Maxgrow India Limited’s Board of Directors approved the company’s standalone and consolidated audited financial results for the quarter and financial year ended March 31, 2026, during a meeting held on August 10, 2026. In a significant governance development, the Board also accepted the resignations of two key directors: Non-Executive Director Rakesh Guda and Independent Director Pooja Pravin Keer. Both directors cited their desire to pursue other professional opportunities as the reason for stepping down, with their resignations taking effect immediately on August 10, 2026.

The Board meeting, which commenced at 6:00 p.m. and concluded at 6:15 p.m., was conducted in compliance with Regulation 30 read with Schedule III and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The approval of the financial results was made on the recommendation of the Audit Committee. The company has attached the detailed disclosures required under Regulation 30 of the Listing Regulations, along with SEBI Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, as Annexure A to its exchange filing.

Resignation Details

Both resigning directors confirmed that there are no material reasons for their departure other than those stated in their resignation letters. Neither director holds directorships in any other listed entities, nor do they have any membership in board committees of other listed companies. The resignations were acknowledged by Shivkumar Ramsagar Pasi, Managing Director of Maxgrow India Limited.

Governance Implications

The departure of an Independent Director triggers specific disclosure requirements under Schedule III - Para A(7B) of Part A of the SEBI LODR regulations. Maxgrow India Limited has confirmed that Pooja Pravin Keer provided the necessary confirmation that no other material reasons exist for her resignation beyond the stated professional opportunities. The company is expected to initiate the process of appointing a new Independent Director to maintain the required composition of the Board, as per regulatory norms, though no timeline or candidate has been disclosed in this filing.

The simultaneous approval of annual results and acceptance of multiple director resignations suggests a period of transition for the company’s leadership structure. Investors should monitor subsequent filings for the appointment of new directors and the detailed financial performance metrics from the approved FY26 results, which are not included in this specific regulatory notice.

Maxgrow India Limited submitted its consolidated financial results for the financial year ended March 31, 2026, to the Bombay Stock Exchange on August 11, 2026. The filing corrects an inadvertent omission where the consolidated statements were not attached to the outcome of the Board of Directors meeting held on August 10, 2026. This disclosure ensures investors have access to the complete audited financial data for FY26, addressing a gap in the initial regulatory filing.

The company stated that the omission was purely unintentional and resulted from a process oversight during the compilation and submission of the financial results. Maxgrow India Limited currently does not have a Company Secretary or Compliance Officer in place, which contributed to the failure to attach the requisite documents. The firm emphasized that there was no intention to withhold or delay information required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Governance Gaps and Compliance

The absence of key compliance roles highlights a structural gap in the company’s corporate governance framework. Without a Company Secretary, the internal checks typically responsible for verifying the completeness of exchange submissions were not fully operational. This oversight led to the initial filing containing only the Board’s approval of the results, without the actual financial statements.

Corrective Measures

Maxgrow India Limited has initiated steps to strengthen internal controls to prevent recurrence of such instances. The company assured the exchange of its commitment to timely and complete compliance with applicable regulatory provisions. Director Shiv Kumar Ramsagar Pasi signed the corrective letter, formally requesting the BSE to take the clarification and enclosed Consolidated Financial Results on record. The submission serves as the official record of the company’s audited annual performance for FY26.