Board approves FY26 accounts, notes OCD conversion notices, ends UMT Infra deal talks
Board meeting held on 23 Oct 2026.
By ScoutQuest · · 2 min read
- OCD Conversion Notices
- ₹5,74,60,000
- FY 2025-26 Audited Accounts
- approved; no dividend
- 12th AGM Date
- 14 Nov 2026
What the board did
Milestone Furniture's board met on 23 October 2026 and approved, noted or recommended a mix of corporate actions, board changes, auditor appointments and the FY 2025-26 accounts. Most of these now go to shareholders at the 12th Annual General Meeting.
OCD conversion: notices received, allotment deferred
- Conversion notices were received from holders of Unlisted Secured Optionally Convertible Debentures for OCDs aggregating ₹5,74,60,000.
- The board noted that prior in-principle approval from the stock exchange was not obtained when these OCDs were originally issued.
- The equity shares will be allotted only after post-facto in-principle approval is received. Directors are authorised to file condonation and in-principle approval applications and to pay applicable SOP fines or penalties.
The conversion has not been cancelled; the share allotment is simply placed after a pending exchange approval, and a penalty cost is possible.
UMT Infra acquisition dropped
- The board approved discontinuation and termination of all discussions, negotiations and non-binding term sheets with UMT Infra Projects Private Limited with immediate effect.
- The reason given is that the parties could not arrive at mutually viable commercial terms, valuation criteria or closing conditions.
- The company states this leaves no continuing financial, operational or legal liability on it.
Proposed share capital structure
- Existing equity shareholding: 32.5622%
- Proposed sweat equity shares: 5.2576%
- Proposed ESOP allocation: 24.5356%
- The update notes that share quantities are subject to confirmation, and the ESOP figure is only a contemplated option pool, not issued capital until options are exercised and shares allotted.
Board and management changes
- Mr. Abhishek Pokharna resigned as Company Secretary and Compliance Officer (Key Managerial Personnel) effective close of business on 20 September 2026; the stated reason is a new professional opportunity.
- Mr. Akash Chugh (DIN: 11206510) is recommended to shareholders for regularization as a Non-Executive Independent Director, not liable to retire by rotation, for a first term of 5 (Five) consecutive years from 18 August 2026 to 17 August 2031.
- Ms. Vaishali Balasaheb Jagtap (DIN: 10943315) is recommended as an Executive Director (in professional capacity), liable to retire by rotation.
FY 2025-26 accounts and dividend
- The board approved the audited financial statements for the year ended 31 March 2026 and the Directors' Report, and recommended them to members for adoption.
- No dividend has been recommended on equity shares for FY 2025-26, with the stated aim of conserving financial resources for operational requirements.
Auditors and the AGM
- M/s Gupta Rajesh & Associates, Chartered Accountants, is recommended as statutory auditor for 5 (Five) consecutive Financial Years, from FY 2026-27 to FY 2030-31.
- M/s Arshiya Jain & Associates, Practising Company Secretaries, is appointed and recommended as secretarial auditor for 5 (Five) consecutive Financial Years, FY 2026-27 to FY 2030-31.
- Ms. Navjeet Kaur, Advocate, was appointed scrutinizer for the 12th AGM.
- The 12th AGM is on Saturday, 14 November 2026 at 12:30 P.M.; the cut-off for remote e-voting is 7 November 2026 and book closure runs from 8 November 2026 to 14 November 2026 (both days inclusive).
Also from Milestone Furniture
Board clears capital structure in-principle, defers OCD share allotment, calls off UMT Infra deal
23 Oct 2026
Board meeting on 23 October 2026 to consider FY 2025-26 audited results, OCD conversion notices and other items
23 Oct 2026
ROC Grants 1 Month 15 Days Extension to Hold FY26 AGM
29 Sep 2026
More numbers
- OCDs covered by conversion notices₹5,74,60,000/-
- Existing equity shareholding in proposed structure32.5622%
- Proposed sweat equity shares5.2576%
- Proposed ESOP allocation24.5356%
- Independent director term5 (Five) consecutive years
- Statutory auditor term5 (Five) consecutive Financial Years
- Secretarial auditor term5 (Five) consecutive Financial Years
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