and a robust audit process to ensure compliance with regulatory and accounting requirements.

Libas Consumer Products Limited has successfully resolved a legal dispute involving its promoter and managing director, with the Bombay High Court vacating a non-bailable warrant following a comprehensive settlement agreement.

Court Order and Settlement Details

The Bombay High Court issued an order on April 22, 2026, vacating the non-bailable warrant against Mr. Riyaz Ganji, who serves as both promoter and director of the company. The court's decision came after consent terms were signed between the parties involved in the dispute.

Background and Resolution

The legal matter stems from a previous company announcement dated April 7, 2026, which had disclosed the issuance of the non-bailable warrant against Mr. Riyaz Ganji. Under the consent terms agreed upon with the court, Mr. Ganji has undertaken to pay ₹2,20,00,000.00 (Rupees Two crore twenty lakh) towards the complete resolution of all claims by G S Majestic Developers Pvt. Ltd.

Corporate Governance Impact

The settlement represents a significant development for Libas Consumer Products Limited, as it resolves pending legal proceedings involving key management personnel. Mr. Riyaz Eqbal Ahmed Ganji, who holds the position of Managing Director with DIN 02236203, can now continue his executive responsibilities without the legal encumbrance.

Company Communication and Compliance

The company formally communicated this development to the National Stock Exchange of India Limited on April 24, 2026, ensuring compliance with regulatory disclosure requirements under Regulation 30. The announcement was digitally signed by Managing Director Riyaz Eqbal Ahmed Ganji from the company's Mumbai office, maintaining transparency with stakeholders regarding this material corporate development.