Minal Industries has appointed Saket Rajendra Sugandh as its Company Secretary and Compliance Officer, effective August 5, 2026. The Board of Directors approved the appointment during a meeting held on Wednesday, August 5, 2026, at the company’s registered office in Mumbai. This leadership change strengthens the firm’s corporate governance framework as it continues to operate in compliance with regulatory standards.

The appointment was made on the recommendation of the Nomination and Remuneration Committee. Pursuant to Regulation 6(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Sugandh has been designated as Key Managerial Personnel. Additionally, effective August 5, 2026, he will act as one of the authorized officials for determining the materiality of events or information and for making disclosures to stock exchanges under Regulation 30 of the Listing Regulations. Other authorized officials remain unchanged.

Appointment Details

Professional Profile

Saket Rajendra Sugandh brings over 12-13 years of professional experience in secretarial, legal, and compliance functions. His expertise includes listed company compliances, SEBI (LODR) Regulations, corporate governance, and board processes. He has previously handled statutory and regulatory filings, stakeholder management, and corporate actions, advising management on various regulatory and governance matters.

The company confirmed that Sugandh is not debarred from holding office by any SEBI order or other authority, in compliance with SEBI Letter dated June 14, 2018, read along with Exchange Circular dated June 20, 2018. The term of appointment and remuneration are to be mutually agreed upon between Sugandh and the Board of Directors.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The information was also provided in accordance with SEBI Master Circular No. HO/49/14/14(7)2025-CFDPD2/I/3762/2026 dated January 30, 2026. The Board meeting commenced at 3:30 PM and concluded at 4:00 PM on August 5, 2026.

Minal Industries Limited has resubmitted its audited standalone and consolidated financial results for the financial year ended March 31, 2026, to BSE. The revised filing addresses discrepancies highlighted by the exchange in a previous submission and complies with Regulation 33 of the SEBI (LODR) Regulations, 2015. The company reported a standalone accumulated loss of ₹2216.82 lakhs for the year, while the consolidated group posted a profit of ₹73.27 lakhs.

The statutory auditors, R H Modi & Co., expressed an unmodified opinion on the financial statements but drew attention to a material uncertainty regarding the company's ability to continue as a going concern. The standalone financial statements were prepared on this basis, contingent upon the company strengthening its strategy, expanding its market, and securing financial support from promoters. The auditors noted that the net accumulated losses under retained earnings for the group stood at ₹603.94 lakhs as of March 31, 2026.

Auditor’s Emphasis of Matter

The auditors highlighted several key matters in their report. Interest income for the year ended March 31, 2026, was not accrued for a loan given to subsidiary Minal Infojewels Limited due to uncertainty regarding realization, stemming from the subsidiary's accumulated losses. Additionally, the company wrote off its investment and loan receivable from its wholly-owned overseas subsidiary, Minal International FZE, which wound up its business on February 10, 2025. The total write-off amounted to ₹408.99 lakhs.

A legal dispute is also pending before the National Company Law Tribunal (NCLT), filed by Managing Director Shrikant Parikh regarding ownership of equity shares. The company stated it does not expect any financial implication based on current legal advice.

Financial and Operational Details

The auditors identified the valuation of inventories as a key audit matter. The company held inventories worth ₹631.92 lakhs on a standalone basis and ₹5662.80 lakhs on a consolidated basis as of March 31, 2026. The valuation required significant management judgment regarding future saleability and net realizable value.

Internal Controls and Compliance

The auditors issued a disclaimer of opinion on the adequacy and operating effectiveness of internal financial controls over financial reporting for both standalone and consolidated statements. They stated that the company had not established these controls in accordance with the Guidance Note issued by the Institute of Chartered Accountants of India. Consequently, sufficient appropriate audit evidence could not be obtained to form an opinion.

Regarding compliance, the auditors noted that the company had not maintained proper records showing full particulars of fixed assets and that no physical verification of fixed assets was conducted during the year. They also reported overdue amounts of more than ninety days, including a principal amount of ₹1187.96 lakhs and interest of ₹276.99 lakhs, for which reasonable steps had not been taken for recovery.