Maxgrow India Limited (formerly known as Frontline Business Solutions Limited) convened a meeting of its Board of Directors on Tuesday, May 05, 2026, at 03.00 p.m. at the company's registered office in Ghatkopar East, Mumbai. The meeting concluded at 04.30 p.m. and resulted in three significant resolutions pertaining to auditor appointments and the scheduling of the company's Annual General Meeting. The disclosures were made pursuant to Regulation 30 read with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Board Resolutions

The board approved the following matters during the meeting, as summarised below:

Both auditor appointments are subject to approval of the shareholders at the ensuing Annual General Meeting of the company.

Statutory Auditor: M/s R. B. Jain & Associates

The board approved the appointment of M/s R. B. Jain & Associates (FRN: 103951W), Chartered Accountant, as Statutory Auditors of the company for a term of five consecutive years. The firm was established on April 21, 1983, as a partnership firm registered with the Institute of Chartered Accountants of India, and brings over 35 years of experience across a broad range of audit and advisory services. Key areas of expertise include:

• Statutory and internal audits
• Taxation advisory covering direct and indirect taxes
• Assurance services for insurance companies, public and private sector banks
• Audit assignments including statutory, branch, concurrent, stock, and receivables audits
• Audits for public sector undertakings, listed public companies, private limited companies, LLPs, partnership firms, trusts, NGOs, co-operative banks, and co-operative societies

The firm has carried out more than 300 branch and head office concurrent and statutory audits of private sector banks, public sector banks, co-operative banks, and the Reserve Bank of India. No relationships between directors and the auditor have been disclosed.

Secretarial Auditor: M/s. BYG & Associates

The board also approved the appointment of M/s. BYG & Associates (C.P. 25628), Practicing Company Secretary, as Secretarial Auditors of the company for a five-year term commencing from FY 2025-26 till FY 2029-30. The firm is based in Mumbai and has been promoted by professionals with experience in the secretarial field. M/s. BYG & Associates holds working experience and proficiency in matters related to company law, SEBI regulations, and various other business laws. No relationships between directors and the auditor have been disclosed.

Annual General Meeting Scheduled

The company has scheduled its Annual General Meeting for the financial year 2024-25 to be held on Monday, June 01, 2026. The AGM will also serve as the forum for shareholders to consider and approve the appointments of both the Statutory Auditors and the Secretarial Auditors as recommended by the board. The disclosure was signed by Shivkumar Pasi, Managing Director (DIN: 10869886), on behalf of Maxgrow India Limited.

Maxgrow India Limited has announced its board meeting outcomes for April 3, 2026, revealing significant consolidated financial performance for the quarter ended December 31, 2025, alongside key management appointments.

Financial Performance Highlights

The company's consolidated results demonstrate substantial operational recovery, with the group generating revenue primarily through its subsidiary operations. The standalone entity continues its revival process following the NCLT-approved resolution plan.

Nine Months Performance Overview

For the nine months ended December 31, 2025, the consolidated entity achieved remarkable performance with total income of ₹1,496,106.02 lakhs and net profit of ₹27,470.93 lakhs, compared to a loss of ₹2,082.44 lakhs in the corresponding previous period.

Key Management Appointments

The board approved two significant appointments to strengthen corporate governance and compliance frameworks:

Mr. Akshay Kene brings expertise in corporate laws, corporate governance, and SEBI-related matters, while M/s. Abhay Kumar Pal & Co. offers comprehensive secretarial audit services with experience in company law and securities regulations.

Regulatory Compliance and Auditor Observations

The statutory auditors R B Jain & Associates issued qualified review reports highlighting several compliance matters, including delayed financial result submissions and pending statutory requirements. The company management has indicated that corrective measures are being implemented to address these observations by April 15, 2026.

Corporate Revival Progress

Maxgrow India Limited continues its operational revival following the NCLT-approved resolution plan. The new management, which assumed control on December 23, 2024, has successfully reconstituted the board and is working towards full operational restoration while maintaining compliance with listing regulations.