Grand Foundry Limited announced significant organizational changes and strategic business expansion following its board meeting held on January 15, 2026. The meeting, which commenced at 5:00 PM and concluded at 7:30 PM, addressed multiple resignations, new appointments, and business diversification plans.

Key Personnel Changes

The board processed several resignations that occurred in early January 2026. The company's statutory auditor M/s Ashwani & Associates resigned effective from the close of business hours on January 6, 2026. Similarly, internal auditor M/s Ajay Kanjhlia & Associates also resigned on the same date. Ms. Nalini Singh stepped down from her position as Company Secretary and Compliance Officer effective January 8, 2026.

New Appointments and Recommendations

To fill the vacant positions, the board made strategic appointments based on audit committee recommendations. M/s ANSK & Associates, Chartered Accountants (Firm Registration No. 026177N), has been recommended as the new statutory auditor to fill the casual vacancy, subject to shareholder approval at the upcoming Extraordinary General Meeting.

The board approved the immediate appointment of M/s Goyal Mittal & Associates LLP as internal auditors effective January 15, 2026. The firm, holding registration number N500053, specializes in audit, investigation, due diligence, accounting outsourcing, taxation, management consultancy, and fixed assets verification services.

Business Expansion into Telecom Sector

The board approved significant alterations to the company's Memorandum of Association, adding five new business objects focused on telecommunications and communication services. The proposed expansion includes:

• Telecom Equipment Manufacturing: Designing, developing, manufacturing, and servicing telecom equipment including switches, routers, transmission systems, and IoT devices
• Communication Services: Establishing and providing various telecom services including fixed line, mobile, wireless, and satellite communications
• Broadband Services: Offering high-speed internet access through multiple technologies including FTTH, FTTB, and wireless solutions
• Leased Line Services: Providing dedicated connectivity solutions for enterprises and institutions
• Ancillary Activities: Supporting infrastructure development and consultancy services

Extraordinary General Meeting Details

The board approved convening an Extraordinary General Meeting on February 10, 2026, to be conducted through video conferencing. The meeting will seek shareholder approval for the statutory auditor appointment and business object alterations.

Shareholders holding shares in dematerialized or physical form as of February 3, 2026, will be entitled to participate in remote e-voting and voting at the EGM. Ms. Loveleen Gupta, Practicing Company Secretary from M/s L. Gupta & Associates, has been appointed as scrutinizer to oversee the voting process.

The company has indicated that the EGM notice will be distributed to stock exchanges and members separately, with availability on the company website and stock exchange platforms including NSE and BSE.

Grand Foundry Limited has announced the resignation of both its statutory and internal auditors for the Financial Year 2025-26, effective immediately from January 6, 2026. The company informed BSE and NSE about these developments through a revised intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Auditor Resignations

Both auditing firms submitted their resignation letters on January 6, 2026, citing similar reasons for their departure. The resignations became effective immediately from the close of business hours on the same date.

Statutory Auditor Details

M/s Ashwani & Associates, led by partner Surender Kumar, had been serving as the company's statutory auditor since September 29, 2023. Their term was originally scheduled to expire on September 28, 2028. The firm's last audit report was submitted on November 13, 2025.

Internal Auditor Information

M/s Ajay Kanjhlia & Associates, represented by partner Kunal Gupta, had been serving as internal auditor since May 9, 2024. The firm's most recent internal audit report covered the period from October 1, 2025, to December 31, 2025, and was submitted on January 3, 2026.

Regulatory Compliance

Grand Foundry Limited has submitted comprehensive disclosures as required under SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, and Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. Both auditing firms confirmed in their declarations that there were no material concerns or issues that required reporting to the Board of Directors or members under the Companies Act, 2013.

The internal auditor noted that during their tenure, they did not observe any matters requiring disclosure to the Board of Directors or company members. Similarly, the statutory auditor confirmed no significant concerns prior to resignation. Both firms stated that their inability to continue was solely due to other professional commitments restricting their ability to devote sufficient time to Grand Foundry's audit functions.