Systematix Securities appoints S R V & Associates as auditors for five years
- Systematix Securities appointed M/s. S R V & Associates as statutory auditors for five years
- Appointment fills casual vacancy left by resignation of M/s. Jyoti Dad & Co
- Members approved the auditor change with 92.36% votes in favor at the 40th AGM
- Basanti Lal Agal was also reappointed as a Director during the same meeting
*this image is generated using AI for illustrative purposes only.
Systematix Securities Limited appointed M/s. S R V & Associates as its statutory auditors for a term of five consecutive years during its 40th Annual General Meeting held on September 25, 2026. The appointment, approved by members with 92.36% support, fills the casual vacancy caused by the resignation of previous auditors M/s. Jyoti Dad & Co.
The meeting, conducted via video conferencing from the registered office in Chittorgarh, Rajasthan, commenced at 2:00 pm and concluded at 2:13 pm. Out of 2,001 members on the cut-off date of September 18, 2026, 23 members attended through video conferencing, satisfying the quorum requirement of at least 15 members. The Board of Directors present included Madhav Inani, Rajesh Inani, and Anita Maheshwari.
Key Resolutions Passed
Members considered and approved several ordinary resolutions, including the adoption of financial statements and governance updates:
| Resolution Item | Details |
|---|---|
| Adoption of Financials | Approved audited financial statements for FY26 |
| Director Reappointment | Reappointed Basanti Lal Agal (DIN: 08416577) |
| Auditor Appointment | Appointed S R V & Associates for five years |
The first resolution involved receiving, considering, and adopting the audited financial statements for the year ended March 31, 2026, along with the reports of the Board of Directors and Auditors.
Director Profile and Reappointment Details
Basanti Lal Agal, who retired by rotation under Section 152 of the Companies Act, 2013, offered himself for reappointment and was subsequently approved by the members. The formal date of reappointment is recorded as August 13, 2026.
Mr. Agal holds a Bachelor of Commerce degree and has a background as a businessman. He was born on January 3, 1957, making him 68 years old. The disclosure confirms that Mr. Agal has no relations to other directors of the company and has not been debarred from holding the office of Director by any SEBI order or other authority.
Auditor Transition Details
A significant governance update involved the appointment of new statutory auditors. M/s. S R V & Associates, Chartered Accountants (Firm Registration No. 135901W), were appointed to fill the casual vacancy caused by the resignation of the previous statutory auditors, M/s. Jyoti Dad & Co (Firm Registration No. 013288C).
The new appointment is effective from the conclusion of the 40th Annual General Meeting until the conclusion of the 45th Annual General Meeting. The remuneration for the new auditors is to be determined by the Board of Directors, plus applicable taxes and out-of-pocket expenses.
Profile of New Auditors
M/s. S R V & Associates was founded in 2007 by CA Rakesh M Agarwal, CA Vishnu Kabra, and CA Satyendra Sahu. The partners bring extensive experience:
- CA Rakesh M Agarwal: 19 years of experience in Income Tax matters, Direct Taxes, and Internal & Statutory Audit & Inspections.
- CA Satyendra Sahu: 19 years of experience in Direct Taxation, Indirect Taxes, Internal and Statutory Audits.
- CA Vishnu Kabra: 19 years of experience in Direct & Indirect Taxes, Fund raising (debt & equity), Capital Markets, and Statutory and Management Audits.
Voting Results Breakdown
The company utilized remote e-voting facilities provided by CDSL, which were open from September 22, 2026, to September 24, 2026. Additionally, e-voting was conducted live during the AGM for members who had not previously voted remotely. The final voting results for the three ordinary resolutions are detailed below:
| Resolution | Votes Polled | Votes in Favor | % in Favor | Votes Against | % Against | Result |
|---|---|---|---|---|---|---|
| Adoption of FY26 Financials | 32,809 | 32,804 | 99.98% | 5 | 0.02% | Passed |
| Reappointment of Basanti Lal Agal | 32,809 | 30,304 | 92.36% | 2,505 | 7.64% | Passed |
| Appointment of S R V & Associates | 32,809 | 30,304 | 92.36% | 2,505 | 7.64% | Passed |
No invalid votes were recorded across any category (Promoter Group, Public Institutions, or Public Non-Institutions). The promoters and promoter group did not cast any votes, while all 23 attending members were from the public non-institutional category.
Historical Stock Returns for Systematix Securities
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| 0.0% | 0.0% | 0.0% | -5.57% | -28.18% | +72.31% |
What were the specific reasons cited for the resignation of M/s. Jyoti Dad & Co, and did it involve any disagreements on accounting treatments?
How will the appointment of S R V & Associates, with their specific expertise in capital markets and fundraising, influence Systematix Securities' future capital allocation strategies?
Given the 7.64% opposition to the director reappointment and auditor selection, are there underlying shareholder concerns regarding corporate governance that may affect future voting patterns?
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