MIRC Electronics Limited , the company behind the Onida brand, has completed its statutory auditor transition process with formal approval from both the Board of Directors and Audit Committee. Following comprehensive deliberations on December 11, 2025, the company has appointed M/s. MMN Nissim Co LLP as new statutory auditors while confirming no adverse issues with the outgoing firm.

Board Meeting Outcome and New Appointment

The Board of Directors, based on the Audit Committee's recommendation, approved the appointment of M/s. MMN Nissim Co LLP, Chartered Accountants (FRN 107122W/W100672) as statutory auditors effective December 11, 2025. The appointment addresses the casual vacancy created by ASA Associates LLP's resignation on November 14, 2025.

Audit Committee's Assessment of Auditor Change

The Audit Committee conducted thorough deliberations regarding ASA Associates LLP's resignation and provided its formal assessment. The Committee confirmed that there were no pending issues or disputes with the auditors at the time of their resignation and that the resignation does not adversely affect the integrity of the company's financial statements.

The Committee received necessary clarifications from both the auditors and management, noting that the management has committed to addressing operational gaps, administrative challenges, and ensuring timely information availability going forward.

Background of Auditor Transition

ASA Associates LLP had originally been appointed for a five-year term from July 2023 to 2028 but resigned citing persistent delays in receiving information from the company's management, making their engagement commercially unviable. The Audit Committee placed on record its appreciation for the services rendered by ASA Associates LLP during their tenure.

Profile of Incoming Auditors

M/s. MMN Nissim Co LLP brings substantial experience to MIRC Electronics. Established in 1946, the firm is a multi-disciplinary professional services organization with a strong PAN-India presence including offices in Mumbai, Delhi-NCR, Kolkata, Chennai, and Bengaluru. The firm holds a valid Peer Review certificate issued by ICAT and serves leading corporates across diverse sectors.

Regulatory Compliance and EGM Process

The Board approved a revised draft of the Extraordinary General Meeting (EGM) Notice, incorporating the agenda item for shareholder approval of the new auditor appointment as required under Section 139 of the Companies Act, 2013. MIRC Electronics has made necessary disclosures to BSE and NSE under Regulation 30 of the SEBI (LODR) Regulations, 2015, ensuring full regulatory compliance.

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.