Pranik Logistics Approves Appointment of New Director, Plans AGM to Alter Memorandum of Association
Pranik Logistics Limited announced several key decisions following its Board meeting held on July 3, 2026. Among the outcomes was the approval of Mr. Avinash Saigal as an Additional Executive Director, alongside proposals for significant amendments to the company's Memorandum of Association (MOA) and the scheduling of the 12th Annual General Meeting (AGM).The Board meeting approved the appointment of Mr. Avinash Saigal as an Additional Director in the executive category, effective from July 3, 2026. His tenure is set for a term of three consecutive years, pending ratification by the shareholders at the upcoming AGM.
Mr. Saigal brings extensive experience to the role, with over 22 years spent across supply chain management, logistics operations, and distribution management in sectors including retail, telecom, poultry, and infrastructure. He holds a postgraduate qualification from IIPM, Bangalore. Mr. Saigal joined Pranik Logistics in April 2022 and was appointed as Chief Executive Officer in 2024. Prior to joining the company, he held leadership positions at organizations such as Reliance Retail Limited, Innovative Retail Concepts Private Limited (BigBasket), and Reliance Jio Infocomm Limited. The Board confirmed that Mr. Saigal has no relationship disclosures concerning his directorships.
Corporate Restructuring and AGM Details
The Board also approved a proposal to alter the Objects Clause of the company's Memorandum of Association, pending shareholder approval at the AGM. This alteration is intended to broaden the scope of the company’s business activities and provide greater operational flexibility for future growth opportunities.The 12th Annual General Meeting (AGM) has been scheduled for Thursday, August 6, 2026, beginning at 12:30 P.M. (IST). The AGM will be conducted through Video Conferencing (VC) or other Audio-Visual Means (OAVM).
Key items proposed for shareholder approval at the AGM include:
- Authorization to Borrow Money under Section 180(1)(c) of the Companies Act, 2013.
- Alteration of the Main Objects Clause and the Incidental or Ancillary Objects Clause of the Memorandum of Association.
- The appointment of Mr. Avinash Saigal as a Whole-time Director and approval of his remuneration.
Focus on Supply Chain and Governance
A key component of the proposed alterations is the comprehensive update to the company's business objectives, designed to align with the Companies Act, 2013, and support long-term expansion strategies. These planned amendments focus on three main areas:Proposed Changes to Memorandum of Association (MOA):
| Area of Alteration | Scope of Change |
|---|---|
| Trading and Integrated Supply Chain Services | Enabling the company to undertake procurement, trading, wholesaling, and distribution services related to agricultural produce, FMCG, consumer products. This includes sourcing, inventory management, cold chain logistics, warehousing, order fulfillment, and transportation for integrated logistics or quick commerce enterprises. |
| Leasing and Commercial Utilisation of Warehousing Infrastructure | Granting the company the ability to acquire, lease, license, and commercially use warehouses, fulfilment centers, and cold storage facilities, including earning income through lease rentals and warehousing charges. |
| Incidental or Ancillary Objects Clause | The amendments update ancillary objects by incorporating provisions for banking and financial arrangements, borrowings, investments, guarantees, asset management, establishing branch offices, promoting business, and undertaking mergers, amalgamations, or corporate restructuring arrangements. |
In terms of governance, the Board appointed Mrs. Prachi Bhartia, a Practicing Company Secretary, to serve as the Scrutinizer for the AGM, ensuring a fair and transparent voting process. The cut-off date established for determining member eligibility for e-voting is set for Friday, July 31, 2026.
The Board meeting commenced at 03:00 p.m. (IST) and concluded at 04:30 p.m. (IST).
PRANIK Stock Price Movement
Pranik Logistics Limited's shares today settled steady in the post-market session at ₹47.50, showing no change against the previous trading close. The stock maintained its market valuation throughout the session, concluding at the same level as it opened for business.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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