Padmanabh Industries appointed M A A K & Associates as its statutory auditor for FY27 to fill a casual vacancy. The board also approved the director's report for FY26 and scheduled the annual general meeting.

The board of directors met on September 3, 2026, to address key governance matters. It recommended that shareholders appoint M A A K & Associates, a partnership firm based in Ahmedabad, as the statutory auditor for five financial years. This appointment replaces the earlier auditor who resigned, creating a casual vacancy.

Auditor Appointments

The company also engaged M/s. Kishan Patel & Associates as its internal auditor for FY27. This appointment complies with Section 138 of the Companies Act, 2013. Kishan Patel & Associates is a proprietorship firm established in 2019, specializing in statutory audits, tax planning, and internal audits.

Both firms have no disclosed relationships with the company's directors. M A A K & Associates brings experience in enterprise risk management and regulatory compliance for listed entities and banks.

AGM and Voting Details

The annual general meeting is scheduled for Wednesday, September 30, 2026, at 11:00 am. The event will take place at the company's registered office in Ahmedabad. Share transfer books will remain closed from September 24, 2026, to September 30, 2026.

Remote e-voting will be available from September 27, 2026, at 9:00 am to September 29, 2026, at 5:00 pm. The cut-off date for e-voting eligibility is Wednesday, September 23, 2026. Shareholders holding shares in physical or dematerialized form on this date may cast their votes electronically.

Padmanabh Industries Limited announced on August 12, 2026, that its statutory auditor, S K Bhavsar & Co., has resigned from the position effective immediately. The resignation follows a Board meeting held on Wednesday, August 12, 2026, requiring the company to appoint a new statutory auditor to ensure continuity in financial oversight. This development impacts the company's compliance timeline for FY26 audits.

The Board of Directors approved the intimation in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The meeting commenced at 1:30 PM and concluded at 2:00 PM. Akash Parmar, Managing Director of Padmanabh Industries Limited, signed the disclosure submitted to BSE Ltd. The disclosure also references SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015.

Reasons for Resignation

S K Bhavsar & Co., Chartered Accountants, cited two primary reasons for their departure. First, the firm referenced other pre-existing professional commitments that conflict with the time required for the audit role. Second, the resignation letter explicitly mentions a "recent change in the management of the Company" as a contributing factor.

The auditor clarified that these factors have made it difficult to devote the requisite time and attention needed to discharge duties effectively. Despite the resignation, S K Bhavsar & Co. confirmed that there are no material reasons for the departure other than those stated. Specifically, the firm declared that the resignation is not due to any fraud, non-compliance, or irregularity in the company’s affairs that would require reporting under Section 143(12) of the Companies Act, 2013.

Auditor Details and Tenure

S K Bhavsar & Co. was originally appointed as the statutory auditor on September 5, 2024. The appointment was made for a term of five years, covering the financial year 2024-25 and subsequent years, in accordance with the Companies Act, 2013 and SEBI (LODR) Regulations.

Shivam Bhavsar, Proprietor of S K Bhavsar & Co. (Membership No: 180566, FRN: 0145880W), signed the resignation letter. The firm’s office is located at 1047, Sun Gravitas, Nr Shyamal Cross Road, Satellite, Ahmedabad-380015.

Regulatory Compliance

The resignation process adhered to all necessary regulatory protocols. The Audit Committee of Padmanabh Industries Limited was informed of the resignation at its meeting. Furthermore, S K Bhavsar & Co. confirmed that it did not receive any communication from the company relating to concerns or issues with the audit prior to the resignation.

A copy of the resignation letter has been submitted to the Registrar of Companies (RoC) and the Stock Exchanges, as mandated by the Companies Act, 2013 and SEBI regulations.