Comrade Appliances Limited announced the forfeiture of 9,00,000 fully convertible warrants on February 24, 2026, after warrant holders failed to exercise their conversion option within the prescribed timeframe. The Board of Directors approved the forfeiture during their meeting held on the same date, in compliance with SEBI regulations.

Warrant Allotment Details

The company had originally allotted 9,50,000 convertible warrants to four allottees on August 24, 2024, on a preferential basis. Each warrant was priced at ₹109 and was convertible into an equal number of equity shares with a face value of ₹10 each. As per the allotment terms, 25% of the issue price was collected upfront at the time of warrant allocation.

Forfeiture Breakdown by Warrant Holders

The forfeiture affected three out of four warrant holders, with varying degrees of non-compliance:

Notably, Mehboob Alam successfully converted all 50,000 warrants into equity shares, while the remaining three holders, including Managing Director Khursheed Alam, failed to exercise their conversion rights.

Regulatory Compliance and Timeline

The forfeiture was executed under Regulation 169(3) of Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. According to the preferential allotment terms, warrant holders had 18 months from the allotment date to exercise their conversion option. With the deadline falling on February 24, 2026, the unconverted warrants automatically lapsed.

Financial Impact

The forfeiture results in Comrade Appliances retaining the 25% upfront payments collected on the 9,00,000 lapsed warrants. At ₹109 per warrant, this represents a significant amount that the company will retain as per regulatory provisions. The disclosure has been made available on the company's website at comrade.net.in as required under SEBI listing regulations.

Corporate Governance Implications

The involvement of Managing Director Khursheed Alam among the non-converting warrant holders adds a notable dimension to this corporate action. The forfeiture was signed off by the same individual whose warrants were among those being forfeited, highlighting the company's adherence to regulatory procedures regardless of internal stakeholder positions.

Comrade Appliances , a prominent player in the appliance industry, has announced a significant change in its leadership team. The company has disclosed the resignation of its Company Secretary and Compliance Officer, along with the appointment of a new professional to fill this crucial role.

Resignation of Mrs. Malvika Jagani

Mrs. Malvika Jagani has tendered her resignation from the position of Company Secretary and Compliance Officer of Comrade Appliances. Her resignation will take effect from the close of business hours on October 3, 2025. The company has confirmed that there are no material reasons for Mrs. Jagani's resignation other than those provided in her resignation letter.

Appointment of Mrs. Anshita Malani

The Board of Directors of Comrade Appliances, in their meeting held on October 3, 2025, has approved the appointment of Mrs. Anshita Malani as the new Company Secretary and Compliance Officer. Mrs. Malani's appointment will be effective from October 4, 2025.

Professional Background of Mrs. Anshita Malani

Mrs. Anshita Malani brings a wealth of experience and expertise to her new role:

• Qualified Company Secretary and Associate Member of the Institute of Company Secretaries of India (ICSI)
• Membership Number: A69097
• Extensive professional background in secretarial and compliance functions
• Expertise in corporate secretarial functions as required under the Companies Act, 2013 and SEBI Regulations

Key Managerial Personnel Changes

Mrs. Malvika Jagani will also cease to be a Key Managerial Personnel under Section 203 of the Companies Act, 2013, effective from her resignation date.

Regulatory Compliance

This leadership change has been disclosed in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has provided detailed disclosures as required by SEBI circulars, ensuring transparency in this transition.

Comrade Appliances has informed the Bombay Stock Exchange of this change in leadership, adhering to all necessary regulatory requirements.

This transition in the Company Secretary role marks an important development for Comrade Appliances as it continues to strengthen its corporate governance and compliance functions.