AmpVolts faces a significant corporate governance challenge as Independent Director Jaydeep Mehta resigns amid serious allegations from the company. The resignation and subsequent allegations highlight potential governance issues within the organization.

Key Points of Resignation and Allegations

• Resignation Date: Initially September 22, 2025, put on hold, then finalized
• Position Resigned: Independent Director
• Alleged Confidentiality Breach: On August 22, 2025, Mehta allegedly sent an internal board email to external parties without proper authorization
• Conflict of Interest: AmpVolts claims Mehta's firm LexStreet Advisors LLP represented shareholders in actions against the company without disclosure

Company's Allegations

1. Confidentiality Violation: AmpVolts alleges Mehta shared an internal board email recommending a special committee and financial audit with external parties, including shareholders Anant Shah and Manisha Shah.

2. Undisclosed Conflict of Interest: The company claims Mehta's firm was representing shareholders involved in adversarial actions against AmpVolts, which was not disclosed.

3. Disregard for Existing Audit: AmpVolts states an independent audit completed on July 16, 2025, found no irregularities, suggesting Mehta's recommendation for another audit was unnecessary.

Timeline of Events

Company's Response

AmpVolts Limited has stated that it has preserved email evidence related to the allegations. The company is considering legal proceedings for alleged violations of the Companies Act provisions.

Implications and Next Steps

This development raises significant questions about AmpVolts' corporate governance and the circumstances surrounding Mehta's resignation. The allegations of confidentiality breaches and conflicts of interest are serious matters that may attract further scrutiny from regulatory bodies and shareholders.

The company's decision to consider legal action suggests a contentious relationship with the former independent director. How AmpVolts addresses these governance concerns and manages the fallout from these allegations will be crucial in maintaining investor confidence and ensuring compliance with regulatory requirements.

As the situation develops, stakeholders will likely look for transparency from AmpVolts regarding the allegations, any internal investigations, and steps taken to strengthen corporate governance practices.

AmpVolts , formerly known as Quest Softech (India) Limited, has announced key corporate developments following a board meeting held on August 13, 2025. The company has approved its unaudited financial results for the first quarter of the fiscal year 2026 and set the date for its upcoming Annual General Meeting (AGM).

Q1 FY2026 Financial Results Approval

The Board of Directors of AmpVolts convened on August 13, 2025, to review and approve the unaudited financial results for the quarter ended June 30, 2025. The meeting, which commenced at 4:00 p.m. and concluded at 5:15 p.m., saw the board taking note of the Limited Review Report issued by the company's statutory auditors.

Statutory Auditor's Review

Bansi Khandelwal & Co., the appointed statutory auditors, conducted a limited review of the financial results. In their report, the auditors stated that based on their review, nothing has come to their attention that causes them to believe that the financial results contain any material misstatement. The review was conducted in accordance with the Standard on Review Engagements (SRE) 2410, as issued by the Institute of Chartered Accountants of India.

26th Annual General Meeting

The board has scheduled the company's 26th Annual General Meeting for September 12, 2025, at 3:00 p.m. The AGM will be conducted via video conferencing, allowing shareholders to participate remotely.

Book Closure Dates

In preparation for the AGM, AmpVolts has announced the closure of its Register of Members and Share Transfer Books. This closure will be in effect from September 6, 2025, to September 12, 2025, both days inclusive.

Regulatory Compliance

The company has affirmed its compliance with Regulations 30, 33, and 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This includes the timely disclosure of material information to the stock exchange and shareholders.

Management Statement

Vipul Chauhan, the Managing Director of AmpVolts, signed off on the regulatory filings, emphasizing the company's commitment to transparency and adherence to regulatory requirements.

Investors and stakeholders of AmpVolts are advised to mark their calendars for the upcoming AGM and take note of the book closure dates.