Jetmall Spices & Masala Limited , a prominent player in the spices and masala industry, has announced significant corporate decisions that could shape its future trajectory. The company's Board of Directors has approved two major resolutions: a substantial warrant issue and a change in statutory auditors.

Warrant Issue to Bridge India Fund

In a move aimed at bolstering its financial position, Jetmall Spices & Masala Limited has approved the issuance of up to 98,58,000 convertible warrants. These warrants, priced at Rs. 36 each, will be issued to Bridge India Fund through a preferential allotment on a private placement basis. This strategic decision is expected to raise approximately Rs. 35.49 crore for the company.

Key details of the warrant issue:

The warrants will be convertible into an equivalent number of fully paid-up equity shares, each with a face value of Rs. 10. This conversion can be exercised in one or more tranches within 18 months from the date of allotment.

Change in Statutory Auditors

Simultaneously, the Board has approved a change in the company's statutory auditors. M/s K Singh & Associates, Chartered Accountants (FRN: 012458N) from Chandigarh, has been appointed to fill the casual vacancy created by the resignation of M/s Darpan & Associates, Chartered Accountants (FRN: 016156S).

M/s K Singh & Associates, established in 1993, is a peer-reviewed firm by the Institute of Chartered Accountants of India (ICAI). The firm offers comprehensive professional services, including audit, management consultancy, tax consultancy, and accounting services.

Shareholder Approval and Future Steps

Both the warrant issue and the appointment of new auditors are subject to shareholder approval through a postal ballot. The company has appointed Mr. Nishant Jain (COP: 27747), a Practicing Company Secretary, as the scrutinizer for conducting the voting process in a fair and transparent manner.

Potential Impact

The successful completion of the warrant issue could significantly alter Jetmall Spices & Masala Limited's shareholding structure. Assuming full conversion of the warrants, Bridge India Fund would hold 98,58,000 shares, representing approximately 62.20% of the post-issue share capital.

This infusion of funds may provide Jetmall Spices & Masala Limited with additional capital. However, the company has not disclosed specific plans for the use of these funds at this time.

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.