Axel Polymers Limited , a Gujarat-based company, has announced significant changes to its board of directors and key committees, marking a new chapter in its corporate governance structure.

New Independent Director Appointment

The company has appointed Ashokkumar Natwarlal Shah as an Additional Director and Independent Director for a five-year term, effective August 18, 2025. Shah, 71, brings a wealth of experience to the role, with 43 years of corporate expertise in finance, accounts, taxation, legal, and commercial areas.

Professional Background

Shah's impressive career includes:

• A Bachelor of Commerce degree and a Post Graduation Diploma in Tax Practice
• Current role as an Independent Director at Steelco Gujarat Limited
• Position as Finance Controller at Hi-Mak Pvt Ltd
• Previous executive roles at SS Automation Pvt Ltd and Hemant Plastics and Chemicals Limited
• Senior management positions in finance and accounts at various companies

Committee Restructuring

In light of Shah's appointment, Axel Polymers has reconstituted its key committees:

• Audit Committee
• Nomination and Remuneration Committee
• Stakeholders Relationship Committee

Shah has been inducted into all three committees, strengthening the company's governance framework.

Outgoing Director

Simultaneously, the company bid farewell to Haresh Padamshi Kothari, whose tenure as Independent Director concluded at the close of business on August 18, 2025. Kothari completed his second and final term, stepping down from his roles in the aforementioned committees as well.

Board Meeting Details

The board meeting where these decisions were made took place on August 18, 2025, from 2:00 PM to 2:45 PM. The company has duly informed the BSE Limited of these changes, in compliance with SEBI regulations.

These strategic moves reflect Axel Polymers' commitment to maintaining strong corporate governance and bringing fresh perspectives to its leadership team. The appointment of Shah, with his extensive experience in finance and corporate management, is expected to contribute significantly to the company's future growth and strategic direction.

Axel Polymers Limited , a leading player in the polymer industry, has announced a significant capital raise through a preferential share issue and released its financial results for the first quarter.

Preferential Share Issue

The Board of Directors of Axel Polymers has approved a preferential issue of 28,28,891 equity shares at ₹45 per share, which includes a face value of ₹10 and a premium of ₹35. This move is set to raise ₹12.73 crore from 57 investors. The issue, subject to shareholder approval, will be conducted under the public category in compliance with SEBI regulations.

Key points of the preferential issue include:

• Total number of shares: 28,28,891
• Issue price: ₹45 per share (₹10 face value + ₹35 premium)
• Total amount to be raised: ₹12,73,00,095
• Number of investors: 57

The majority of the proposed allottees are new investors with no pre-issue shareholding, while some existing shareholders will increase their stakes. An Extraordinary General Meeting is scheduled for August 20, 2025, to seek shareholder approval for this fundraising initiative.

Q1 Financial Results

Axel Polymers has also released its unaudited financial results for the quarter ended June 30. Here are the key highlights:

The company has shown a turnaround in its quarterly performance, reporting a profit of ₹4.39 lakhs in Q1 FY2026, compared to a loss of ₹53.05 lakhs in the same quarter of the previous year. However, it's worth noting that the profit has decreased significantly from the ₹223.03 lakhs reported in the previous quarter (Q4 FY2025).

Other Developments

The company's statutory auditors, M/s. Mukund and Rohit, Chartered Accountants, have conducted a limited review of the financial results. They noted that the Goods and Service Tax Authorities carried out search proceedings at the company's factory premises on July 3, 2024, for alleged wrongful availment and passing on of Input Tax Credit (ITC). The matter is still under investigation, and no formal Show Cause Notice has been issued as of the reporting date. Axel Polymers has deposited ₹1 crore under protest as a penalty during the course of this investigation.

The Board meeting to approve these matters was held on July 24, 2025, commencing at 4:22 PM and concluding at 4:53 PM.

Axel Polymers Limited continues to operate in a single business segment. The company's management remains focused on improving operational efficiency and exploring growth opportunities in the polymer industry.