Bizotic Commercial Limited announced significant revisions to its preferential issue of convertible warrants following a board meeting held on January 20, 2026. The meeting, which took place at the company's registered office in Ahmedabad, commenced at 4:00 PM and concluded at 5:25 PM.

Key Revisions to Warrant Issue Objects

The board approved substantial changes to the objects of the preferential issue of 16.02 lakh convertible warrants. The company removed two key objects from the original plan due to a reduction in the overall issue size. The objects relating to store setup and furniture costs, along with general corporate purposes, have been eliminated from the revised structure.

Following these revisions, the total proceeds from the warrant issue will be channeled exclusively toward working capital requirements of the company. This strategic shift reflects a more focused approach to capital utilization.

Financial Details and Utilization Timeline

The board outlined specific details regarding the utilization of issue proceeds:

The company expects to receive the issue proceeds within 18 months from the date of warrant allotment, in accordance with Chapter V of the SEBI ICDR Regulations. Management estimates indicate that the funds will be utilized in phases based on business requirements and availability of proceeds.

Regulatory Compliance and Communication

The announcement was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The decision builds upon discussions from a previous board meeting held on December 19, 2025, demonstrating the company's systematic approach to corporate governance and regulatory compliance.

The revised structure eliminates the complexity of multiple fund utilization objects, creating a streamlined approach focused entirely on strengthening the company's working capital position. This strategic realignment may provide greater operational flexibility while maintaining transparency with stakeholders regarding fund deployment.

Bizotic Commercial Limited's board of directors has formally accepted the resignation of its statutory auditor, M/s J. Singh Associates, Chartered Accountants, during a board meeting held on January 2, 2026. The auditing firm had initially submitted their resignation on December 19, 2025, citing operational constraints that prevent them from continuing their audit responsibilities.

Board Meeting Resolution and Acceptance

The board meeting, held at the company's registered office, commenced at 3:30 PM and concluded at 4:00 PM on January 2, 2026. The fifth resolution passed during the eighth board meeting formally addressed the auditor resignation:

Official Resignation Details and Timeline

The resignation was formally communicated to BSE Limited under Regulation 30 of SEBI listing regulations. Managing Director Sanjay Mahavir Prasad Gupta (DIN: 07610448) notified the stock exchange about the auditor change through official correspondence:

Auditor Appointment History and Term Details

The comprehensive documentation reveals the complete timeline of J. Singh Associates' association with Bizotic Commercial Limited:

Key Reasons for Auditor Resignation

J. Singh Associates outlined two critical factors in their resignation letter that led to their decision to step down as statutory auditor:

The auditing firm emphasized that these circumstances would prevent them from ensuring quality and timely completion of audit work, prompting their decision to resign to avoid further delays or inconvenience to the company.

Regulatory Compliance and Transition Commitments

Despite the immediate resignation, J. Singh Associates confirmed they will fulfill certain transitional obligations to ensure regulatory compliance:

The board resolution also authorized Managing Director Sanjay Mahavirprasad Gupta to ensure that the requisite e-Form ADT-3 is filed by the resigning auditor with the Registrar of Companies, Ministry of Corporate Affairs. The auditing firm confirmed that no other material reasons exist for their resignation beyond the operational constraints mentioned and expressed sincere appreciation for the cooperation received during their tenure.