SRM Energy Limited has announced the immediate resignation of its secretarial auditors M/s S K Nirankar & Associates, effective March 16, 2026. The development comes following the completion of a takeover process and the company's acquisition by new management.

Resignation Details and Regulatory Compliance

The company informed BSE Limited of the resignation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The resignation letter was submitted on March 16, 2026, with the auditors citing the new management's decision to explore alternative secretarial audit services.

Management Transition Impact

According to the resignation letter from S K Nirankar & Associates, the decision stems from the completion of the takeover process and resultant acquisition by new management. The outgoing auditors confirmed in their resignation letter that the new management is exploring another firm of practicing company secretaries to act as secretarial auditors.

The resigning firm, led by proprietor Satish Kumar Nirankar (C.P. No. 19993, Membership No. F9605), confirmed there are no other reasons for the resignation except as stated. They have also conveyed no objection to the appointment of any replacement secretarial auditor.

Next Steps and Board Considerations

SRM Energy's audit committee and board will consider the appointment of new secretarial auditors in due course. The company has committed to informing stakeholders accordingly once the new appointment is finalized. Managing Director Umesh Narpatchand Sanghvi (DIN: 00467579) signed the regulatory disclosure, ensuring compliance with SEBI Master Circular dated July 11, 2023.

The company has provided all required disclosures under Schedule III of the SEBI Listing Regulations, maintaining transparency throughout the transition process. This change represents part of the broader management transition following the recent acquisition of the company.

SRM Energy Limited has completed a comprehensive board restructuring following the acquisition by Mr. Umesh Narpatchand Sanghvi and Mrs. Sapna Sanghvi. The company has filed detailed resignation documentation with BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, marking the completion of the management transition process initiated under the Share Purchase Agreement dated September 25, 2025.

Director Resignations and Transition Timeline

Four directors have formally resigned from their positions as part of the management change, with resignations submitted on March 16, 2026. The departures were mandated under Clause 7.1.4 of the Share Purchase Agreement executed between Spice Energy Pvt. Ltd. and the acquiring parties.

New Leadership Structure

The restructuring has established new leadership under the acquiring parties, with Mr. Umesh Narpatchand Sanghvi appointed as Managing Director and Mrs. Sapna Sanghvi as Non-Executive Director. Additional independent directors have been appointed to strengthen governance structures.

Board Committee Reconstitution

The Board of Directors has formally approved the reconstitution of all major committees following the change in board composition. All three key committees have been restructured with identical composition to ensure streamlined governance and effective oversight.

Regulatory Compliance and Documentation

The company has ensured full compliance with regulatory requirements, filing comprehensive disclosures with BSE Limited. All resignation letters and committee reconstitution approvals have been formally submitted as required under the SEBI Listing Regulations.

The transition represents a complete management overhaul following the successful completion of the acquisition process, with all regulatory requirements fulfilled and new governance structures established to ensure effective corporate oversight.