Avantel Limited Approves Re-appointment of Statutory Auditors and Appoints Two Independent Directors

Avantel Limited Approves Re-appointment of Statutory Auditors and Appoints Two Independent Directors​

Avantel Limited members approved the re-appointment of M/s. Grandhy & Co. as Statutory Auditors and sanctioned the appointment of two new independent directors, Dr. Tamilmani Kandasamy and Mr. Lakshminarasimha Acharyulu Muktevi, at its 36th Annual General Meeting held on June 24, 2026.

The Annual General Meeting included several key corporate appointments concerning governance and financial oversight for the company.

Re-appointment of Statutory Auditors​

M/s. Grandhy & Co., Chartered Accountants, was re-appointed as the Statutory Auditor of Avantel Limited for a second consecutive term. This appointment is effective from the conclusion of the 36th Annual General Meeting until the conclusion of the 41st Annual General Meeting, which will be held for the Financial Year 2030-31.

M/s. Grandhy & Co., established in 1976, possesses extensive experience across audit, assurance, and advisory services. The firm is empanelled with regulatory authorities such as RBI, CAG, and NABARD and maintains offices in Visakhapatnam, Hyderabad, Vijayawada, and Anantapur. Their expertise spans statutory audits, internal audits, bank audits, and advisory assignments within the public sector, infrastructure, banking, power, manufacturing, and financial services sectors.

New Independent Director Appointments​

The members also approved the appointment of two senior professionals to the board, both not liable to retire by rotation for a five-year term commencing from April 26, 2026, until April 25, 2031. These appointees are Dr. Tamilmani Kandasamy and Mr. Lakshminarasimha Acharyulu Muktevi.

Dr. Tamilmani Kandasamy (DIN: 07617444)
Dr. Kandasamy is a distinguished aerospace professional with over four decades of experience in defence research and development, airworthiness certification, and strategic programme management. He previously served as Director General (Aeronautics) at the Defence Research and Development Organisation (DRDO), Ministry of Defence, Government of India. His career highlights include leading major aerospace programmes and contributing to indigenous platform development such as LCATejas and ALHand AEWsystems. Dr. Tamilmani holds a Ph.D. in Technology Dynamics and National Security and is a Fellow of leading professional institutions.

Mr. Lakshminarasimha Acharyulu Muktevi (DIN: 02118771)
Mr. Muktevi is a seasoned corporate management professional with over four decades of experience spanning infrastructure, manufacturing, financial services, and the semiconductor technology sectors. He holds a Master of Technology in Power Systems from Jawaharlal Nehru Technological University and a Master of Financial Management from Jamnalal Bajaj Institute of Management Studies, Mumbai. His prior senior leadership roles include CEO & Executive Director of Karaikal Port Private Limited and Managing Director of Sentini Sanitary Private Limited and Qualcore Logic Limited. Mr. Muktevi is an Associate Member of the Institute of Cost Accountants of India (ICMAI).

Both newly appointed directors are not related to any existing director or Key Managerial Personnel of Avantel Limited, and neither holds shares in the company.

AVANTEL Stock Price Movement​

Avantel Limited shares today slipped by 0.98% to settle at ₹170.12 after closing trading for the day. The stock experienced significant movement throughout the session, with 1.28 million shares traded and an intraday range spanning from a low of ₹169.61 to a high of ₹176.34.