Ashima Limited Reconstitutes Audit Committee with New Chairman

Ashima Limited has announced the reconstitution of its Audit Committee, effective January 6, 2026. The Board of Directors approved the changes through a resolution passed by circulation on the same date, as communicated to the stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Changes in Committee Composition

The reconstitution brings significant changes to the leadership and composition of the Audit Committee. The most notable change is the appointment of Mr. Nilesh Mehta as the new Chairman, replacing Mr. Sanjay Majmudar in this role.

Position	Previous Member	New Member	Category Change
Chairman	Mr. Sanjay Majmudar	Mr. Nilesh Mehta	Non-Executive Independent Director
Member	Mr. Nilesh Mehta	Mr. Sanjay Majmudar	Changed to Non-Executive Non-Independent Director
Member	Mrs. Koushlya Melwani	Mrs. Koushlya Melwani	No change - Non-Executive Independent Director

Director Category Modifications

A significant aspect of this reconstitution involves changes in director categories. Mr. Sanjay Majmudar, who previously served as Chairman under the category of Non-Executive Independent Director, will continue as a member but with a changed status to Non-Executive Non-Independent Director. This change in category status represents a notable shift in the committee's independence structure.

Mr. Nilesh Mehta transitions from his previous role as a member to become the new Chairman, maintaining his status as a Non-Executive Independent Director. Mrs. Koushlya Melwani continues in her existing role as a member with no changes to her Non-Executive Independent Director status.

Regulatory Compliance

The company has fulfilled its regulatory obligations by promptly notifying both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) about the committee reconstitution. The communication was signed by Harshil Shah, Company Secretary & Compliance Officer, ensuring proper adherence to corporate governance requirements.

The reconstituted Audit Committee structure maintains the required composition while bringing fresh leadership perspective to the company's audit oversight functions. All changes take effect immediately from January 6, 2026, as per the Board resolution.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.51%	-8.18%	-3.19%	-39.52%	-48.15%	+35.62%

Ashima Limited's Board of Directors has approved the redesignation of Mr. Sanjay Shaileshbhai Majmudar from Non-Executive Independent Director to Non-Executive Non-Independent Director, effective January 6, 2026. The decision was communicated to stock exchanges under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Reason for Redesignation

The redesignation stems from the company's intention to engage professional services from M/s. Parikh & Majmudar, Chartered Accountants, where Mr. Majmudar serves as a partner. The firm provides professional services relating to accounting, auditing, taxation, financial advisory and allied matters. This engagement may affect Mr. Majmudar's independence criteria as specified under section 149(6) of the Companies Act, 2013, and Regulation 16(1)(b) of SEBI Listing Regulations.

Parameter	Details
Director Name	Mr. Sanjay Shaileshbhai Majmudar
DIN	00091305
Current Position	Non-Executive Independent Director
New Position	Non-Executive Non-Independent Director
Effective Date	January 6, 2026
Professional Firm	M/s. Parikh & Majmudar, Chartered Accountants

Director Profile and Experience

Mr. Sanjay Majmudar, born on March 21, 1963, is a qualified B.Com, FCA, and LLB with approximately 40 years of experience as a practicing Chartered Accountant. He possesses rich experience in Corporate Laws, Direct Tax Laws, Mergers and Acquisitions, Transfer Pricing, Capital Markets and Securities Laws, Banking and Finance, Insolvency and Bankruptcy Laws, and Corporate Governance matters.

Board Engagement and Directorships

Mr. Majmudar was initially appointed to Ashima Limited's board on November 3, 2018, and served his second term as Independent Director from November 3, 2023, until January 6, 2026. He attended all four board meetings during the year and holds zero shares in the company.

Current Directorships	Committee Positions
Ashima Limited	Audit Committee (Chairman), Stakeholders Relationship Committee (Member)
AIA Engineering Limited	Audit Committee, CSR Committee, Risk Management Committee, Nomination & Remuneration Committee (Member)
M & B Engineering Limited	Audit Committee, Nomination & Remuneration Committee, Risk Management Committee (Member)
Welcast Steels Limited	Audit Committee, CSR Committee (Member)
Senores Pharmaceuticals Limited	Stakeholder Relationship Committee (Chairman), Nomination & Remuneration Committee, Risk Management Committee (Member)

Approval Process and Compliance

The redesignation was approved based on the recommendation of the Nomination & Remuneration Committee and requires shareholder approval through postal ballot. As a Non-Executive Non-Independent Director, Mr. Majmudar will be liable to retire by rotation and remain eligible for sitting fees and expense reimbursement for board meeting attendance as per company policy. The company has fulfilled its regulatory disclosure obligations by informing both BSE Limited and National Stock Exchange of India Limited about this governance change.