Banganga Paper Industries Limited has secured shareholder approval for a comprehensive transformation, including a significant name change and major business expansion. The company announced that shareholders at an Extraordinary General Meeting held on January 14, 2026, approved changing the company name from "Banganga Paper Industries Limited" to "Asgard Alcobev Limited," marking a strategic pivot towards the alcoholic beverages sector.

Name Change and Corporate Transformation

The name change represents a fundamental shift in the company's identity and strategic direction. The new name "Asgard Alcobev Limited" clearly signals the company's commitment to the alcoholic beverages industry, moving away from its traditional paper manufacturing roots.

Business Expansion into Beverages Sector

Alongside the name change, shareholders approved amendments to the company's Memorandum of Association to enable comprehensive beverages manufacturing operations. The new business objects allow the company to engage in manufacturing, distilling, brewing, fermenting, bottling, blending, processing, packaging, marketing, trading, importing, exporting, and dealing in all kinds of alcoholic and non-alcoholic beverages.

The scope encompasses spirits, wines, liquors, beers, ciders, cocktails, mocktails, mineral water, aerated drinks, juices, energy drinks, and other potable liquids. The company is authorized to establish, acquire, operate and manage breweries, distilleries, wineries, bottling plants, blending units, cold storage facilities, and allied infrastructure.

Research and Hospitality Operations

The amendment enables the company to undertake research, development, and innovation in beverage formulations, flavour enhancement, preservation techniques, and sustainable packaging solutions. The company can now acquire, license, or develop intellectual property, trademarks, and proprietary technologies related to the beverages business.

The second major business vertical focuses on hospitality, retail, and distribution activities, including setting up bars, lounges, tasting rooms, retail outlets, and e-commerce platforms for product sales and promotion.

Regulatory Approvals and Implementation

Both the name change and business expansion amendments are subject to approval from the Central Government, Stock Exchanges, and appropriate regulatory and statutory authorities, including the Registrar of Companies under the Ministry of Corporate Affairs. The company has fulfilled its disclosure obligations under SEBI Listing Regulations by communicating these developments to BSE on January 15, 2026.

Company Secretary and Compliance Officer Jitendra Rajendra Patil signed the regulatory filing, confirming the company's commitment to regulatory compliance throughout this transformation process. The company, formerly known as Inertia Steel Limited, is registered in Maharashtra with its office located in Nashik.

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.