Smaart Tech Services restores going concern status at 41st AGM
- Smaart Tech Services approved changing accounting policy from 'not going concern' to 'going concern' basis
- Change follows a shift in control and management effective July 2, 2026
- Six resolutions passed, including auditor appointment and registered office shift
- One authorized representative held 75% of paid-up equity share capital
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Smaart Tech Services Limited (formerly Sharp India Limited) has approved the change in its accounting policy from not going concern to going concern basis. This decision follows a change in control and management effective July 2, 2026, marking a significant shift in the company's financial reporting stance.
The 41st Annual General Meeting was held on September 29, 2026, via Video Conferencing. Mr. Anant Raghute, Managing Director, chaired the meeting. The statutory auditors had previously provided an emphasis of matter on note 33 regarding the preparation of financial statements on a not going concern basis.
Key resolutions passed
Six resolutions were put to vote during the meeting, covering ordinary and special business items:
| Resolution | Particulars | Type |
|---|---|---|
| 1 | Adoption of Audited Financial Statements for FY26 | Ordinary |
| 2 | Re-appointment of Mr. Sandeep Ashok Deshmukh | Ordinary |
| 3 | Appointment of M/s. V A Dudhedia & Co as Statutory Auditors (casual vacancy) | Ordinary |
| 4 | Appointment of M/s. V A Dudhedia & Co for five consecutive years | Ordinary |
| 5 | Shifting the Registered Office | Special |
| 6 | Approval of Material Related Party Transactions with Smart Services Private Limited | Ordinary |
Governance and attendance
The meeting commenced at 12:00 pm IST and concluded at 12:43 pm IST. The requisite quorum was present, including one authorized representative holding 1,94,58,000 equity shares, representing 75% of the paid-up equity share capital.
Directors attending included Mr. Yashavant Avatade, Mr. Sanjeev Mahajan, Ms. Bhakti Hosalkar, Mr. Sandeep Deshmukh, and Mr. Salil Halve. Mrs. Padmini Urane, Chief Financial Officer, and Mr. Chandranil Belvalkar, Company Secretary, also attended. The voting results are scheduled to be announced within two working days on the BSE website and the company website.
How will the transition to a going concern basis impact Smaart Tech Services' ability to secure new debt financing or credit lines in the upcoming fiscal year?
What specific operational synergies are expected from the material related party transactions with Smart Services Private Limited approved at the AGM?
Will the change in statutory auditors to M/s. V A Dudhedia & Co lead to any restatements or significant changes in accounting estimates for future reporting periods?
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