Terraform Magnum has scheduled its 44th Annual General Meeting for September 28, 2026, and fixed the record date for voting eligibility as September 21, 2026.

The Board of Directors concluded its meeting on August 27, 2026, at the company's registered office in Mumbai. The session addressed corporate governance matters under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Decisions

The board took note of the secretarial audit report for FY26 and approved the director's report for the financial year ended March 31, 2026.

Auditor Change

The board recommended M/s. Ankit Goyanka & Associates as the new statutory auditors to fill the casual vacancy left by M/s. J.D. Zatakia & Co., who resigned from their position. This appointment ensures continuity in the company's audit function ahead of the upcoming financial reporting cycle.

AGM Details and Book Closure

The 44th Annual General Meeting will be held on Monday, September 28, 2026, at 11:30 am at the company's registered office in Mumbai. The Register of Members and Share Transfer Books will remain closed from September 22, 2026, to September 28, 2026.

The cut-off date for remote e-voting is Monday, September 21, 2026. Shareholders can cast votes electronically via National Securities Depository Limited (NSDL). Mr. Nrupang B. Dholakia of Dholakia & Associates LLP was appointed as scrutinizer to oversee the voting process.

Terraform Magnum has disclosed the resignation of its statutory auditors, M/s. J. D. Zatakia & Co., effective August 04, 2026. The audit firm cited a dispute over remuneration as the sole reason for stepping down, stating that the existing fees were not commensurate with the time and effort required to carry out the audit engagement and fulfill their responsibilities. This development forces the company to appoint a new statutory auditor ahead of its upcoming financial reporting cycles.

The resignation was formally communicated to the Board of Directors via a letter dated August 04, 2026, signed by Jitendra D. Zatakia, Proprietor of J. D. Zatakia & Co. The firm noted that discussions regarding statutory audit fees for the financial year ending March 31, 2027, did not result in an agreement. Consequently, the firm expressed its inability to continue in the role. Terraform Magnum submitted the intimation to BSE Limited on August 05, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Auditor Details and Tenure

J. D. Zatakia & Co. was originally appointed as the statutory auditor at the Annual General Meeting held on September 27, 2024. The appointment was for a five-year term covering financial years 2024-25 through 2028-29. Prior to resignation, the firm had submitted the Statutory Audit Report for the year ended March 31, 2026, dated May 26, 2026, and a Limited Review Report for the quarter ended June 30, 2026, dated July 16, 2026.

Regulatory Compliance and Disclosures

The disclosure was made in accordance with SEBI Master Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023. The annexure filed with the stock exchange confirmed that there were no other material reasons for the resignation beyond the fee dispute. The auditor also declared that there were no concerns regarding management-imposed limitations on audit evidence or lack of information that would significantly impact financial statements. No alternative procedures under SA 705 (Revised) were required due to information gaps, as the issue was strictly related to fee structures rather than access to records.

Harsh Shedge, Company Secretary & Compliance Officer of Terraform Magnum, signed the intimation letter. The company is now required to fill the vacancy of the statutory auditor in accordance with applicable provisions of the Companies Act, 2013, and SEBI regulations. Shareholders will be informed of the appointment of the new auditor through subsequent filings.