Shayona Engineering has appointed M/s. O. P. Rathi & Co., Chartered Accountants, as its new statutory auditors effective August 27, 2026. The Board of Directors made the appointment to fill the casual vacancy created by the resignation of the previous auditors, M/s. SGPS & Associates.

The decision was taken at a Board meeting held on August 27, 2026, based on the recommendation of the Audit Committee. This follows the earlier disclosure that the Audit Committee had accepted the resignation of SGPS & Associates, effective August 24, 2026, citing commercial disagreements over professional remuneration and resource allocation following the company’s listing on the BSE SME Platform.

Appointment Details and Tenure

M/s. O. P. Rathi & Co., bearing Firm Registration No. 108718W, will hold office up to the conclusion of the 10th Annual General Meeting (AGM) of the company, subject to approval by members in accordance with Section 139(8) of the Companies Act, 2013.

The Board has also recommended the appointment of M/s. O. P. Rathi & Co. for a term of five consecutive years from the conclusion of the 10th AGM until the conclusion of the 15th AGM. This long-term tenure would cover the financial years 2026-27 to 2030-31, pending member approval.

Remuneration and Firm Profile

The proposed remuneration for the statutory audit engagement is ₹4,00,000 plus applicable taxes and reimbursement of out-of-pocket expenses. These terms are subject to board approval and applicable regulatory approvals for the respective tenure.

M/s. O. P. Rathi & Co. is a Vadodara-based firm established in 1978. It provides audit and assurance, taxation, and advisory services, with experience in statutory audits and listed-entity financial reporting engagements.

Background on Previous Auditor Resignation

The outgoing auditors, M/s. SGPS & Associates, were originally appointed on September 30, 2022, with a term scheduled to expire at the conclusion of the AGM in 2027. Their resignation was formally communicated on August 24, 2026, citing an inability to reach a mutually acceptable fee revision commensurate with the enhanced scope of the audit engagement.

SGPS & Associates noted that regulatory requirements under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, significantly increased their workload, including additional limited review assignments. The Audit Committee confirmed that the departure was driven solely by commercial considerations regarding professional remuneration and professional resource-allocation constraints.

Crucially, the Audit Committee noted SGPS & Associates’ confirmation that there are no issues relating to non-availability of information, lack of cooperation from management, or suspected fraud. The firm emphasized that no other material concerns requiring reporting under the applicable regulatory framework exist.

Shayona Engineering Limited has issued a revised disclosure to the BSE Limited correcting a typographical error in the name of its newly appointed Chief Operating Officer (COO). The company clarified that the appointee’s name is Hemendra Patel, not "Hemendraa Patell" as stated in the initial outcome of the Board Meeting held on August 4, 2026. The correction does not alter any other details of the appointment or the Board’s decision.

The original filing, submitted under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, announced Patel’s appointment effective from August 17, 2026. In a letter dated August 5, 2026, Managing Director Vipul Solanki informed the exchange that the revision was limited solely to the name correction. There are no changes to the terms of employment, the effective date, or the senior management status of the appointee.

Appointment Details

Hemendra Patel joins Shayona Engineering as part of the Senior Management. His role focuses on leveraging his background in engineering sales and operational efficiency to drive growth in the company’s pipe and fittings business. The Board approved the appointment during a meeting that commenced at 11:00 a.m. and concluded at 12:25 p.m. on August 4, 2026.

Professional Profile

Patel is described as a machine tools marketing and sales technologist with extensive experience in engineering, services, manufacturing, and commercial operations. His profile highlights proficiency in business management, sales, and marketing strategies aimed at increasing margins and customer satisfaction.

Key aspects of his professional track record include:

• Managing Profit and Loss (P&L) for Strategic Business Units (SBUs) and branches.
• Overseeing factory re-commissioning and operations.
• Leading new product developments and collaborations.
• Developing strategic business campaigns to increase market share.

The filing notes his ability to build rapport with customers and employees, aligning with Shayona Engineering’s focus on providing accurate engineering solutions through specialized turnkey project machinery, die-moulds, and industrial structure fabrication works. There are no disclosed relationships between Patel and the existing directors of the company.