Mitshi India Limited has announced significant board changes following its meeting held on March 10, 2026. The company has appointed Mrs. Bijal Yogesh Durgavale as Additional Director while accepting resignations from two existing Independent Directors, marking substantial changes in its board composition.

Board Meeting Outcomes

The board of directors of Mitshi India Limited convened on March 10, 2026, between 03:45 P.M. and 04:15 P.M. to consider and approve multiple director-related matters. The meeting resulted in one appointment and two resignations, all with different effective dates as specified in the regulatory filings.

New Director Profile

Mrs. Bijal Yogesh Durgavale brings substantial professional experience to Mitshi India Limited's board. She currently serves as Company Secretary of E & E Enterprises Ltd and holds a Master of Commerce degree from Mumbai University in Accounts. Her appointment strengthens the board with over thirteen years of professional experience in secretarial, legal, and compliance functions, along with a strong background in corporate governance and regulatory affairs.

Director Resignations

Two Independent Directors have resigned from their positions due to personal reasons and professional commitments. Mr. Hanumant Anaji Salunkhe (DIN: 03626114) and Mrs. Drashti Tarun Savla (DIN: 07117018) both submitted their resignations effective March 10, 2026, citing preoccupancy and increased professional commitments requiring their attention elsewhere.

Regulatory Compliance

In compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Mitshi India Limited has provided comprehensive disclosure details for all board changes. The company has submitted proper documentation to BSE Limited under scrip code 523782, ensuring full regulatory adherence. The disclosures confirm that the new director has no existing relationships with current directors and holds no shareholding in the company.

Company Information

Mitshi India Limited, formerly known as Dera Paints & Chemical Ltd, operates with its registered office at 204 B-Wing, Master Mind III, E Building Aarey Milk Colony, Mumbai, Goregaon East, Maharashtra, India, 400065. The company operates under CIN U91100MH1990PLC057373 and maintains its website at www.mitshi.in . All appointment and resignation documentation was signed by Kumar Vasantlal Shah, Managing Director (DIN: 01451912).

Mitshi India Limited , a company listed on the Indian stock exchanges, has released its financial results for the quarter and half year ended September 30, 2023. The company's Board of Directors approved the standalone unaudited financial results, which were reviewed by the Audit Committee and subjected to a limited review by statutory auditors.

Financial Highlights

• Total Income: Rs 828.04 lacs for the quarter ended September 30, 2023
• Year-on-Year Growth: 49.4% increase from Rs 554.39 lacs in the previous comparable period
• Cash and Cash Equivalents: Increased to Rs 92.77 lacs from Rs 18.95 lacs in the previous period

Financial Results Overview

Mitshi India Limited demonstrated strong financial performance in the second quarter of the fiscal year 2023-24. The company's total income saw a significant year-on-year growth of 49.4%, rising from Rs 554.39 lacs in the previous comparable period to Rs 828.04 lacs in the current quarter.

Improved Liquidity Position

The company's liquidity position showed marked improvement, with cash and cash equivalents increasing substantially to Rs 92.77 lacs from Rs 18.95 lacs in the previous period. This represents a 389% increase in cash holdings, potentially strengthening the company's financial flexibility and ability to manage short-term obligations.

Audit and Compliance

The financial results underwent a thorough review process:

1. The Audit Committee reviewed the results
2. The Board of Directors subsequently adopted the financial statements
3. Statutory auditors conducted a limited review and issued an unmodified review report, indicating that no significant issues were found in the financial statements

Ongoing Legal Matter

It's worth noting that Mitshi India Limited has an outstanding sales tax demand of Rs 380.94 lakhs. The company has filed an appeal against this demand, which is currently pending. This legal matter represents a contingent liability that investors and stakeholders should be aware of.

Conclusion

Mitshi India Limited's financial results for Q2 FY24 reflect a strong growth in total income and an improved cash position. However, the pending sales tax appeal remains a point of consideration for the company's financial outlook. As always, investors are advised to consider both the growth indicators and potential risks when evaluating the company's performance.