News Stocks Shamrock Industrial Appoints New Auditor and Approves Subsidiary for Power ProjectsShamrock Industrial Appoints New Auditor and Approves Subsidiary for Power Projects
Shamrock Industrial Company Limited's board approved the appointment of Motilal Associates LLP as statutory auditor to replace resigned auditors and sanctioned incorporation of wholly-owned subsidiary HODL Energy Private Limited. The subsidiary will engage in renewable power projects, data centers, specialized computing infrastructure, enterprise services, and Bitcoin operations with an initial capital of ₹1.00 lakh comprising 10,000 equity shares of ₹10.00 each, targeting completion by August 30, 2026.
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Shamrock Industrial Company Limited held a board meeting on December 11, where directors approved significant corporate decisions including auditor appointment and subsidiary incorporation. The meeting, conducted from 3:00 PM to 5:00 PM at the registered office in Mumbai, addressed key strategic and compliance matters under SEBI regulations.
Statutory Auditor Appointment
The board approved the appointment of Motilal Associates LLP, Chartered Accountants (FRN: 106584W/W100751), as the company's statutory auditor based on the audit committee's recommendation. This appointment fills the casual vacancy created by the resignation of the previous auditors, Devpura Navlakha & Co., Chartered Accountants.
| Parameter: | Details |
|---|---|
| Firm Name: | Motilal Associates LLP |
| Registration Number: | 106584W/W100751 |
| Appointment Duration: | Until conclusion of next AGM |
| Approval Required: | Shareholders within three months |
| Reason for Change: | Resignation of previous auditor |
Motilal Associates LLP, established in 1985 with headquarters in Mumbai, operates as a multi-disciplinary chartered accountancy firm. The firm specializes in audit and assurance, direct and indirect taxation, business advisory, risk advisory, management accounting, IFRS advisory, due diligence, and company law matters. The appointment complies with Section 139(8) of the Companies Act, 2013, and SEBI Listing Regulations, 2015.
Wholly-Owned Subsidiary Incorporation
The board approved incorporating a wholly-owned subsidiary company in India, tentatively named HODL Energy Private Limited, subject to regulatory approval. The subsidiary will operate across diverse business verticals spanning energy, technology, and digital assets.
| Business Vertical: | Description |
|---|---|
| Power Projects: | Developing renewable and conventional power projects |
| Data Centers: | Establishing data center facilities |
| Computing Infrastructure: | Procuring and operating specialized servers and ASICs |
| Enterprise Services: | Offering infrastructure-as-a-service to enterprise customers |
| Power Production: | Operating as independent power producer |
| Digital Assets: | Buying, holding, transferring and dealing in Bitcoin |
Financial and Timeline Details
The subsidiary incorporation involves an initial investment structure designed for future business expansion and diversification beyond the parent company's main operations.
| Financial Parameter: | Amount/Details |
|---|---|
| Initial Capital: | ₹1.00 lakh |
| Share Structure: | 10,000 equity shares of ₹10.00 each |
| Shareholding: | 100% ownership by Shamrock Industrial |
| Target Completion: | By August 30, 2026 |
| Nature of Consideration: | Monetary |
The proposed subsidiary represents a strategic expansion into renewable energy, data infrastructure, and cryptocurrency operations. As a related party transaction conducted at arm's length basis, the incorporation requires compliance with regulatory requirements and will be subject to ongoing SEBI disclosure obligations.
Regulatory Compliance
Both decisions align with SEBI LODR Regulations under Regulation 30, with detailed disclosures provided to BSE Limited. The company will submit additional details upon receiving the Certificate of Incorporation for the subsidiary. The auditor appointment requires shareholder ratification within the stipulated three-month period to ensure compliance with statutory requirements.
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