Maxgrow India AGM: Auditor change, board shifts on agenda
- Maxgrow India holds 33rd AGM on Sept 28, 2026 via VC/OAVM
- Shareholders to appoint BNK & Associates as statutory auditors
- Regularization of Mr. Krishnan as independent director sought
- Re-appointment of Mr. Amarjit Kumar Shrivastav by rotation
- Consolidated revenue rose to ₹22,42,633.88 lakh in FY26
*this image is generated using AI for illustrative purposes only.
Maxgrow India Limited has scheduled its 33rd Annual General Meeting (AGM) for September 28, 2026. The meeting will be held through Video Conferencing or Other Audio-Visual Means (VC/OAVM). Shareholders will consider several ordinary and special resolutions concerning the company's governance and statutory compliance.
Governance and Audit Changes
The primary focus of the AGM is the appointment of new statutory auditors. The company seeks shareholder approval to appoint M/s. BNK & Associates, Chartered Accountants, to fill a casual vacancy caused by the resignation of M/s. R.B. Jain & Associates. This appointment will cover the period from August 27, 2026, until the conclusion of the current AGM.
Additionally, shareholders are asked to re-appoint M/s. BNK & Associates for a term of five consecutive years, extending until the conclusion of the 38th AGM in 2031. The remuneration for these services will be determined by the Audit Committee and approved by the Board.
Board Composition Updates
The AGM will also address changes to the Board of Directors. A special resolution will be passed to regularize the appointment of Mr. Krishnan as an Independent Director. He was initially appointed as an Additional Director on June 29, 2026. If approved, he will hold office for five consecutive years, not liable to retire by rotation.
Furthermore, Mr. Amarjit Kumar Shrivastav, who retires by rotation at this meeting, seeks re-appointment as a Non-Executive Director.
Financial Context
The AGM notice accompanies the Annual Report for the financial year ended March 31, 2026. During this period, the company continued its operations under a reconstituted Board following the implementation of its Corporate Insolvency Resolution Process (CIRP) resolution plan. The monitoring committee for the resolution plan was dissolved in December 2024.
The company reported no revenue from operations on a standalone basis for FY26. However, consolidated revenue from operations stood at ₹22,42,633.88 lakh, up from ₹275,771.86 lakh in the previous year. Consolidated profit before tax was ₹45,027.74 lakh compared to ₹2,963.25 lakh in FY25.
Historical Stock Returns for Maxgrow
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.99% | +12.53% | +140.93% | 0.0% | 0.0% | 0.0% |
How will the transition from the CIRP resolution plan to full operational independence impact Maxgrow India's strategic decision-making and capital allocation in FY27?
What specific operational synergies or business segments are driving the significant year-over-year increase in consolidated revenue and profit despite zero standalone revenue?
Will the appointment of Mr. Krishnan as an Independent Director bring new expertise or industry connections that could accelerate Maxgrow's post-insolvency growth strategy?
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