Jetmall Spices & Masala Limited has successfully completed its postal ballot process, with shareholders unanimously approving all proposed resolutions including a substantial warrant issue and auditor change. The voting results, declared on December 15, 2025, demonstrate strong shareholder support for the company's strategic initiatives.

Postal Ballot Results Overview

The postal ballot voting was conducted through remote e-voting facility provided by Central Depository Services (India) Limited (CDSL). CS Nishant Jain served as the scrutinizer for the voting process, ensuring transparency and compliance with regulatory requirements.

Approved Resolutions

All four resolutions presented to shareholders received unanimous approval with 100% votes in favor:

Resolution 1 & 2: Memorandum Alterations

Shareholders approved alterations to the object clause and memorandum of association through special resolutions, enabling the company to expand its business scope.

Resolution 3: Warrant Issue Approval

The special resolution for issuing convertible warrants received overwhelming support. Key details of the approved warrant issue:

Resolution 4: Auditor Appointment

Shareholders approved the appointment of M/s K Singh & Associates, Chartered Accountants (FRN: 012458N) as statutory auditors, replacing M/s Darpan & Associates who had resigned.

Voting Pattern Analysis

The voting demonstrated strong confidence across shareholder categories:

Implementation Timeline

With shareholder approval secured, Jetmall Spices & Masala Limited can now proceed with implementing the approved initiatives. The warrant issue to Bridge India Fund will provide the company with additional capital of Rs. 35.49 crore, while the new auditors will ensure continued compliance and governance standards.

The unanimous approval across all resolutions reflects strong shareholder confidence in the company's strategic direction and management decisions. The successful completion of the postal ballot process marks a significant milestone in the company's corporate governance and capital raising efforts.

Jetmall Spices & Masala Limited , a company listed on the Bombay Stock Exchange (BSE: 543286), is undergoing significant changes in its corporate structure, as revealed in recent announcements to the stock exchange.

Auditor Resignation

The company's statutory auditor, Darpan Associates, Chartered Accountants (FRN: 016156S), has tendered their resignation effective November 7, 2025. This unexpected move comes less than halfway through their five-year term, which began on April 1, 2023, and was scheduled to conclude at the 17th Annual General Meeting.

Reasons for Resignation

The primary reason cited for the auditor's resignation is a complete change in the company's management, effective from September 1, 2025. Darpan Associates stated that they are not acquainted with the new management and their background, creating circumstances under which their continuation as Statutory Auditor is not considered appropriate.

Audit Status

Despite the resignation, Darpan Associates confirmed that they have completed the following:

• Audit of financial statements for the year ended March 31, 2025
• Limited review for the half-year ended September 30, 2025

Company's Response

Jetmall Spices & Masala Limited has acknowledged the auditor's resignation and stated that there were no concerns or reasons of any nature highlighted by Darpan Associates regarding their resignation. The company's board and audit committee have expressed their appreciation for the continuous support provided by Darpan Associates during their tenure.

Upcoming Board Meeting

In light of these developments, Jetmall Spices & Masala Limited has scheduled a board meeting for November 14, 2025, to address several critical matters:

1. Alteration of the main object clause in the Memorandum of Association
2. Modification of the Memorandum of Association as per the Companies Act, 2013
3. Consideration of a proposal to raise funds through various means, including preferential issue, qualified institutional placement, or rights issue
4. Formal acceptance of Darpan Associates' resignation
5. Appointment of M/s K Singh & Associates, Chartered Accountants (FRN: 012458N), as the new statutory auditors, subject to shareholder approval

Impact and Outlook

While the company maintains that there are no immediate concerns related to the auditor's resignation, such changes often signal a period of transition for a company. Investors and stakeholders will likely be watching closely for any further developments or disclosures that may shed light on the reasons behind the management change and its potential impact on the company's future direction.

As Jetmall Spices & Masala Limited navigates these changes, the upcoming board meeting on November 14, 2025, will be crucial in providing more clarity on the company's plans and strategies moving forward.