Avi Products India Ltd

AVI Products India Limited closes trading window from 01 October 2026; reopening 48 hours after the declaration of Unaudited Financial Results of the Company for the quarter and half year 30th September, 2026.

AGM Details

• AGM held on 24 September 2026 via video conferencing (VC/OAVM) at 12:15 PM.
• Concluded at 12:34 PM; record date 17 September 2026.
• All items transacted; resolutions passed by requisite majority via remote e-voting.

Key Resolutions

• Resolution 1: Adopt Standalone Audited Financial Statements for year ended 31 March 2026; Passed.
• Resolution 2: Re-appoint Vikram Avinash Vora as director; Passed.
• Resolution 3: Appoint S A R A & Associates as Statutory Auditors; Passed.
• Resolution 4: Appoint Secretarial Auditors; Passed.
• Resolution 5: Re-designate Avinash Dhirajlal Vora as Executive Director; Passed.
• Resolution 6: Re-designate Parthh Kaushik Mehta as Chairman & MD; Passed.
• Resolution 7: Sale of assets to promoters and director; Passed.

Voting Results

• Resolution 1: Passed with overwhelming support; ~99% in favour.
• Resolution 2: Passed with overwhelming support; ~99% in favour.
• Resolution 3: Passed with overwhelming support; ~99% in favour.
• Resolution 4: Passed with overwhelming support; ~99% in favour.
• Resolution 5: Passed with overwhelming support; ~99% in favour.
• Resolution 6: Passed with overwhelming support; ~99% in favour.
• Resolution 7: Passed with overwhelming support; ~99% in favour.

Director Changes

• Resolution 2 includes re-appointment of Vikram Avinash Vora as director.
• Resolution 5 designates Avinash Dhirajlal Vora as Executive Director.
• Resolution 6 designates Parthh Kaushik Mehta as Chairman & Managing Director.

Material Related Party Transactions

• Item 7: Sale of assets to promoters and director; material RPT; counterparty: promoters and director.

AGM Details

• Date: 24 September 2026; Time: 12:15 PM; Mode: VC/OAVM.

Resolutions Put to Vote

• Adopt Standalone Audited Financial Statements for the year (Ordinary).
• Re-appoint director by rotation (Ordinary).
• Appoint Statutory Auditors (Ordinary).
• Appoint Secretarial Auditors (Ordinary).
• Re-designate Executive Director (Special).
• Re-designate Chairman & Managing Director (Special).
• Sale of assets to promoters and director (Special).

Voting Status

• Voting results and scrutinizer's report to be announced within 48 hours.

Material Related Party Transactions

• Sale of assets to promoters and director; value not disclosed.

Director Changes

• Director re-appointment by rotation proposed.
• Executive Director designation.
• Chairman & Managing Director re-designation.

Financial highlights

• Total income ₹14,008k in FY2025-26, down from ₹49,674k in FY2024-25.
• Profit before tax: loss ₹19,245k in FY26, vs ₹718k prior year.
• Net profit after tax: loss ₹19,427k; EPS ₹-5.87.
• Total expenditure ₹33,253k; higher than income for the year.
• Dividends: no dividend declared for FY25-26.
• Equity share capital ₹33,068k; fully paid up.
• Total assets ₹52,351k; total equity ₹51,535k.
• Current ratio 82.45; ROE −37.70%.
• Borrowings: current nil; prior year ₹8,100k.
• Open offer for 8,59,769 shares at ₹33 per share.

Business developments & strategy

• New management took control; pivot to real estate from 2026-27.
• Object clause amended on 28 May 2026 to enable real estate activity.
• Open offer for 8,59,769 shares at ₹33 per share.
• Promoter SPA transfers 23.68% to acquirer; escrow arrangement established.
• Escrowed shares held until regulatory open offer completes.
• Aims to onboard new distribution partners and diversify revenue.
• Management notes diversification beyond dental products.

Governance & board

• Parthh Kaushik Mehta appointed Chairman & MD on 23 Apr 2026.
• Avinash Dhirajlal Vora re-designated as Executive Director from MD, effective Aug 5, 2026.
• New directors appointed: Parthh Mehta, Ameya Tandulkar, Bankim Mehta, Malvika Jagani, Dayashankar Patel, Aditya Soni.
• Resignations: Daksha N. Vora, Abhishek N. Vora, Manas Ranjan Palo, Saroj Kumar Choudhury.
• Secretarial Auditor appointed: Pooja Gala & Associates.
• Internal Auditor appointed: KC Shrimanker & Associates.

Capital structure & liquidity

• Equity share capital at 31-03-2026: ₹33,068k; unchanged.
• Total equity ₹51,535k; total assets ₹52,351k.
• Current liabilities ₹615k; current borrowings nil.
• Cash and cash equivalents ₹337k; bank balances nil at year-end.
• Promoter holdings total 62.68% as of 31-03-2026 (PPMS 24.79%, Escrow 37.89%).
• Open offer and acquisitions are shifting ownership dynamics.

Related parties & promoter reshaping

• Related party transactions are arm's length and in ordinary course.
• Sales to Total Dental Care Private Limited: ₹5,875k.
• Sales to Healix Health Care Pvt Ltd: ₹14,183k.
• Purchases from Healix Health Care Pvt Ltd: ₹1,517k.
• Rent paid to Avinash Vora: ₹180k; to Parth Vora: ₹180k.
• Promoter/escrow holdings restructured due to open offer.

Audit, risk & compliance

• Statutory auditor: SAR A & Associates appointed for 2025-26; NK Jalan & Co resigned 2026.
• Secretarial auditor: M/s Pooja Gala & Associates; unqualified report.
• Internal auditor: KC Shrimanker & Associates appointed for 2026-27.
• Risk management policy in place; vigil mechanism active.
• Board oversight and internal controls maintained; no fraud reported.

Outlook & risks

• Board evaluating opportunities across sectors; real estate pivot aligned with long-term growth.
• Risks include FX volatility, pricing pressure, and execution of diversification.
• Management emphasizes going concern and asset protection amid market shifts.

AGM Details

• 37th AGM on 24 Sep 2026 at 12:15 PM IST via VC/OAVM.
• Remote e-voting: 21–23 Sep 2026, 9:00 AM–5:00 PM.
• Voting cut-off date: 17 Sep 2026.
• Deemed venue: Registered office.
• Register/Book closure: 18–24 Sep 2026 (inclusive).

Key Resolutions

• Item 1 (Ordinary): Adopt standalone financial statements for FY ended 31 Mar 2026.
• Item 2 (Ordinary): Re-appoint Vikram Avinash Vora by rotation.
• Item 3 (Ordinary): Appoint M/s S A R A & Associates as Statutory Auditors for five years.
• Item 4 (Ordinary): Appoint M/s Pooja Gala & Associates as Secretarial Auditor for five years.
• Item 5 (Special): Re-designate Avinash Dhirajlal Vora from MD to Executive Director for five years.
• Item 6 (Ordinary): Re-designate Parth Kaushik Mehta as Chairman & MD for five years.
• Item 7 (Special): Approve sale of company car to promoter/director on IDV terms.

Dividend

• Dividend not proposed for the year.

Director Changes

• Resignations on 23 Apr 2026: Daksha N. Vora, Abhishek N. Vora, Manas Ranjan Palo, Saroj Kumar Choudhury.
• Post-year-end appointments (23 Apr 2026): Parth Kaushik Mehta; Ameya Tandulkar; Bankim Mehta; Malvika Jagani; Dayashankar Patel; Aditya Soni.
• CS changes: Bijal Durgavale resigned 28 Oct 2025; Shanu Jain appointed 16 Jan 2026; Shreyana Koyande appointed 12 Feb 2026; Renu Choudhary appointed 23 Apr 2026.
• CFO changes: Hemali Patel resigned 23 Apr 2026; Nikunj Gandhi appointed 23 Apr 2026.

Auditor Appointments

• Statutory Auditors: M/s S A R A & Associates appointed for five years (2026–30).
• Secretarial Auditors: M/s Pooja Gala & Associates appointed for five years.
• Internal Auditor: M/s K. C. Shrimanker & Associates appointed for 2026–27.
• Previous Statutory Auditor: M/s N.K. Jalan & Co. resigned 23 Mar 2026.

Material Related Party Transactions

• Sales to Total Dental Care Private Limited: ₹5,875 thousand.
• Sales to Healix Health Care Pvt Ltd: ₹14,183 thousand.
• Purchase from Healix Health Care Pvt Ltd: ₹1,517 thousand.
• Rent paid to Avinash Dhirajlal Vora: ₹180 thousand.
• Rent paid to Parth Avinash Vora: ₹180 thousand.
• Sale of car to Avinash Dhirajlal Vora: ₹5.23 lakh (IDV), 3.74% of turnover.
• Open offer by PPMS Real Estates LLP: up to 8,59,769 shares at ₹33; 26% stake.

Open Offer / Capital Changes

• Promoter open offer for 26% stake; 8,59,769 shares at ₹33 each.
• Promoter SPA/SSPC details imply transfer of control; escrow arrangements in place.

Book Closure & AGM Details

• Book closure: 18 September 2026 to 24 September 2026, inclusive.
• Purpose: for the 37th Annual General Meeting.
• Security: equity shares of Rs 10 each.
• Cut-off for remote e-voting: 17 September 2026.
• Record date fixed for entitlement to voting at the AGM.

Governance and AGM disclosures

• Notice for 37th AGM, Directors' Report, MDAR and related annual report documents approved.
• AGM to be held on 24 September 2026 via VC/OAVM.
• Remote e-voting period from 21 September to 23 September 2026.
• Register of Members and share transfer books closed 18-24 September 2026.
• Aparna Tripathi & Associates, Practicing Company Secretary, appointed Scrutinizer for AGM e-voting.

Meeting Details

• Board meeting to be held on Aug 24, 2026; time and venue not disclosed.

Key Agenda Items

• Fix AGM date, time and venue for FY 2025-2026.
• Fix Book Closure date for AGM FY 2025-2026.
• Approve AGM Notice, Board Report and related documents for FY 2025-2026.
• Appoint a Scrutinizer for e-voting at AGM.
• Any other matter with permission of the Chair.