Mahan Industries Limited has informed stock exchanges that it will not submit its unaudited financial results for the quarter ended June 30, 2026, within the prescribed timeline under SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations.

The company cited unforeseen and unavoidable circumstances as the primary reason for the delay. Specifically, extensive travel commitments of Key Managerial Personnel and Directors in connection with ongoing project execution, monitoring, and realisation activities affected their availability for the timely consideration and finalisation of accounts.

Regulatory Disclosure

In compliance with Regulation 30 read with Regulation 33 of the SEBI LODR Regulations, 2015, and SEBI Circular No. CIR/CFD/CMD-1/142/2018 dated November 19, 2018, Mahan Industries issued a disclosure regarding the reasons for the delay.

The company stated that both the management and the Statutory Auditors are making all possible efforts to complete the process and finalise the unaudited financial results at the earliest opportunity.

Board Meeting Schedule

The Board Meeting for the consideration and approval of the unaudited financial results for the quarter ended June 30, 2026, is scheduled to be held on August 17, 2026. Mahan Industries confirmed that intimation regarding this meeting has already been made to the Stock Exchange in accordance with applicable provisions of the SEBI LODR Regulations.

The disclosure was signed by Nishil Shah, Director, on August 17, 2026.

Mahan Industries Limited has accepted the resignation of Yash Kamleshkumar Shah (DIN: 10565098) from his role as Non-Executive (Independent) Director, effective August 8, 2026. The departure marks a change in the company’s board composition, with Shah citing pre-occupation and other personal commitments as the primary reasons for stepping down. The Board of Directors formally acknowledged receipt of the resignation and placed on record its appreciation for Shah’s guidance and valuable contributions during his tenure with the Ahmedabad-based engineering firm.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in compliance with SEBI Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The company notified the Listing Department of BSE Limited on August 8, 2026, providing details required under Schedule III of the Listing Regulations regarding changes in directors.

Resignation Details

Yash Kamleshkumar Shah submitted his formal letter of resignation to the Board of Directors on August 8, 2026. In the letter, he confirmed that there are no other material reasons for his resignation beyond those stated. The disclosure also noted that Shah does not hold directorships in any other listed entities at the time of his resignation.

Board Acknowledgement

The Board of Directors expressed gratitude for Shah’s service during his association with Mahan Industries Limited. The company stated that it would arrange to submit the necessary forms to the Registrar of Companies in accordance with statutory requirements. Nishil Shah, Director of Mahan Industries Limited (DIN: 09165405), signed the disclosure on behalf of the company.

What This Means for Governance

The exit of an independent director requires Mahan Industries Limited to ensure continued compliance with SEBI’s norms on board composition, which mandate a minimum number of independent directors based on the company’s paid-up capital. While the filing does not disclose immediate plans for replacement, listed entities are typically required to fill such vacancies within a specified timeframe to maintain regulatory compliance. Investors should monitor future announcements for the appointment of a new independent director to restore the board’s full strength.