Board Meeting Outcome: Auditor and Independent Director Reappointment Proposals, CEO-CFO Role Swap

Board meeting of October 06, 2026 approved a revised director report for the year ended March 31, 2026 and a revised notice for the 18th AGM.

Tue 6 Oct 2026

Board meeting date

October 06, 2026

Proposed statutory auditor

M/s Shivam Soni & Co. proposed as statutory auditor for 5 years

Proposed independent director

Saurabh Patel proposed as Non-Executive Independent Director for 5 years

Outcome of the board meeting held on October 06, 2026

The board of directors met on October 06, 2026 and transacted and approved a set of items, several of which will go to members at the 18th Annual General Meeting (AGM). The meeting was held from around 06:00 p.m. IST and closed at around 8:00 p.m. IST.

Statutory auditor: second term proposed

• Reappointment of M/s Shivam Soni & Co., Chartered Accountants (FRN: 152477W), as statutory auditor of the Company for a second term of 5 (five) consecutive years.
• The term runs from the conclusion of the 18th AGM to be held in 2026 till the conclusion of the 23rd AGM to be held in 2031.
• The proposal is subject to approval of the members of the Company and other statutory requirements.

The firm's profile in the annexure describes it as a peer reviewed Chartered Accountants firm in Ahmedabad, Gujarat, working in compliance, assurance, tax advisory, internal audit, GST, management consultancy and fund syndication, along with IndAS and listing-related reporting.

Independent director: second term proposed

• Reappointment of Shri Saurabh G Patel as a Non-Executive Independent Director for a second term of 5 (five) years, with effect from 30th December, 2026.
• The Nomination & Remuneration Committee recommended it and the Board proposed it, subject to approval of the shareholders at the forthcoming AGM.
• His profile: B.Com., with experience of more than 20 Years in the banking and finance field.

Senior management changes

• Mr. Jitendrakumar S Soni has resigned from the office of Chief Financial Officer with effect from October 06, 2026. The stated reason is realignment of roles and responsibilities within the senior management team. In his resignation letter he says he will focus on the strategic, operational and business responsibilities of his position as Joint Managing Director, and will continue his association with the Company.
• Mr. Jenik D Soni has resigned from the office of Chief Executive Officer with effect from October 06, 2026 and has been appointed as Chief Financial Officer. The stated reasons are organisational restructuring and realignment of executive responsibilities and to fill the vacancy in the office of CFO. The annexure notes his qualification in Business Administration, that he was CEO of the Company for 5 years, and that he is the son of Mr. Dineshkumar S Soni, Managing Director, and is related to the promoter and directors of the Company. His letter says he remains committed to continuing his association with the Company.

Other items approved

• Revised Draft Director Report, along with its annexures, for the year ended March 31, 2026, and the revised notice calling the 18th AGM and other matters related to it.
• Appointment of M/s Mukesh H. Shah & Co., Company Secretaries, Ahmedabad, as Scrutinizer to scrutinize remote e-voting and voting at the 18th AGM.
• Proposal for increasing the remuneration of Mr. Saremal Soni, Chairman and Managing Director, Mr. Dineshkumar Soni, Managing Director, and Mr. Jitendrakumar Soni, Joint Managing Director, subject to approval of members at the AGM.
• Proposal for a Related Party Transaction for approval of members at the AGM.
• Shifting of the registered office of the Company to "Ashapuri Corporate House", 2/F Ravish Aprt., Near Jalaram Chass Wala, Navrangpura Bus Stand Road to Swastik Cross Road, Navrangpura, Ahmedabad, Gujarat, India - 380009.

How a retail investor may read this

• The auditor and independent director items are second-term proposals that need shareholder votes at the 18th AGM; both were preceded by committee recommendation.
• The CFO and CEO changes are internal reassignments: the outgoing CFO continues as Joint Managing Director, and the outgoing CEO moves into the CFO role. Both are described in the letters as part of a realignment of roles, and both persons continue with the Company.
• The remuneration increase for the three senior directors and the related party transaction are proposals placed for member approval at the AGM.
• The registered office is being shifted to a new address within Navrangpura, Ahmedabad.

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