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ESCONET Technologies Board Meeting Outcomes: Key Approvals and Appointments

In a board meeting held on July 26, 2024, ESCONET Technologies Limited announced significant decisions, including the re-appointment of statutory auditors, a new CFO, details of the upcoming AGM, and a substantial investment approval.

Key Approvals from the Board Meeting

Re-Appointment of Statutory Auditors The Board has approved and recommended the re-appointment of M/s Goel Mintri & Associates as the statutory auditors for a term of five years. This decision is subject to shareholder approval at the upcoming Annual General Meeting (AGM).

Details:

• Statutory Auditor: M/s Goel Mintri & Associates
• Term: 5 years, from the conclusion of the 12th AGM to the 17th AGM
• Approval: Subject to shareholder approval at the AGM

Appointment of New CFO Mr. Keshav Pareek has been appointed as the Chief Financial Officer (CFO) effective from July 26, 2024. Mr. Pareek is a seasoned Chartered Accountant with a decade of experience in finance and accounts.

Details:

• New CFO: Mr. Keshav Pareek
• Effective Date: July 26, 2024
• Background: Qualified Chartered Accountant with extensive experience in finance, pricing, commercial negotiations, and investment analysis.

Upcoming Annual General Meeting (AGM)

Details of the 12th AGM The 12th AGM of ESCONET Technologies Limited for FY 2023-24 will be held on August 30, 2024, through Video Conferencing (VC) / Other Audio-Visual Means (OAVM).

Key Information:

• Date and Time: August 30, 2024, at 03:00 PM IST
• Mode: Video Conferencing / Other Audio-Visual Means
• E-Voting Period: August 27, 2024, 09:00 AM IST to August 29, 2024, 05:00 PM IST
• Cut-Off Date for E-Voting: August 23, 2024

Investment Approval The Board has also approved an investment of up to Rs. 5 crores under Section 186 of the Companies Act, 2013.

Detailed Information and Compliance

Statutory Auditor Re-Appointment (Annexure-A)

• Reason for Change: Re-appointment for a term of 5 years
• Date of Re-Appointment: To be finalized at the AGM
• Terms: To provide statutory audit services for the specified term
• Relationship Disclosure: Not applicable

CFO Appointment (Annexure-B)

• Reason for Change: Appointment in compliance with Section 203 of the Companies Act, 2013
• Date of Appointment: July 26, 2024
• Terms: Appointment effective from July 26, 2024, until resignation or retirement
• Profile: Experienced Chartered Accountant with expertise in finance and accounts
• Relationship Disclosure: Not applicable

Conclusion

The board meeting of ESCONET Technologies Limited has resulted in critical appointments and decisions aimed at enhancing the company's governance and financial management. Stakeholders are encouraged to stay informed about these developments and participate in the upcoming AGM.