Shivansh Finserve Limited announced the resignation of its statutory auditor, H S K & Co LLP, effective August 14, 2026. The firm cited heavy pre-occupation with other professional commitments as the reason for stepping down.

The Board of Directors also approved the unaudited financial results for the quarter ended June 30, 2026, during its meeting held on August 14, 2026. However, no specific financial figures were disclosed in the filing.

Key Developments

The board meeting concluded with two significant administrative changes alongside the result approval:

• Resignation of statutory auditor H S K & Co LLP
• Resignation of Mr. Jignesh Sudhirbhai Shah as Whole Time Director

H S K & Co LLP confirmed there were no disagreements or unresolved matters regarding accounts, operations, or governance that led to the resignation. The firm stated it would complete the regulatory filing of Form ADT-3 with the Registrar of Companies within the prescribed timeline under Section 140(2) of the Companies Act, 2013.

The auditor had been appointed on September 26, 2023, with a term scheduled to expire at the conclusion of the company’s Annual General Meeting in 2028. It had submitted audit reports for years ending March 31, 2023 through March 31, 2026, and limited review reports for quarters up to June 30, 2026.

Governance Updates

Mr. Jignesh Sudhirbhai Shah stepped down from his role as Whole Time Director during the same board session. The company has not provided further details regarding the reason for his resignation or immediate succession plans in this disclosure.

Shivansh Finserve has scheduled its Annual General Meeting (AGM) for September 29, 2026, to seek shareholder approval for the acquisition of 19.50% stakes in StarTech Infralogistics Private Limited (SIPL) and Peepal Mining and Logistics Private Limited (PMLPL). The combined transaction is valued at ₹81.32 crore.

The board approved the deal on September 5, 2026, structuring it as a non-cash consideration deal under Chapter V of the SEBI ICDR Regulations, 2018. Shivansh Finserve will issue equity shares to the shareholders of SIPL and PMLPL to discharge the entire purchase value. This move aims to diversify its business portfolio by entering new logistics and mining segments.

Transaction Structure

The acquisition involves issuing 4,06,62,071 equity shares at an issue price of ₹20 per share (face value ₹10 plus premium of ₹10). The price was determined based on valuation reports by registered valuers Jha Prabhakar Pramod and Bhavesh M Rathod. The relevant date for price determination was August 30, 2026.

The allottees include non-promoter entities such as Khem-Sum Apparels Overseas Limited, Symbol Advertising & Marketing Private Limited, and Bacil Pharma Limited for SIPL, and Brenley Engineers Private Limited, Shrynax Trading Private Limited, and Earth Capital Fininvest Limited for PMLPL. Post-issue, the promoters' holding will drop from 1.03% to 0.14%, while non-promoter body corporate holding will rise from 18.08% to 81.38%.

Target Company Profiles

SIPL operates in fleet carrying, transportation, and logistics services. Its audited turnover for FY25 stood at ₹52.38 crore, a significant increase from ₹3.55 crore in FY24. PMLPL engages in transportation, logistics, and mining rights. Its FY25 turnover was ₹71.19 crore, up from ₹6.26 crore in FY24.

Corporate Governance Updates

The AGM agenda includes several key governance resolutions:

• Authorized Capital Increase: Raising authorized share capital from ₹10.25 crore to ₹50 crore.
• Director Appointments: Appointment of Mr. Hiren Kishor Patel as Whole Time Director for five years. Regularization of Mr. Siddharth Parshottam Gajra and Mrs. Krati Garg as Independent Directors. Re-appointment of Mr. Rajesh Fojaji Karwasara who retires by rotation.
• Auditor Changes: Appointment of M/s. Suvarna & Katdare as statutory auditors to fill the casual vacancy caused by the resignation of M/s. H S K & Co LLP. Appointment of M/s. Ramesh Chandra Bagdi & Associates as Secretarial Auditors for five years.
• Registered Office Shift: Shifting the registered office from Gujarat to Maharashtra, Mumbai, subject to Central Government approval.
• Loans and Investments: Seeking approval under Sections 185 and 186 of the Companies Act, 2013, for loans, guarantees, and investments up to an aggregate limit of ₹100 crore.

Mr. Jignesh Shah resigned as Whole-Time Director on August 14, 2026. The company secretary role is currently held by Mr. Prakhur Agarwal, appointed in March 2026.

Financial Performance FY26

Shivansh Finserve reported a net profit of ₹42.67 lakh for FY26, turning profitable from a net loss of ₹17.54 lakh in FY25. Total revenue grew significantly to ₹312.74 lakh from ₹81.72 lakh in the previous year. This improvement was driven by higher revenue from operations, which rose to ₹264.74 lakh from ₹10.49 lakh. Finance costs decreased to ₹40.18 lakh from ₹59.93 lakh, contributing to the bottom-line turnaround.