Indian Link Chain Manufactures Ltd has disclosed significant changes in its corporate structure, including the resignation of its statutory auditor and two independent directors.

Statutory Auditor Resignation

Background of the Auditor's Appointment

The auditing firm had a relatively short tenure with Indian Link Chain Manufactures Ltd:

• Initially appointed to fill a casual vacancy on February 14, 2024
• Subsequently appointed for a five-year term from September 28, 2024
• Original term was scheduled to expire at the annual general meeting in 2029

Company's Statement on Auditor Resignation

The company has confirmed that the resigning auditors did not raise any concerns or issues regarding the company's management.

Independent Directors' Resignation

In addition to the auditor's resignation, the company announced the resignation of two Independent Directors:

• Mr. Ashok Jain
• Mr. Jaynish Kothari

Key Details of Directors' Resignation

• Effective Date: November 7, 2025
• Reason: Change in management and control of the company pursuant to a takeover
• Date of Submission: November 6, 2025

Both directors will also cease to be members of the Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship Committee. They confirmed that there are no other material reasons for their resignation beyond those stated, and neither holds directorships or committee memberships in any other listed entities.

Regulatory Compliance

In adherence to regulatory requirements, Indian Link Chain Manufactures Ltd has:

1. Informed the BSE Limited about the auditor's resignation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2. Provided the reason for resignation as stated in the auditor's letter
3. Confirmed compliance with SEBI Circular CIR/CFD/CMD1/114/2019 dated October 18, 2019

Implications and Next Steps

The resignation of the statutory auditor and two independent directors, particularly in the context of a takeover, marks a significant transition for Indian Link Chain Manufactures Ltd. These changes may raise questions among investors about the company's future direction and governance.

Investors and stakeholders will likely be keen to know about the appointment of a new statutory auditor and new independent directors, which the company is expected to announce in due course.

Indian Link Chain Manufactures Ltd, with its registered office in Mumbai, continues to operate under the leadership of Mr. Vishal Thakkar, the Managing Director. As the company navigates this transition, maintaining clear communication with shareholders and regulatory bodies will be crucial for upholding market confidence and ensuring a smooth transition following the takeover.

Indian Link Chain Manufactures has undergone significant changes in ownership and management structure, as revealed in recent corporate filings. These developments mark a pivotal moment for the company.

Acquisition Details

Rajendra Kamalakant Chodankar, a promoter of Indian Link Chain Manufacturers Limited, has successfully completed an open offer to acquire up to 7,93,000 equity shares representing 26% of the company at Rs. 71 per share. Prior to this, the acquirer had entered into an agreement to acquire 10,00,000 equity shares representing 32.79% from promoter sellers. The offer period ran from October 23 to November 6, 2025.

The details of the acquisition are as follows:

Post-acquisition, Chodankar's holdings represent 37.38% of the total voting capital and 62.70% of the diluted share capital. The company's equity share capital remains at 26,75,000 shares, while the total diluted share capital stands at 79,75,000 shares.

Board Restructuring

Following the change in ownership, the company has announced several changes to its board of directors:

New Appointments

Resignations

The following directors have resigned, effective from the close of business hours on 7th November 2025:

• Ashok Jain (Independent Director)
• Jaynish Kothari (Independent Director)
• Bhavika Thakkar (Non-Executive Director)

Key Management Profile

Anay Chodankar, the newly appointed Managing Director, brings a technical background and international experience to the role. He holds a Bachelor's degree in Mechanical Engineering from Brunel University, London, and has previously worked with Ayonix Japan on AI facial recognition software. His expertise in operational efficiency and innovation in the electronics industry is expected to contribute to the company's future strategies.

Rajendra Chodankar, appointed as a Non-Executive Director, has over four decades of experience in the technology consulting industry, specializing in electro-optics. His expertise spans medical devices, thermal imaging systems, and night vision devices.

These changes reflect a significant shift in the company's leadership and potentially its strategic direction. Shareholders and market observers will be watching how these new appointments and the change in ownership structure may impact the company's future performance and strategic initiatives.

As Indian Link Chain Manufacturers Limited navigates this transition, stakeholders will be looking for signs of how these changes might influence its market position and operational focus in the coming months.