Milestone Furniture Limited approved the resignation of its statutory auditor and appointed a new firm to fill the casual vacancy during a board meeting held on September 17, 2026. The board also sanctioned a six-fold increase in authorised share capital to accommodate potential equity conversions.

The board took on record the resignation of M/s. R. Daga & Company as statutory auditors, effective July 28, 2026. To fill the resulting vacancy, M/s. Gupta Rajesh & Associates was appointed to hold office until the conclusion of the ensuing annual general meeting, subject to shareholder approval within three months. The resigning auditor confirmed no material concerns other than those stated in their letter.

Capital structure and employee benefits

The board approved an increase in authorised share capital from ₹10 crore to ₹60 crore. This expansion divides into 6 crore equity shares of ₹10 each, up from the previous limit of 1 crore shares. The alteration of the Memorandum of Association is subject to shareholder approval.

Additionally, the board recommended the 'Milestone Furniture Limited – Employee Stock Option Scheme 2026' for shareholder approval via special resolution. The scheme was formulated pursuant to Section 62(1)(b) of the Companies Act, 2013, and SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

Regulatory compliance and operational updates

The board deferred the allotment of shares following conversion notices from holders of Unlisted Secured Optionally Convertible Debentures aggregating ₹5.75 crore. This deferment addresses a procedural omission regarding prior in-principle approval under Regulation 28(1) of SEBI LODR Regulations. Applications for condonation have been authorised.

The company also sought an extension from the Registrar of Companies for convening the AGM for FY26. Furthermore, the board rescinded its earlier decision to open a branch office at Khar West, Mumbai, after commercial negotiations failed to materialize.

Board meeting details

Milestone Furniture Limited appointed two new directors to its board on August 18, 2026. The appointments include an independent non-executive director and an executive director, both serving five-year terms subject to shareholder approval.

The Board of Directors meeting was held at the company’s registered office in Mumbai. The board approved the appointments pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Director Profiles

Mr. Akash Chugh (DIN: 11206510) was appointed as an Additional Director (Non-Executive & Independent). He holds a degree in Computer Science and Engineering and runs a business consulting firm. He brings experience in providing business solutions.

Ms. Vaishali Balasaheb Jagtap (DIN: 10943315) was appointed as an Additional Director (Executive). She is a graduate who runs a tour and travel business. Her profile highlights experience in day-to-day organizational operations.

Both appointees are unrelated to any existing directors or key managerial personnel of the company. The company affirmed that neither individual is debarred from holding office by SEBI or any other authority.

Regulatory Compliance

The disclosures were made under Regulation 30 of the LODR Regulations and SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023. The board meeting commenced at 3:00 pm and concluded at 4:25 pm.