Mercury EV-Tech Limited reshuffled its board on October 5, 2026, appointing Shreyan Jigneshkumar Patel as an Additional Director while accepting the resignation of Lalit Vitthal Waankhede.

Patel joins as a Non-Executive Non-Independent Director. His appointment is subject to shareholder approval and he is liable to retire by rotation. The company confirmed that Patel holds no shareholding in the firm and has no relationships with other directors.

Board composition changes

The board meeting, which commenced at 4:00 pm and concluded at 5:00 pm, approved two key personnel changes under Regulation 30 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.

Waankhede resigned from his position as Non-Executive Director due to pre-occupation. His resignation letter was dated June 8, 2026, but the board formally accepted it with effect from October 5, 2026. Like Patel, Waankhede held no shares in the company at the time of exit.

Profile of new appointee

Shreyan Jigneshkumar Patel brings a diverse academic and professional background to the board. He holds an Honorary Doctorate in Entrepreneurship from WPUNU (San Francisco, USA), a BCA in AI/ML Technology from Amity University (Noida, India), and a Machine Learning Certification from IIT Mumbai.

His experience spans over three years in manufacturing Ayurvedic medicines, natural powders, and cosmetics, as well as developing commercial EV chargers and advanced water ionizers. Patel also has expertise in producing patented natural chemicals exclusive to the Indian market.

Governance and compliance

The company affirmed that Patel is not debarred by SEBI or any other statutory authority from holding the office of Director. The disclosure complies with the Master Circular HO/49/14/14(7)2025CFD-POD2/I/3762/2026 dated January 30, 2026.

Both directors' tenures reflect a clean slate regarding equity ownership, with neither holding any shares in Mercury EV-Tech. This neutral shareholding position ensures no immediate conflict of interest related to equity stakes for either the incoming or outgoing director.

Mercury EV-Tech Limited shareholders approved the appointment of M/S Tejas K. Soni, Chartered Accountants as Statutory Auditor for FY27-FY29 during the 40th Annual General Meeting held on September 30, 2026.

The meeting, conducted via video conferencing, also ratified the appointment of M/s Nisarg Sharma & Associates as Secretarial Auditor for a five-year term. Additionally, members approved the re-appointment of Mr. Lalit Vitthal Waankhede and authorized material related party transactions with five associated entities.

Voting results and attendance details

The company disclosed detailed voting results on October 3, 2026, confirming that all nine ordinary resolutions were passed with requisite majority. A total of 56 members attended the meeting via video conferencing, comprising three from the promoter group and 53 from the public category.

Voting was conducted exclusively through remote e-voting via NSDL, with no votes cast during the live meeting session. The scrutinizer's report dated October 2, 2026, confirmed that for most resolutions, including financial statement adoption and auditor appointments, 99.98% of the votes polled were in favor, while 0.02% were against.

Auditor appointments confirmed

M/S Tejas K. Soni, Chartered Accountants (FRN 135093W) will serve as the Statutory Auditor for three consecutive financial years, covering FY27 to FY29. The firm is based in Vadodara and is Peer Reviewed by the Peer Review Board of ICAI, New Delhi, vide certificate No. 018005 dated August 30, 2024.

Simultaneously, M/s Nisarg Sharma & Associates, Practicing Company Secretaries based in Ahmedabad, were appointed as Secretarial Auditor for up to five consecutive years, spanning FY27 to FY31. The firm holds Peer Review Certificate No. 3941/2023 issued by the Institute of Company Secretaries of India. Mr. Nisarg Sharma also served as the Scrutinizer for the e-voting process.

Related party transactions approved

Shareholders approved material related party transactions to be entered into by the company with five specific entities. These approvals cover dealings with:

• M/s Sunbuy Renewables Limited
• M/s DC2 Mercury Cars Private Limited
• M/s Powermetz Energy Private Limited
• M/s Traclaxx Tractors Private Limited
• M/s Go Evexia division of Evexia Lifecare Limited

These transactions were placed before the members for approval through remote e-voting as special business requiring ordinary resolutions.

Meeting proceedings and attendance

The 40th AGM commenced at 12:30 pm and concluded at 1:10 pm. The Chairman, Mr. Jayesh Thakkar, delivered opening remarks covering the global economy, the company's performance in the auto industry, financial results for FY26, and future growth plans.

Directors and Key Managerial Personnel present included Mr. Darshankumar Shah (Executive Director), Mr. Dinesh Kumar Sinha (Non-Executive Independent Director), Ms. Riya Sharma (Non-Executive Independent Director), Mr. Sachin Wagh (Non-Executive Independent Director), Mr. Lalit Waankhede (Non-Executive Non-Independent Director), Mr. Dhruv Yardi (CFO), and Ms. Krishna Naik (Company Secretary).

Mr. Lalit Vitthal Waankhede was re-appointed as a Director in place of himself, having retired by rotation and offered himself for re-appointment. The audited financial statements for the year ended March 31, 2026, were adopted without any qualifications or adverse remarks.