WS Industries (India) Limited (WSI Ltd) has announced significant changes to its preferential issue of equity shares and convertible warrants, along with other key corporate decisions, following regulatory advice from the National Stock Exchange of India Limited (NSE).

Preferential Issue Revision

The company's board has approved modifications to the previously announced preferential issue, specifically revising Object No. 5 regarding the repayment of outstanding security deposits. The revised disclosure now states:

"The Company proposes to utilize the proceeds towards the repayment of outstanding security deposits of the Company, as reflected in the books of accounts as on 31st March 2025, amounting to Rs.53.70 Crores."

This revision removes the phrase "either in part or in full" from both the object description and explanation, aligning the disclosure with SEBI regulations and NSE's clarification letter dated August 18, 2025.

New Statutory Auditors

In a separate development, WSI Ltd's board has approved the appointment of M/s. P. Chandrasekar LLP, Chartered Accountants (FRN: 000580S/S200066) as the company's new statutory auditors. This appointment fills the casual vacancy caused by the resignation of the existing auditors and will be recommended for approval at the upcoming Annual General Meeting (AGM).

Other Key Decisions

The board meeting, held on August 23, 2025, also resulted in several other important decisions:

1. Approval of remuneration for executive and non-executive directors for the period from July 1, 2025, to September 30, 2026, subject to shareholder approval.

2. Approval for the alteration of the Memorandum of Association (MOA) and adoption of a new set of main objects in line with the Companies Act, 2013, pending shareholder approval.

3. Consideration of related party transactions (RPTs) and recommendation of material RPTs for shareholder approval.

4. Approval of the Board's Report for the financial year 2024-2025 and the notice for the 62nd AGM.

5. Scheduling of the 62nd AGM for September 23, 2025, to be held via video conference or other audio-visual means.

These developments demonstrate WSI Ltd's commitment to regulatory compliance and corporate governance as it navigates through significant changes in its financial structure and management.

WS Industries (India) Limited (WSI), a Chennai-based company, has announced several significant corporate decisions following its recent Board of Directors meeting. The company has made changes to its auditing firm, scheduled its Annual General Meeting (AGM), and approved various corporate actions.

New Statutory Auditors Appointed

The Board has approved the appointment of M/s. P. Chandrasekar LLP as the new Statutory Auditors for WSI Ltd. This appointment comes in the wake of a casual vacancy created by the resignation of the existing auditors. M/s. P. Chandrasekar LLP, established in 1988 and converted to an LLP in 2017, brings a wealth of experience to the role. The firm boasts 11 partners and a team of approximately 80 professionals across offices in Chennai, Bangalore, Mumbai, and Hyderabad.

62nd Annual General Meeting Scheduled

WSI Ltd has set the date for its 62nd Annual General Meeting. The AGM is scheduled for September 23, 2025, at 2:30 PM and will be conducted via video conference or other audio-visual means. This virtual format aligns with the ongoing trend of digital meetings in the corporate world.

Key Corporate Actions Approved

The Board meeting, which lasted from 13:30 to 13:57 hours on August 23, 2025, saw the approval of several important matters:

1. Director Remuneration: The Board has approved remuneration for both executive and non-executive directors for the period from July 1, 2025, to September 30, 2026. This approval is subject to shareholder consent.

2. Memorandum of Association Alteration: The company plans to alter its Memorandum of Association (MOA) and adopt a new set of main objects to align with the Companies Act, 2013. This change will require shareholder approval.

3. Related Party Transactions: The Board considered proposed related party transactions (RPTs) and recommended material RPTs for shareholder approval.

4. Board's Report and AGM Notice: The Board's Report for the financial year 2024-2025 and the notice for the 62nd AGM, along with relevant annexures, have been approved.

These corporate actions reflect WSI Ltd's commitment to maintaining strong governance practices and keeping its shareholders informed about significant company developments. The appointment of new auditors and the scheduled AGM provide opportunities for the company to ensure financial transparency and engage with its shareholders.

As WSI Ltd moves forward with these changes, shareholders and market watchers will be keen to see how these decisions impact the company's operations and market position in the coming months.