MIRC Electronics Limited , the company behind the Onida brand, successfully completed its Extraordinary General Meeting (EOGM) on January 16, 2026, where shareholders approved key corporate actions including modification of the Employee Stock Option Plan and confirmation of the new statutory auditor appointment.

EOGM Resolutions and Shareholder Approvals

The EOGM held on January 16, 2026, resulted in shareholder approval for two significant corporate actions. The meeting addressed the modification of the MIRC Electronics Employee Stock Option Plan 2023 Scheme and formally ratified the appointment of M M Nissim & Co LLP as statutory auditors to fill the casual vacancy caused by ASA & Associates LLP's resignation.

Statutory Auditor Appointment Process

Shareholders passed a Special Resolution confirming the appointment of M M Nissim & Co LLP, Chartered Accountants, as statutory auditors. The Board of Directors had initially approved this appointment on December 11, 2025, subject to shareholder approval at the EOGM. The appointment fills the casual vacancy and ensures continuity in audit services.

Background of Auditor Transition

The auditor change was necessitated by the resignation of ASA & Associates LLP on November 14, 2025, citing persistent delays in receiving information from the company's management. The Audit Committee conducted comprehensive deliberations and confirmed that there were no pending issues or disputes with the outgoing auditors at the time of their resignation.

Profile of New Statutory Auditors

M M Nissim & Co LLP brings extensive experience to MIRC Electronics. Established in 1946, the firm is a multi-disciplinary professional services organization offering a wide spectrum of services to leading corporates, including multinationals across diverse sectors. The firm maintains a strong PAN-India presence with offices in Mumbai, Delhi-NCR, Kolkata, Chennai, and Bengaluru, and holds a valid Peer Review certificate issued by ICAI.

Regulatory Compliance and Disclosures

MIRC Electronics has made necessary disclosures to BSE and NSE under Regulation 30 of the SEBI (LODR) Regulations, 2015, ensuring full regulatory compliance. The company provided detailed information as required under SEBI Master Circular number SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, covering all aspects of the auditor change and ESOP modification. Chairman & Managing Director Vijay Mansukhani signed the regulatory filings on January 16, 2026.

MIRC Electronics Limited , known for its Onida brand, has reported a loss before tax of Rs 1,427.00 lakhs for the half year ended September 30, 2025. Despite the financial setback, the company has been actively engaged in various fund-raising activities to strengthen its financial position.

Rights Issue Completion

The company successfully completed a rights issue, raising Rs 4,948.00 lakhs by issuing 4.95 crore equity shares at Rs 10.00 per share. The funds are earmarked for working capital and general corporate purposes, demonstrating the company's focus on operational liquidity and strategic flexibility.

Debt Financing

In addition to the equity raise, MIRC Electronics issued 6,000 non-convertible debentures worth Rs 6,000.00 lakhs to Neo Income Plus Fund. This debt instrument is specifically allocated for working capital, further bolstering the company's operational resources.

Preferential Allotment

The Board of Directors approved an allotment of 8.89 crore equity shares on a preferential basis at Rs 16.81 per share, aggregating to Rs 14,952.00 lakhs. This move indicates strong investor confidence in the company's future prospects.

Asset Monetization

MIRC Electronics recognized an exceptional profit of Rs 2,056.00 lakhs from the sale of property in Mumbai, showcasing its ability to unlock value from its real estate assets.

Employee Stock Option Scheme

An Extra-Ordinary General Meeting is scheduled for January 16, 2026, to seek shareholder approval for a revised Employee Stock Option Scheme 2023. The scheme covers 21.75 lakh stock options, potentially aligning employee interests with the company's long-term performance.

Executive Compensation

The meeting will also address the revision in remuneration for Mr. Shirish Suvagia, Whole time Director & CFO, subject to shareholder approval.

Fund Utilization

The company has provided a detailed breakdown of the funds raised through the rights issue:

The Audit Committee has confirmed that there is no deviation or variation in the use of proceeds from the Rights Issue.

These strategic financial moves come at a crucial time for MIRC Electronics as it navigates through challenging market conditions. The company's multi-pronged approach to fundraising, including equity, debt, and asset monetization, reflects its commitment to strengthening its financial foundation and pursuing growth opportunities in the competitive electronics market.