Carysil Limited Announces Board Decisions Including Asset Acquisition and Subsidiary Restructuring
Carysil Limited announced several key decisions following a board meeting held on March 20, 2026. The company approved the appointment of M/s BDO India LLP as the Internal Auditor and M/s S.S. Puranik & Associates as the Cost Auditor for the financial year 2026-27.The Board also approved an extension of the timeline for utilizing the balance capital expenditure funds from the Qualified Institutional Placement (QIP) from March 31, 2026, to March 31, 2027.
Furthermore, the Board approved a restructuring plan involving the transfer of business, assets, and liabilities of Carysil Brassware Limited, a wholly owned step-down subsidiary in the United Kingdom, to Carysil Products Limited, another wholly owned step-down subsidiary in the United Kingdom. Following the transfer, Carysil Brassware Limited will initiate voluntary strike-off proceedings according to the UK Companies Act 2006. The voluntary strike-off of Carysil Ceramictech Limited, a wholly owned subsidiary, was also approved due to its inability to commence business.
Carysil Products Limited, a wholly owned step-down subsidiary, is set to acquire 100% of the issued share capital of Setu Capital Limited, incorporated in England and Wales, U.K. This acquisition includes the underlying assets, namely an office property in London, U.K., at an estimated enterprise value of GBP ~2.27 million, comprising a cash consideration of GBP 325,000 and assumption of loan and liabilities.
Annexure - I: Internal and Cost Auditors
| Sr. No. | Particulars | Internal Auditor | Cost Auditor |
|---|---|---|---|
| 1 | Reason for change (Appointment) | Appointment of M/s BDO India LLP as Internal Auditor of the Company. | Appointment of M/sS.S. Puranik & Associates, Cost Accountants as the Cost Auditor of the Company. |
| 2 | Date of appointment & term of appointment/re- appointment | The Board at its meeting held on 20 th March 2026, approved the appointment of M/s BDO India LLP, as the Internal Auditor of the Companyfor the FY 2026-27. | The Board at its meeting held on 20 th March 2026, approved the appointment of M/s S.S. Puranik & Associates, as the Cost Auditor of the Company for the FY 2026-27. |
| 3 | Brief profile | BDO India LLP is a member firm of the global BDO network. | M/s S S Puranik &Associates is a Partnership firm of Cost Accountants. |
Annexure - II: Transfer of Business, Assets, and Liabilities
| Sr. No. | Particulars | Details |
|---|---|---|
| a) | Amount and percentage of turnover/revenue/income and net worth contributed by the subsidiary during the last financial year | Turnover - ~INR 11.77 crore (1.44% of consolidated turnover); Net worth - £382 (approximately INR 0.004 crore, ~0.00% of consolidated net worth). |
Annexure - III: Voluntary Strike-off of Subsidiary
| S.No. | Particulars | Details |
|---|---|---|
| a) | Amount and percentage of turnover or revenue or income and net worth contributed by the unit | Not applicable. Carysil Ceramictech Limited has not commenced operations. |
Annexure - IV: Acquisition of Setu Capital Limited
| Sr. No. | Particulars | Response |
|---|---|---|
| h. | Cost of acquisition | Estimated enterprise value of GBP ~2.27 million, comprising cash consideration of GBP 325,000 and assumption of loan and liabilities. |
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