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.

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