Satani Bearings Appoints New Statutory Auditor and Reconstitutes Key Committees
Satani Bearings Ltd., formerly known as Deccan Bearings Limited, has approved significant changes regarding its statutory auditors and the composition of its key corporate committees. The Board of Directors meeting held on June 19, 2026, resulted in the appointment of M/S Bhatt Shah Mekhia & Co. as the new Statutory Auditor, following the resignation of M/S P A M S & Associates. Additionally, the company approved the reconstitution of the Audit Committee and the Nomination & Remuneration Committee.The Board’s decision to appoint M/S Bhatt Shah Mekhia & Co., Chartered Accountants (Firm's Registration No. 129797W), made effective June 19, 2026, fills a casual vacancy. The appointed auditors will serve until the conclusion of the ensuing General Meeting of the company.
M/s. Bhatt Shah Mekhia & Co. is described as a professionally managed and privately owned firm offering services including Auditing & Assurance, Direct Tax Consultancy, Debt Syndication and Equity Placement Legal Representations, SAP Consultancy and Management Consultancy.
| Detail | M/S Bhatt Shah Mekhia & Co. |
|---|---|
| Company | Satani Bearings Limited |
| Effective Date of Appointment | June 19, 2026 |
| Term | Until the conclusion of the ensuing General Meeting |
Previous Auditor Resigns
M/S P A M S & Associates, Chartered Accountants (Firm's Registration No. 316079E), resigned as the company’s Statutory Auditor effective June 19, 2026. The Board noted the resignation and appreciated the guidance provided by the firm during its tenure.The resignation was attributed to geographical constraints, noting that while Satani Bearings Limited's operations are based in Mumbai, the firm is located in Bhubaneswar. Furthermore, it was highlighted that the firm had previously operated through a Mumbai branch, which closed in 2024.
| Former Auditor Detail | M/S P A M S & Associates |
|---|---|
| Company | Satani Bearings Limited |
| Effective Date of Resignation | June 19, 2026 |
| Reason for Change | Difficulty managing the audit due to geographical distance and compliance requirements. |
Committee Reconstitution Confirmed
The Board of Directors also approved the reconstitution of both the Audit Committee and the Nomination & Remuneration Committee with effect from June 19, 2026. This change follows the resignation of Ms. Aakansha Vaid, who was serving as a Non-Executive Independent Director of the company.The new compositions for the two committees are as follows:
Audit Committee Composition:
| Name of Director | Position in the Committee | Designation |
|---|---|---|
| Ajay Jagdishbhai Gohel | Chairperson | Non-Executive Independent Director |
| Nitin Arvind Oza | Member | Non-Executive Independent Director |
| Tanuj Pareshkumar Satani | Member | Executive Director |
Nomination & Remuneration Committee Composition:
| Name of Director | Position in the Committee | Designation |
|---|---|---|
| Ajay Jagdishbhai Gohel | Chairperson | Non-Executive Independent Director |
| Nitin Arvind Oza | Member | Non-Executive Independent Director |
| Shilpa Sagar Parab | Member | Non-Executive Non-Independent Director |
Stock Price Movement
On Monday's close, Satani Bearings Ltd. saw its shares settle at ₹272.00, slipping by 0.37% during the trading session. The stock remained completely flat throughout the day, with both the intraday high and low locked precisely at ₹272.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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