Banganga Paper Industries Limited has officially confirmed the appointment of M/s. Batliboi & Purohit Chartered Accountants as its statutory auditor for the Financial Year 2025-26. The appointment follows shareholder approval at an Extra Ordinary General Meeting held on January 14, 2026, and addresses a casual vacancy created by the resignation of the previous auditor.

Auditor Appointment Details

The company informed BSE Limited on January 15, 2026, about the confirmation of the new statutory auditor appointment. The following table summarizes the key appointment details:

Shareholder Approval Process

The appointment received formal approval from shareholders during the Extra Ordinary General Meeting conducted on Wednesday, January 14, 2026. This meeting was specifically convened to address the casual vacancy in the statutory auditor position caused by the resignation of M/s. Jain Chhajed & Associates, Chartered Accountants.

The remuneration for the newly appointed auditor will be determined by the Board of Directors in consultation with M/s. Batliboi & Purohit Chartered Accountants.

Auditor Profile and Expertise

M/s. Batliboi & Purohit operates as a Partnership Firm with extensive experience in handling assignments under both IGAAP and Ind AS frameworks for large domestic clients. Their professional capabilities include:

• Audit services for both Public Limited and Private Limited Companies
• Expertise in efficient and effective conventional audit practices followed in India
• Comprehensive experience in Income tax, GST, Service tax, and VAT/State Sales Tax laws
• Wide-ranging audit methodology experience

Regulatory Compliance

The appointment notification was made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulation, 2015, read with Schedule III. The company also referenced SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, in its disclosure.

Company Secretary and Compliance Officer Jitendra Rajendra Patil signed the official communication to BSE Limited, ensuring all regulatory requirements were met for the auditor appointment disclosure.

Banganga Paper Industries Limited has progressed its mandatory open offer process with the submission of a Draft Letter of Offer (DLOF) to SEBI on December 30, 2025. The comprehensive document outlines the acquisition of 3.48 crore equity shares at ₹1.45 per share, representing 100% of existing public shareholding.

Draft Letter Submission and Regulatory Process

Navigant Corporate Advisors Limited, serving as Manager to the Offer, submitted the DLOF to SEBI Mumbai on December 30, 2025, marking the final deadline for draft submission. The document provides detailed information about the open offer process, regulatory compliance requirements, and comprehensive tender procedures for shareholders.

Comprehensive Offer Schedule and Timeline

The DLOF establishes a detailed schedule of major activities spanning from December 2025 to March 2026. Key milestones include SEBI comment receipt, identified date determination, and offer opening and closure dates.

Acquirer Structure and Financial Arrangements

The open offer involves four acquirers led by Ronak Jain, along with three persons acting in concert (PACs). The acquisition structure includes both share purchase agreements and preferential allotment arrangements totaling significant shareholding changes.

Financial Arrangements and Escrow Details

The acquirers have established comprehensive financial arrangements to support the offer obligations. Cash deposits and bank guarantees ensure adequate coverage for the total consideration amount.

Risk Factors and Regulatory Compliance

The DLOF outlines comprehensive risk factors related to the offer, including proportionate acceptance in case of oversubscription, statutory approval requirements, and potential delays. The document emphasizes that shares under lock-in periods cannot be tendered in accordance with SEBI ICDR Regulations.

The offer price of ₹1.45 per share represents the highest among negotiated prices and preferential allotment prices, justified under Regulation 8(2) of SEBI (SAST) Regulations. Independent valuation by CA Amit Maloo determined a fair value of ₹1.37 per share for the target company.

Settlement Mechanism and Shareholder Procedures

The open offer will be implemented through BSE's stock exchange mechanism via a separate Acquisition Window. Allwin Securities Limited has been appointed as the buying broker, with comprehensive procedures established for both dematerialized and physical share tendering. The settlement process follows existing secondary market mechanisms with direct credit facilities for efficient fund transfers.