Modi Naturals Limited has addressed a compliance lapse by submitting a clarification to BSE Limited regarding the delayed filing of proceedings from its 52nd Annual General Meeting (AGM). The meeting was convened on July 31, 2026, via video conferencing and Other Audio Visual Means (OAVM), commencing at 02:30 P.M. (IST) and concluding at 03:13 P.M. (IST). The delay in submission triggered a query from the Listing Compliance Monitoring Team of BSE on August 05, 2026, prompting this response.

The company emphasized that the error was unintentional and did not involve any misinformation about its operations or financial standing. In its communication dated August 05, 2026, signed by Company Secretary Rajan Kumar Singh, Modi Naturals apologized for any confusion caused and assured stakeholders of its regular adherence to Listing Regulations and other applicable laws. The proceedings have now been resubmitted along with this clarification.

Key Details of the 52nd AGM

The AGM saw participation from 120 members through virtual mode. Anil Modi was unable to attend due to ill health; consequently, Akshay Modi took the chair and conducted the proceedings. The quorum was present, allowing the meeting to proceed with the adoption of financial statements and other business items.

The following directors were present: Ankit Garg, Aditi Modi, and Udit Jain. Ankita Singal and CFO Pradeep Kapoor could not attend due to unavoidable circumstances. Statutory Auditors M/s Doogar & Associates, Secretarial Auditors M/s Deepak Bansal & Associates, and Scrutinizer M/s A.K. Verma & Co. were also present.

Remote e-voting was open from July 28, 2026, at 10:00 A.M. (IST) to July 30, 2026, at 5:00 P.M. (IST). The cut-off date for eligibility was July 24, 2026. The Chairman noted that reports from Statutory and Secretarial Auditors contained no qualifications or adverse remarks.

What This Means for Shareholders

While the delayed submission is a procedural irregularity rather than a financial one, it highlights the importance of timely regulatory filings for listed entities. For investors, the key takeaway is that the AGM resolutions—including the approval of FY26 financials and the appointment of auditors for the next term—were duly passed. The absence of qualifications in the auditor's reports suggests no major red flags in the company's governance or financial reporting for the period ended March 31, 2026. The company’s assurance of future compliance aims to restore confidence in its administrative processes.

Shareholders of Modi Naturals Limited have approved the appointment of M/s B. Chhawchharia & Co. as the company’s Statutory Auditors for a first term of five consecutive years. The resolution passed at the 52nd Annual General Meeting (AGM) held on July 31, 2026, secures the firm’s tenure until the conclusion of the 57th AGM, ensuring continuity in financial oversight for the mid-term period.

The Board of Directors had initially recommended the appointment during its meeting on July 6, 2026, based on the advice of the Audit Committee. This recommendation was subsequently ratified by shareholders via video conference and other audio visual means (OAVM). The appointment is made under Section 139 of the Companies Act, 2013, replacing the previous audit arrangement for this specific term.

Appointment Details

The key details of the statutory auditor appointment are outlined below:

Regulatory Compliance

Modi Naturals Limited issued an intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. The disclosure aligns with SEBI Master Circular No. Ho/49/14/14(7)2025-CFDPOD2/1/3762/2026, last updated on January 30, 2026. The company confirmed that there are no relationships between directors and the appointed auditor that would impact independence, marking the disclosure field as "Not Applicable."

Auditor Profile

M/s B. Chhawchharia & Co. (BCCO) is a firm of practicing Chartered Accountants based in New Delhi. Established in 1966 by Late Basudeo Chhawchharia, the firm has served domestic and international clients since its inception. Late Basudeo Chhawchharia qualified as a Chartered Accountant from the Institute of Chartered Accountants of England and Wales in 1949 and previously partnered with M/s K N Gutgutia & Co. and M/s Gutgutia & Co. before founding his own practice in 1966. Since then, the firm has expanded its partner base and office network.

The appointment ensures that Modi Naturals Limited maintains a long-term audit relationship, potentially reducing transition costs and enhancing the auditor’s understanding of the company’s operations over the five-year cycle.