Riddhi Corporate Services Limited has issued a comprehensive postal ballot notice to shareholders for approval of special business matters, including a significant deviation in its initial public offering object clause. The company announced the postal ballot process with remote e-voting scheduled from March 01, 2026 to March 30, 2026.

IPO Object Clause Deviation Approved

The board of directors, following recommendations from the Audit Committee, approved a major reallocation of unutilized IPO proceeds totaling ₹1179.59 lakhs. The proposed variation involves redirecting funds from original objects to operational expenditure for employee salaries and related costs.

The new object focuses on operational expenditure for payment of salaries and employee-related costs for key functional verticals including Third-Party Logistics (3PL), transportation, field operations, digitization initiatives, and manpower management.

Postal Ballot Process and Timeline

The company has engaged National Securities Depository Limited (NSDL) for facilitating remote e-voting to enable shareholders to cast votes electronically. The cut-off date for determining voting eligibility is February 26, 2026.

Key Appointments and Regularizations

The postal ballot includes several important appointments requiring shareholder approval. M/s Nitin K Shah & Co., Chartered Accountants (FRN: 107140W) has been proposed as statutory auditor to fill the casual vacancy caused by resignation of M/s Jain Kedia & Co. on November 14, 2025.

Additionally, the company seeks regularization of Mr. Kalpesh Chandrakishore Shukla (DIN: 07773003) as Non-Executive Independent Director for a five-year term from November 14, 2025 to November 13, 2030.

Secretarial Auditor Appointment

M/s Amrish Gandhi & Associates, Practicing Company Secretary (F8193 and COP-5656) has been recommended for appointment as secretarial auditor for a five-year term from financial year 2025-26 to 2029-30, subject to shareholder approval.

The postal ballot notice has been distributed to shareholders via email and submitted to BSE Limited in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015. Results will be declared within two working days from conclusion of the e-voting period and displayed on the company's website at www.riddhicorporate.co.in .

Riddhi Corporate Services Limited has addressed a clerical error in its quarterly audit documentation while reporting solid financial performance for the third quarter of fiscal year 2026. The company clarified that its statutory auditor inadvertently mentioned "SUMERA INDUSTRIES LIMITED" instead of "RIDDHI CORPORATE SERVICES LIMITED" in the Limited Review Report for the quarter ended December 31, 2025.

Administrative Clarification

The company confirmed that the Limited Review Report was submitted within prescribed timelines, but contained a typographical error that did not affect the financial results or audit opinion. A corrected version has since been issued and submitted to BSE Limited. The error was purely clerical in nature and has been rectified by the statutory auditor.

Q3FY26 Financial Performance

The company delivered strong operational results for the quarter ended December 31, 2025, demonstrating significant growth across key metrics.

Nine-Month Performance Analysis

For the nine months ended December 31, 2025, the company showed robust revenue growth while maintaining profitability.

Expense Structure and Operational Metrics

The company's expense profile showed significant changes, particularly in employee benefit expenses which increased substantially to ₹9,051.48 lakh in Q3FY26 from ₹1,340.76 lakh in Q3FY25. Total expenses for the quarter reached ₹13,222.45 lakh compared to ₹5,949.78 lakh in the previous year.

Regulatory Compliance and Fund Utilization

The financial results were prepared in accordance with Indian Accounting Standards (Ind AS) and approved by the Board of Directors on February 14, 2026. The company provided detailed fund utilization status from its public and preferential issues, showing minimal utilization of allocated funds for acquisitions, capital expenditure, and general corporate purposes as of December 30, 2025.

Corporate Governance

The results were reviewed by the Audit Committee and received board approval, maintaining the company's commitment to transparent financial reporting despite the administrative error in the initial audit report submission.