Statutory Auditor and Independent Director cease at 43rd AGM; new auditors and director approved

At the 43rd AGM held on September 28, 2026, shareholders approved several board and auditor changes.

Mon 28 Sep 2026

AGM Date

September 28, 2026

Outgoing Statutory Auditor

M/s. ADV & Associates, Chartered Accountants (FRN-128045W)

Incoming Statutory Auditor

Maark & Associates (FRN-145153W) for 5 years

New Independent Director

Mrs. Meenakshi Saini

Reappointed Chairman cum Managing Director

Mr. Bhavin Shantilal Jain

What was shared

Nivaka Fashions has intimated the exchanges of changes approved by shareholders at the 43rd Annual General Meeting held on September 28, 2026, along with two cessations.

Cessations

• M/s. ADV & Associates, Chartered Accountants (FRN-128045W) ceased as Statutory Auditors with effect from 28th September, 2026, on conclusion of the AGM as their tenure came to an end.
• Mr. Dinesh Jamnadas Shah ceases to be an Independent Director with effect from 29th September, 2026, upon completion of his second consecutive term.

Appointments approved by shareholders

• Maark & Associates (FRN-145153W), Chartered Accountants, appointed Statutory Auditors for a term of 5 years from 28th September, 2026, with remuneration fixed. The firm is described as specialising in statutory audits, corporate taxation and financial advisory services.
• Ms. Neha Anup Poddar, Practising Company Secretary (COP No. 26322), appointed Secretarial Auditor until the ensuing AGM, and further proposed for appointment for 5 consecutive years.
• Mrs. Meenakshi Saini appointed Independent Director from 28th September, 2026. She holds a B.Com, MBA (Finance), LL.B. and LL.M. (Corporate Law), with a background in industrial enterprise operations, corporate finance, legal compliances and litigation management.
• Mr. Bhavin Shantilal Jain re-appointed Chairman cum Managing Director, date of appointment 30th September, 2026.

Relationships disclosed

The update states that Priyesh Jain and Bhavin Jain are related to each other as brothers, and that none of the other Directors or KMPs are related inter-se. For the auditors and the newly appointed Independent Director, no relation with directors is disclosed.

How to read this

Both exits are stated as arising from completion of tenure or term, rather than from any disagreement. The replacements were approved at the same AGM, so the audit and board positions are filled. Regular rotation of auditors and independent directors after their permitted terms is routine for listed companies, and this intimation is a housekeeping disclosure rather than a business or earnings event.

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