Nivaka Fashions appoints Maark & Associates as auditors, Saini as director
- Nivaka Fashions appointed Maark & Associates as statutory auditors for a 5-year term
- Meenakshi Saini appointed as Independent Director; Dinesh Shah ceased role after term completion
- Bhavin Shantilal Jain re-appointed as Chairman and Managing Director effective September 30, 2026
- Neha Anup Poddar appointed as Secretarial Auditor until ensuing AGM
*this image is generated using AI for illustrative purposes only.
Nivaka Fashions Ltd shareholders adopted the audited standalone financial statements for FY26 during the company's 43rd Annual General Meeting (AGM) held on September 28, 2026. The meeting also approved the appointment of new statutory auditors and several director re-appointments.
The AGM was conducted via Video Conferencing or Other Audio-Visual Means (OAVM) in compliance with the Companies Act, 2013, and Secretarial Standards issued by the Institute of Company Secretaries of India. Mr. Bhavin Shantilal Jain, Managing Director and Chairman, presided over the meeting, which commenced at 11:00 am and concluded at 11:09 am. A total of 51 members attended the virtual session.
Key resolutions passed
The following ordinary and special businesses were put to vote through remote e-voting, which ran from September 25 to September 27, 2026:
| Resolution Type | Description |
|---|---|
| Ordinary Business | Adoption of Audited Standalone Financial Statements |
| Ordinary Business | Appointment of Maark & Associates (FRN-145153W) as Statutory Auditors |
| Ordinary Business | Re-appointment of Priyesh Shantilal Jain as Director liable to retire by rotation |
| Ordinary Business | Appointment of Neha Anup Poddar as Secretarial Auditors |
| Special Business | Omnibus approval for Related Party Transactions for FY27 |
| Special Business | Appointment of Meenakshi Saini as Independent Director |
| Special Business | Re-appointment of Bhavin Shantilal Jain as Chairman and Managing Director |
The results of the e-voting are scheduled for dissemination to the stock exchanges and will be uploaded on the company's website. The company noted that the e-voting facility remained available for 15 minutes after the closure of the meeting.
Auditor and director changes
The company disclosed specific details regarding the changes in its governance structure. Maark & Associates (FRN-145153W) has been appointed as the Statutory Auditor for a term of 5 years. The firm specializes in statutory audits, corporate taxation, and financial advisory services. This appointment follows the cessation of the tenure of M/s. ADV & Associates (FRN-128045W), whose term ended upon the conclusion of the 43rd AGM.
Ms. Neha Anup Poddar (COP No. 26322) has been appointed as Secretarial Auditor until the ensuing AGM, with a proposal for appointment for 5 consecutive years. She operates her own proprietorship firm specializing in corporate governance and securities laws.
In board appointments, Mrs. Meenakshi Saini (DIN: 07455823) has been appointed as an Independent Director. She holds qualifications in Commerce and Law, including a B.Com, MBA (Finance), LL.B., and LL.M. (Corporate Law), with experience in industrial enterprise operations and corporate finance. She has no relationship with other directors.
Mr. Bhavin Shantilal Jain (DIN: 00741604) was re-appointed as Chairman and Managing Director effective September 30, 2026. The disclosure notes that Mr. Priyesh Jain and Mr. Bhavin Jain are brothers. None of the other directors or key managerial personnel are related inter-se.
Additionally, Mr. Dinesh Jamnadas Shah (DIN: 02377709) ceased to be an Independent Director effective September 29, 2026, upon completion of his second consecutive term.
Historical Stock Returns for Nivaka Fashions
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.25% | +14.49% | +38.60% | -48.70% | -77.81% | 0.0% |
How might the appointment of Maark & Associates as statutory auditors influence Nivaka Fashions' financial reporting transparency and audit risk profile in the coming fiscal years?
What strategic implications does the omnibus approval for related party transactions for FY27 hold for minority shareholders regarding potential conflicts of interest?
In what ways could the addition of Meenakshi Saini, with her specific legal and corporate finance background, strengthen the board's oversight of regulatory compliance and governance standards?
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