Maxgrow India Limited appointed M/s. BNK & Associates, Chartered Accountants, as its statutory auditor to fill a casual vacancy caused by the resignation of M/s. R B Jain & Associates. The appointment is effective from August 27, 2026.

Maxgrow board of directors approved the move during a meeting held on August 27, 2026. The firm will hold office until the conclusion of the ensuing Annual General Meeting (AGM), subject to shareholder approval. The board also recommended appointing M/s. BNK & Associates for a five-year term starting from the conclusion of the upcoming AGM until the AGM in 2031.

Board Composition Changes

The board approved two changes in director designations:

• Regularization of Mr. Krishnan (DIN: 07034128) as an Additional Director (Non-Executive Independent Director), subject to shareholder approval at the AGM.
• Change in designation of Mr. Amarjit Kumar Shrivastav (DIN: 10773544) from Non-Executive Independent Director to Non-Executive Non-Independent Director, liable to retire by rotation.

AGM and E-Voting Details

The company scheduled its 33rd Annual General Meeting for Monday, September 28, 2026, to be conducted through Video Conferencing or Other Audio Visual Means. Shareholders can cast their votes electronically during the designated e-voting window.

The board also approved the secretarial audit report and the draft directors' report for the financial year ended March 31, 2026.

Promoter entity Metal Industrial Pte Limited transferred 11,25,513 equity shares of Maxgrow India Limited to public shareholder Sadhana Uday Chourasia via an off-market deal on July 28, 2026. The transaction, valued at ₹10,07,33,503, was executed specifically to facilitate compliance with the Minimum Public Shareholding (MPS) requirements applicable to the Mumbai-based real estate developer. This strategic transfer increased the public shareholding from 7.18% to 10.00%, ensuring the company meets regulatory listing norms while allowing the promoter group to retain a controlling interest of 90%.

The revised disclosure was submitted to the Bombay Stock Exchange (BSE) on July 30, 2026, under Regulation 7(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. Shivkumar Ramsagar Pasi, Director of Maxgrow India Limited, signed the declaration confirming the details of the disposal. The filing clarifies that the acquirer, Sadhana Uday Chourasia, belongs to the public shareholder category, not the promoter group. The total equity share capital of Maxgrow India Limited remains unchanged at ₹199,725,325, comprising 3,99,45,065 equity shares of ₹5 each.

Transaction Details

The shareholding structure before and after the transaction is detailed below:

The mode of acquisition/sale was recorded as an Off-Market Transfer. There were no changes to the total diluted share/voting capital of the target company. The disclosure confirms that there were no warrants, convertible securities, or other instruments entitling the acquirer to receive shares carrying voting rights involved in this specific transaction.

What the Numbers Show

The reduction of the promoter stake from 92.82% to exactly 90.00% indicates a precise divestment aimed at regulatory compliance rather than open-market liquidity extraction. By transferring shares directly to a public shareholder, Metal Industrial Pte Limited ensured that the public holding crossed the 10% threshold mandated by SEBI for listed entities. Despite the sale, the promoters retain a substantial majority holding, ensuring continued control over corporate decisions. The off-market nature of the transaction suggests a private arrangement designed to minimize immediate price impact on listed exchanges compared to block trades or open market sales.