Omnipotent Industries Limited has announced the appointment of M/s Ritik Agrawal & Company, Chartered Accountants as its Internal Auditor, marking a significant step in strengthening the company's governance framework. The appointment was approved by the Board of Directors at their meeting held on February 14, 2026.

Regulatory Compliance and Board Approval

The appointment has been made pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI Circular No SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The company has duly informed BSE Limited about this corporate development through proper regulatory channels.

Appointment Details

The key details of the internal auditor appointment are presented below:

Profile of the Appointed Internal Auditor

M/s Ritik Agrawal & Company is a firm of Chartered Accountants duly registered with the Institute of Chartered Accountants of India (ICAI) under Firm Registration Number 038727C. The firm brings specialized expertise in internal audit functions and corporate governance practices.

The appointed firm adopts a systematic and risk-based audit approach designed to evaluate the adequacy and effectiveness of internal control systems. Their methodology focuses on ensuring compliance with applicable laws, regulations, and corporate governance standards, which aligns with the company's commitment to maintaining robust internal controls.

Corporate Governance Enhancement

This appointment represents Omnipotent Industries Limited's continued focus on strengthening its corporate governance framework. The internal auditor will play a crucial role in evaluating the company's internal control systems and ensuring adherence to regulatory requirements and best practices in corporate governance.

The company secretary and compliance officer, Aman Patel (Membership No.: A79254), has formally communicated this appointment to the stock exchange, ensuring full transparency and regulatory compliance in the disclosure process.

Omnipotent Industries Limited's board of directors has decided to withdraw its earlier approval for a promoter reclassification application, citing multiple regulatory and compliance concerns. The decision was made during a board meeting held on February 14, 2026, where directors reconsidered the request from Mr. Punit Popat for reclassification from promoter to public category.

Reclassification Request Background

Mr. Punit Popat, presently classified as a promoter of the company, had initially sought reclassification from promoter category to public category under Regulation 31A of SEBI (LODR) Regulations, 2015. The board had previously approved this reclassification request during its meeting held on October 6, 2025. However, the company had not filed the application with BSE Limited after the initial approval.

Key Regulatory Concerns

The board identified several critical issues that influenced their decision to withdraw the application:

Board's Decision Rationale

The board noted that certain regulatory non-compliances and consequential penalties presently outstanding pertain to the period during which Mr. Punit Popat was classified as promoter and was associated with the management and control of the company. After detailed deliberations, the board considered the overall regulatory, compliance and financial position of the company.

The board was particularly concerned that upon reclassification, the applicant would cease to be classified as promoter and would not be subject to ongoing promoter-related obligations under SEBI (LODR) Regulations. Additionally, the present financial position of the company and the constraints in discharging the outstanding regulatory liabilities at this stage were significant factors in the decision.

Meeting Details

Conclusion

The board concluded that proceeding with the reclassification application at this stage may not be in the overall interest of the company and its stakeholders. Accordingly, the board decided not to proceed further with the reclassification application and to withdraw the earlier approval granted for filing the application with the stock exchange. This decision reflects the company's cautious approach toward regulatory compliance and stakeholder interests amid ongoing regulatory challenges.