Adroit Infotech has forfeited over 26 lakh partly paid-up shares due to non-payment. The company also appointed a new internal auditor and set its AGM date for August 14, 2026.
Adroit Infotech Forfeits Shares, Appoints New Auditor, Sets AGM Date
Adroit Infotech Ltd has announced the forfeiture of 26,39,910 partly paid-up equity shares, effective May 22, 2026. This action stems from shareholders failing to pay outstanding First Call and/or Final Call monies despite due notices. The company will retain all amounts already paid on these shares.
Reader Takeaway: Shareholder compliance issue addressed; routine AGM and auditor transition.
What just happened
The company's Board of Directors approved the forfeiture of a significant number of partly paid-up shares. This is a procedural step taken when shareholders do not fulfill their payment obligations for call money.
Why this matters
For existing shareholders, this forfeiture means a reduction in the total number of partly paid-up shares outstanding. The amounts paid by these shareholders on the forfeited shares will now be retained by the company. Additionally, the appointment of a new internal auditor and the revised remuneration for key management personnel at its subsidiary signal ongoing operational adjustments.
The backstory
The forfeited shares were likely issued as part of a previous capital-raising activity. Shareholders who did not pay the subsequent calls are subject to forfeiture as per company policies and SEBI regulations for listed entities.
What changes now
The company has completed a housekeeping exercise related to its capital structure. A new internal auditor is in place, and remuneration for key executives at Verso Altima India Private Limited has been revised. Modifications to the 'AIL ESOP 2023' scheme are also proposed, subject to approvals.
Risks to watch
While the forfeiture is a procedural event, it reflects a segment of shareholders' inability to meet financial commitments. The ESOP modifications will require close scrutiny by shareholders and regulators.
Peer comparison
Share forfeiture due to non-payment of call money is a relatively common occurrence, especially following rights issues where market conditions might change before call payments are due. Companies typically have policies in place to handle such situations.
Context metrics (time-bound)
- Share Forfeiture Effective Date: May 22, 2026
- Number of Shares Forfeited: 26,39,910
- New Internal Auditor Appointed: Mr. Thirumareddy Praveen Kumar, effective June 13, 2026
- Previous Internal Auditor Resigned: Mr. Ravi Daryavesh, effective June 13, 2026
- AGM Date: August 14, 2026
- Remuneration Revision Effective Date: April 1, 2026
What to track next
Investors should watch for outcomes from the upcoming Annual General Meeting on August 14, 2026, particularly regarding the ESOP scheme modifications. Any further communication regarding the forfeited shares and their impact on the company's financial statements will also be important.