Shayona Engineering shareholders approve auditor and director appointments
- Shareholders approved the re-appointment of Gaurav Ratukumar Parekh as Director at the 10th AGM on September 25, 2026
- M/s. O. P. Rathi & Co. appointed as Statutory Auditors for a five-year term covering FY27 to FY31
- Seven resolutions passed unanimously with 26,93,712 votes in favor, representing 69.21% of outstanding shares
- Mr. Parekh brings over 16 years of experience in manufacturing and production management
*this image is generated using AI for illustrative purposes only.
Shayona Engineering shareholders approved key governance resolutions during the 10th Annual General Meeting held on September 25, 2026. The meeting unanimously passed seven resolutions, including the re-appointment of Gaurav Ratukumar Parekh as a Director and the appointment of M/s. O. P. Rathi & Co. as Statutory Auditors.
The proceedings were conducted in physical mode at Vadodara, Gujarat, with Mr. Gaurav Ratukumar Parekh serving as Chairman. Detailed voting results filed with BSE indicate that 26,93,712 votes were cast in favor of all seven resolutions, with zero votes against. This represented 69.21% of the total outstanding shares of 38,92,268.
Key Resolutions Passed
The agenda included the adoption of audited financial statements for FY26 and enhanced borrowing powers for the Board. The specific resolutions passed are outlined below:
| Item | Type | Particulars |
|---|---|---|
| 1 | Ordinary | Adoption of audited financial statements for FY26 |
| 2 | Ordinary | Re-appointment of Mr. Gaurav Ratukumar Parekh as Director |
| 3 | Ordinary | Appointment of M/s. O. P. Rathi & Co. as Statutory Auditors (casual vacancy) |
| 4 | Ordinary | Appointment of M/s. O. P. Rathi & Co. as Statutory Auditors for five years |
| 5 | Special | Enhancement of borrowing limits under Section 180(1)(c) |
| 6 | Special | Approval for creation of mortgage or charge under Section 180(1)(a) |
| 7 | Special | Approval for loans, guarantees, and investments under Section 186 |
Director Re-appointment Details
Gaurav Ratukumar Parekh (DIN: 07722525) was re-appointed as a Director pursuant to retirement by rotation. He offered himself for re-appointment and was approved by the members. There is no change in the terms of his existing appointment as Whole-time Director.
Mr. Parekh has over 16 years of experience in manufacturing, production management, and maintenance operations. His expertise includes production planning, preventive and predictive maintenance, process optimization, quality assurance, safety compliance, business development, and operational management. As Whole-time Director, he is involved in the company's manufacturing operations, project execution, and business development. He is not related to any other director of the company.
Auditor Appointment Details
The appointment of M/s. O. P. Rathi & Co. follows the resignation of previous auditors, M/s. SGPS & Associates, effective August 24, 2026. Members passed two separate ordinary resolutions: one to fill the casual vacancy from August 27, 2026, until the conclusion of the AGM, and another for the regular tenure starting immediately after.
M/s. O. P. Rathi & Co. (Firm Registration No. 108718W) is a Vadodara-based firm established in 1978 with Peer Review No. 017113. The firm provides audit and assurance services and has experience in statutory audits of listed entities. The regular tenure extends from the conclusion of the 10th AGM until the conclusion of the 15th AGM, covering FY27 to FY31.
Voting Results and Participation
The meeting saw participation from eight shareholders in person or through proxy. Promoters and promoter group members voted via poll, casting 24,96,500 votes. Public non-institutional shareholders participated through both remote e-voting (1,51,112 votes) and poll (46,100 votes). No institutional investors cast votes during the meeting.
Voting was conducted via remote e-voting through NSDL and ballot papers at the venue, supervised by Scrutinizer CS Mayur Buha.
Governance and Compliance Updates
The Secretarial Audit Report highlighted observations regarding delayed filings of Form DPT-3, MSME Form-I, and Form MGT-14 for certain borrowing resolutions. The Board's explanations for these delays were included in the Annual Report.
Historical Stock Returns for Shayona Engineering
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.29% | -2.06% | 0.0% | +1.49% | -7.25% | -7.25% |
How will the enhanced borrowing limits and mortgage creation powers under Section 180 impact Shayona Engineering's capital expenditure plans for FY27?
What strategic rationale drove the resignation of previous auditors SGPS & Associates just weeks before the AGM, and does the appointment of O.P. Rathi & Co. signal a shift in audit strategy?
Given that institutional investors cast zero votes, what steps is management taking to improve minority shareholder engagement and address the low public participation rate?
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