Riddhi Corporate Services Limited has completed the full utilization of proceeds from its preferential issue, filing a comprehensive statement with the Bombay Stock Exchange confirming no deviations from the original allocation plan.

Fund Utilization Details

The company raised ₹70.36 crore through a preferential issue dated January 24, 2023, with all proceeds being fully utilized by February 27, 2026. The funds were allocated entirely for general corporate purposes as originally disclosed to investors.

Regulatory Compliance

The statement was filed pursuant to Regulation 32 of SEBI (Listing Obligations and Disclosures Requirements) Regulation, 2015. The company voluntarily submitted this disclosure following the complete utilization of the preferential issue proceeds, demonstrating adherence to regulatory requirements.

Audit Committee Review

The company's Audit Committee reviewed the fund utilization and confirmed that there was no deviation in the utilization of the preferential issue proceeds. The committee's comments specifically noted the absence of any deviation from the original allocation plan.

Corporate Details

Riddhi Corporate Services Limited operates as an ISO 9001:2015, 27001:2013 & CMMI Level 3 certified company. The filing was signed by Mustafa Sibatra, serving as Compliance Officer and Company Secretary, ensuring proper corporate governance in the disclosure process.

The company's systematic approach to fund utilization and transparent reporting reflects its commitment to regulatory compliance and shareholder transparency in capital allocation decisions.

Riddhi Corporate Services Limited has issued a comprehensive postal ballot notice to shareholders for approval of special business matters, including a significant deviation in its initial public offering object clause. The company announced the postal ballot process with remote e-voting scheduled from March 01, 2026 to March 30, 2026.

IPO Object Clause Deviation Approved

The board of directors, following recommendations from the Audit Committee, approved a major reallocation of unutilized IPO proceeds totaling ₹1179.59 lakhs. The proposed variation involves redirecting funds from original objects to operational expenditure for employee salaries and related costs.

The new object focuses on operational expenditure for payment of salaries and employee-related costs for key functional verticals including Third-Party Logistics (3PL), transportation, field operations, digitization initiatives, and manpower management.

Postal Ballot Process and Timeline

The company has engaged National Securities Depository Limited (NSDL) for facilitating remote e-voting to enable shareholders to cast votes electronically. The cut-off date for determining voting eligibility is February 26, 2026.

Key Appointments and Regularizations

The postal ballot includes several important appointments requiring shareholder approval. M/s Nitin K Shah & Co., Chartered Accountants (FRN: 107140W) has been proposed as statutory auditor to fill the casual vacancy caused by resignation of M/s Jain Kedia & Co. on November 14, 2025.

Additionally, the company seeks regularization of Mr. Kalpesh Chandrakishore Shukla (DIN: 07773003) as Non-Executive Independent Director for a five-year term from November 14, 2025 to November 13, 2030.

Secretarial Auditor Appointment

M/s Amrish Gandhi & Associates, Practicing Company Secretary (F8193 and COP-5656) has been recommended for appointment as secretarial auditor for a five-year term from financial year 2025-26 to 2029-30, subject to shareholder approval.

The postal ballot notice has been distributed to shareholders via email and submitted to BSE Limited in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015. Results will be declared within two working days from conclusion of the e-voting period and displayed on the company's website at www.riddhicorporate.co.in .