Maxgrow India Limited has strengthened its governance framework by appointing Dr. M Krishnan as an Additional Non-Executive Independent Director and engaging a new internal auditor. The decisions were approved by the Board of Directors during its meeting held on Monday, June 29, 2026. These appointments are aimed at enhancing the company's oversight mechanisms and compliance standards.

Dr. M Krishnan has been appointed to the Board for a term of five years effective June 29, 2026. His appointment is subject to the approval of shareholders at the next General Meeting or within three months from the date of his appointment, whichever is earlier. He brings extensive experience in Indian and International Banking, including over 20 years in large corporate banking in India and four years in Hong Kong with Canara Bank.

In a separate move to bolster internal controls, the Board appointed M/s. V. G. Kamat & Associates, Chartered Accountants, as the Internal Auditor for the Financial Year 2026-27. The firm was appointed for a one-year term. The firm focuses on strengthening governance, internal controls, and risk management frameworks through a systematic and risk-based approach.

The company confirmed that Dr. M Krishnan is not debarred from holding the office of Director by any SEBI order or other authority. Furthermore, disclosures indicate that he is not related to any existing Director on the Board of Maxgrow India Limited. The appointments were made in compliance with the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Appointments

Maxgrow India Limited has requested BSE to grant a further extension until June 30, 2026, for submitting its audited financial results for the quarter and financial year ended March 31, 2026. The company cited unavoidable circumstances and pending audit-related matters for earlier and current periods as reasons for the delay. This extension request follows a previous timeline that the company was unable to meet due to these ongoing issues.

The management, along with the Statutory Auditors, is working to complete the remaining formalities and finalize the results. The company attributed the delay to reasons beyond its control and requested that the stock exchange condone the delay without initiating any adverse action. Maxgrow India assured the exchange of its commitment to complying with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Consequently, the trading window for dealing in the securities of the company remains closed for Designated Persons. This closure is in accordance with the SEBI (Prohibition of Insider Trading) Regulations, 2015 and the company's Code of Conduct for Prohibition of Insider Trading. The window will reopen 48 hours after the declaration of the financial results.

Key Details

The letter to BSE was signed by Shivkumar Pasi, Managing Director of Maxgrow India Limited. The company stated it would keep the exchange informed of any further developments regarding the submission of the results.