Sparc Electrex Limited accepted the resignation of Independent Director Sushmita Swarup Lunkad effective from the closing hours of August 5, 2026, citing professional and personal preoccupations. The Board of Directors also approved shifting the company’s registered office within Mumbai to B-307, Hind Saurashtra Industrial Estate, Andheri (East), and authorized the dispatch of a Postal Ballot notice to shareholders. These administrative updates ensure continuity in corporate governance while updating key operational infrastructure details under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Board authorized Managing Director Shobith Ganesh Hegde and Company Secretary Niki Singh to finalize and dispatch the Postal Ballot notice. This mechanism allows shareholders to vote on specific resolutions outside the Annual General Meeting framework. The company appointed M/s Pankaj Trivedi & Company (Mem No. A30512), Practicing Company Secretary, as the scrutinizer to monitor the e-voting process, ensuring transparency and compliance with regulatory standards. Mr. Hegde and Ms. Singh were designated as responsible for overseeing the entire poll process.

Governance and Personnel Changes

Ms. Lunkad (DIN: 09044848) stepped down from her position as an Independent Director along with all associated committee memberships and chairmanships. In her resignation letter, she confirmed that there are no material reasons for her departure other than those stated. The Board acknowledged her resignation and initiated necessary statutory compliances, including filings with the Registrar of Companies and disclosures to stock exchanges as per SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015, and SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023.

Operational Updates

The Board approved shifting the company’s registered office within the local limits of Mumbai. The new address will be B-307, Hind Saurashtra Industrial Estate, Sir M. V. Road, Nr. Mittal Estate, J B Nagar, Marol, Andheri (East), Mumbai - 400059. This move replaces the previous location at 1202, 12th Floor, Esperanza Building, Bandra (West). The change aims to streamline operational logistics while maintaining the company’s presence in the same metropolitan area.

Postal Ballot Timeline

Shareholders are advised to note the critical dates for the upcoming Postal Ballot. The voting process is structured to provide ample time for investor participation and scrutiny.

Sparc Electrex reported a widened net loss of ₹446.18 lakh for the financial year ended March 31, 2026, compared to a net loss of ₹152.04 lakh in the previous year. Revenue from operations fell sharply to ₹28.29 lakh from ₹366.10 lakh in FY25, reflecting operational challenges. The company’s total income for the year stood at ₹73.07 lakh, down from ₹366.10 lakh in the prior year.

Financial Performance

The decline in financial performance was driven by a substantial drop in revenue across both manufacturing and trading segments. For the year ended March 31, 2026, the manufacturing segment reported a revenue of ₹28.09 lakh, while the trading segment contributed ₹0.20 lakh. Total expenses for the year increased to ₹519.25 lakh from ₹518.14 lakh in the previous year. The company reported a basic earnings per share (EPS) of (₹4.45) for FY26, compared to (₹1.52) in FY25.

Audit Qualifications and Operational Issues

The statutory auditors, Motilal & Associates LLP, issued a qualified opinion on the financial results. The auditors flagged material write-offs of inventory amounting to ₹231.47 lakh and a provision of ₹75 lakh for stock, noting the absence of valuation reports or supporting documents. Additionally, the company wrote back trade receivables of ₹48.16 lakh and wrote off trade payables of ₹99.09 lakh without adequate reasons, supporting documentation, or balance confirmations from debtors and creditors. The auditors stated they were unable to determine the appropriateness of these write-offs due to insufficient evidence.

Regulatory and Liquidity Constraints

The company disclosed that its bank accounts have been frozen by the Income Tax Department due to non-payment of outstanding income tax demands since November 24, 2025. The auditors emphasized this matter in their report, noting that the impact on the company's operations and financial position depends on the outcome of related proceedings. The Board of Directors approved the audited standalone financial results for the quarter and year ended March 31, 2026, at a meeting held on June 23, 2026.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE960B01015/c72f7026-75cc-47e6-87ce-55c257356305.pdf