Four directors resign; board also approves unaudited Q2 and half-year results
Four directors have resigned with effect from 03-11-2026 after business hours, citing a change in the management of the Company.
By ScoutQuest · · 2 min read
What was decided at the board meeting
The board of Avi Products India met on Tuesday, November 03, 2026, from 12:30 P.M. to 2:20 P.M. Two matters were considered and approved: the standalone unaudited financial results for the quarter and half year ended 30th September, 2026, and the acceptance of the resignation of four directors.
Who resigned
- Mr. Avinash Dhirajlal Vora (DIN 02454059) — Executive Director and Promoter
- Mr. Vikram Avinash Vora (DIN 02454043) — Non-Executive Non-Independent Director and Promoter
- Mr. Kamlesh Bhagwandas Mehta (DIN 10748358) — Director
- Mr. Pradeep Himatlal Joshi (DIN 02416091) — Director
All four cease to be directors with effect from 03-11-2026, after closing of business hours.
Why they stepped down
The annexure records the reason as "Pursuant to change in the management of the Company and being the Director/Promoter of Old Management". The two promoter resignation letters state the same reason and confirm that "there are no other material reasons other than those provided above."
The financial results in numbers
- Revenue from operations for the quarter ended 30th September, 2026: Rs. 126.43 lakhs, against Rs. 19.00 lakhs in the quarter ended 30th September, 2025
- Loss for the quarter: Rs. 1.83 lakhs, against Rs. 55.36 lakhs in the same quarter last year
- Half year ended 30th September, 2026: revenue Rs. 126.43 lakhs and loss Rs. 19.70 lakhs, against Rs. 77.21 lakhs revenue and Rs. 94.98 lakhs loss in the half year ended 30th September, 2025
- Basic and diluted earnings per share for the quarter: Rs. (0.06), against Rs. (1.67)
- Total income for the quarter: Rs. 134.52 lakhs; total expenses: Rs. 136.35 lakhs
- Total assets as at 30th September, 2026: Rs. 497.32 lakhs, against Rs. 523.51 lakhs as at 31st March, 2026
Other points from the update
- The results are standalone and unaudited, and carry a limited review report from S A R A & Associates, Chartered Accountants, the statutory auditors
- The company operates in two business segments: Real Estate and Dental Products
- The paid-up equity share capital is Rs. 330.68 lakhs, with a face value of Rs. 10/- each
What retail investors may watch
Four directors leaving at the same time, two of them promoters who describe themselves as part of the "Old Management", points to a change in the board's composition. The update gives the stated reason as a change in management, and the accompanying results show a loss for both the quarter and the half year.
Also from Avi Products India
Board accepts resignations of Executive Director, promoter directors and other directors
3 Nov 2026
Q2/H1 FY27 results approved; four directors resign, including promoters of the old management
3 Nov 2026
Board clears Q2 results; four directors resign citing change in management
3 Nov 2026
More numbers
- Revenue from operations, quarter ended 30 Sept 2026 (Rs. in lakhs)126.43
- Revenue from operations, quarter ended 30 Sept 2025 (Rs. in lakhs)19.00
- Loss for the period, quarter ended 30 Sept 2026 (Rs. in lakhs)(1.83)
- Loss for the period, half year ended 30 Sept 2026 (Rs. in lakhs)(19.70)
- Loss for the period, half year ended 30 Sept 2025 (Rs. in lakhs)(94.98)
- Total income, quarter ended 30 Sept 2026 (Rs. in lakhs)134.52
- Total assets as at 30 September 2026 (Rs. in lakhs)497.32
- Paid-up equity share capital (Rs. in lakhs)330.68
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