Shayona Engineering Proposes Borrowing Limit Hike and New Auditor

Borrowing authority limit proposed at Rs 50 crore; 10th AGM set for September 25, 2026.

Reader Takeaway: Shareholders to decide on debt capacity expansion and auditor change at the upcoming September AGM.

What just happened

Shayona Engineering has released the agenda for its 10th Annual General Meeting (AGM) scheduled for September 25, 2026. The board is seeking shareholder approval for a significant increase in the company's borrowing power under Section 180(1)(c) of the Companies Act, moving the limit from Rs 20 crore to Rs 50 crore. Additionally, the company has requested authority to create securities against these borrowings and manage investments up to an aggregate ceiling of Rs 50 crore under Section 186.

Governance and Auditor Update

The company is formalizing a change in its statutory audit firm. Following the resignation of M/s. SGPS & Associates effective August 24, 2026, the Board has proposed the appointment of M/s. O. P. Rathi & Co. to serve a five-year term covering financial years 2026-27 through 2030-31. This appointment is currently subject to member approval at the AGM.

AGM and Voting Schedule

The AGM will take place on September 25, 2026, at 10:00 a.m. Shareholders who hold shares as of the cut-off date of September 18, 2026, are eligible to vote. The remote e-voting process will be open from September 21, 2026, to September 24, 2026. M/s. M. Buha & Co. has been appointed as the scrutinizer for this exercise.

Director Re-appointment

As part of the annual rotation process, the Board has recommended the re-appointment of Mr. Gaurav Ratukumar Parekh as a Director, which also requires shareholder endorsement at the upcoming meeting.