Shree Rajeshwaranand Paper Mills Limited appointed M/s. H. L. Saini & Co. as its statutory auditor following the resignation of K P J & Co. The change, effective September 1, 2026, addresses a casual vacancy in the auditor’s office.

The Board of Directors approved the appointment during its meeting held on September 1, 2026. The new firm will hold office until the conclusion of the ensuing Annual General Meeting (AGM). Shareholders are expected to regularize this appointment at the AGM for FY27.

Auditor Resignation Details

K P J & Co., Chartered Accountants (FRN: 132942W), resigned from the position of statutory auditor with immediate effect. The firm cited preoccupation with other professional commitments as the reason for stepping down. In its resignation letter dated September 1, 2026, K P J & Co. confirmed there were no other circumstances requiring disclosure to shareholders or creditors.

The outgoing auditors had been appointed for the financial years 2024-25 and 2025-26 via a letter dated February 6, 2025.

New Auditor Profile

M/s. H. L. Saini & Co. is a Mumbai-based partnership firm established in 2013. Registered with the Institute of Chartered Accountants of India (ICAI) under FRN 136961W, the firm is headed by CA H. L. Saini. Its services include statutory audits, tax advisory, and insolvency-related assignments for listed and unlisted corporate entities.

NCLT Order on AGM Extension

The National Company Law Tribunal (NCLT), Ahmedabad Bench, granted the company a one-month extension to conduct its AGMs for FY25 and FY26. The order, passed on August 27, 2026, relates to proceedings under Section 97 of the Companies Act, 2013.

The NCLT noted that procedural formalities are being completed following the approval of the resolution plan and shareholding modifications. The company had previously obtained approval from BSE Limited for these changes. The Board has approved draft notices for the combined AGMs, which will be submitted to the exchange in due course.

Shree Rajeshwaranand Paper Mills Limited approved a ₹12 crore preferential allotment of equity shares on August 21, 2026, as part of its court-approved resolution plan. The move aims to restructure the company’s capital following the completion of the Corporate Insolvency Resolution Process (CIRP).

The Board authorized the issuance of 1,20,00,000 equity shares with a face value of ₹10 each. This transaction fulfills the equity infusion requirements mandated by the National Company Law Tribunal (NCLT), Ahmedabad, which approved the Resolution Plan on November 27, 2024.

Shareholding Restructure

The allotment significantly alters the ownership structure of the Corporate Debtor. Post-allotment, the new investors and affiliates will hold approximately 94.81% of the capital, while existing shareholders will retain a 5% stake. This ensures the public shareholding remains above the 5% threshold required for listing compliance.

Regulatory Approvals

The Board also approved an application to the Bombay Stock Exchange (BSE) for in-principle approval to list the newly issued equity shares. The company will comply with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the Companies Act, 2013. The allotment is effective by virtue of the NCLT order, requiring no further instruments.

What the Numbers Show

The concentration of ownership is highly skewed toward the new implementing entity group. Pratik Kakadia and Ramjibhai Kakadia alone will control over 81% of the post-allotment equity, indicating a definitive shift in corporate control from the pre-CIRP structure to the resolution applicants.