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Latest filing: 2026-09-29 14:29
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Note: These are AI-generated, educational summaries of public NSE
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3 announcements match the current filters (relevance ≥ 5).
Milestone Furniture Appoints New Auditor; Defers ₹5.75 Cr OCD Conversion on Compliance Issue
Milestone Furniture appointed M/s Gupta Rajesh & Associates as statutory auditor to fill a casual vacancy created by the resignation of M/s R. Daga & Company. The Board also reviewed conversion notices for Unlisted Secured Optionally Convertible Debentures (OCDs) worth ₹5.75 crore, but deferred allotment pending post-facto in-principle approval from stock exchanges due to non-compliance with Regulation 28(1). Additionally, the company approved increasing its authorized share capital six-fold from ₹10 crore to ₹60 crore and sought a 3-month extension for its FY26 AGM.
Confidence: HIGH
What changedThe company replaced its statutory auditor, deferred a ₹5.75 crore debenture equity allotment citing regulatory omission, and approved a substantial hike in authorized share capital.
Why it mattersThe ₹5.75 crore OCD conversion represents significant potential equity dilution relative to its ₹26 crore market cap, and the regulatory oversight raises compliance concerns.
OCD Conversion Value: ₹5,74,60,000OCD Value vs Market Cap: ~22.1%New Authorized Share Capital: ₹60,00,00,000Previous Authorized Share Capital: ₹10,00,00,000
📅 Short termUncertainty surrounding exchange condonation for the OCD conversion and regulatory scrutiny could weigh on sentiment.
📈 Long termThe 6x increase in authorized share capital indicates potential massive equity dilution ahead, in a business that has reported zero operational revenue across recent quarters.
⚠ Risk flags
- Procedural non-compliance under SEBI LODR Regulation 28(1)
- Auditor resignation and AGM postponement request
- Zero promoter holding and zero TTM revenue
Key Highlights
OCD conversion of ₹5,74,60,000 deferred due to lack of prior approval under Regulation 28(1)
Authorized share capital increased from ₹10,00,00,000 to ₹60,00,00,000 across 6,00,00,000 equity shares
M/s Gupta Rajesh & Associates appointed statutory auditor to fill casual vacancy following R. Daga & Company's resignation
Application filed with RoC for a 3-month extension to convene the AGM for FY 2025-26
Rescinded resolution for opening Khar West branch office as lease negotiations failed
👀 What to Watch
Track whether stock exchanges grant post-facto in-principle approval and condonation for the ₹5.75 crore OCD conversion, and monitor RoC approval for the AGM timeline extension.
Milestone Furniture Statutory Auditor Resigns; Board Proposes 6x Authorised Capital Hike
Milestone Furniture reported the resignation of statutory auditor M/s. R. Daga & Company effective July 28, 2026, citing professional commitments, and appointed M/s. Gupta Rajesh & Associates to fill the casual vacancy. Concurrently, the Board approved increasing the authorised share capital from Rs 10.00 crore to Rs 60.00 crore, subject to shareholder approval. The company also deferred the allotment of equity shares on OCD conversion notices worth Rs 5.75 crore due to a missing prior approval under Regulation 28(1) of SEBI LODR. Additionally, an application has been submitted to extend the FY 2025-26 AGM by three months.
Confidence: HIGH
What changedStatutory auditor M/s. R. Daga & Company resigned, replaced by M/s. Gupta Rajesh & Associates, and the board proposed raising the authorized share capital 6-fold.
Why it mattersAuditor resignations, deferred debenture conversion due to compliance lapses, and delayed AGMs present significant corporate governance and operational concerns for a company with nil TTM revenue.
OCD Conversion Value: Rs 5,74,60,000Current Authorised Capital: Rs 10,00,00,000Proposed Authorised Capital: Rs 60,00,00,000AGM Extension Period: 3 months
📅 Short termGovernance developments including auditor changes, regulatory condonation filings, and delayed AGM could weigh negatively on market sentiment.
📈 Long termThe 6x expansion in authorised capital points to substantial potential equity dilution, while nil revenues reflect continuing fundamental weakness.
⚠ Risk flags
- Mid-term auditor resignation
- Procedural non-compliance under SEBI LODR Regulation 28(1)
- Significant potential equity dilution from capital increase
- Delayed AGM filing
Key Highlights
Resignation of statutory auditor M/s. R. Daga & Company effective 28.07.2026
Proposed authorised share capital increase from Rs 10,00,00,000 to Rs 60,00,00,000
Deferred conversion of unlisted secured OCDs aggregating to Rs 5,74,60,000 due to non-compliance with Regulation 28(1) of SEBI LODR
Applied to ROC for a 3-month extension to hold the AGM for FY 2025-26
👀 What to Watch
Monitor whether stock exchanges grant post-facto in-principle approval for the Rs 5.75 crore OCD conversion and track regulatory filings regarding the AGM extension.
Milestone Furniture Defers ₹5.75 Cr OCD Conversion; Proposes 6x Capital Increase and New Auditor
Milestone Furniture's board received conversion notices for unlisted Optionally Convertible Debentures (OCDs) worth ₹5.75 crore but deferred allotment due to missing prior stock exchange approval under Regulation 28(1). The board approved a six-fold increase in authorised share capital from ₹10 crore to ₹60 crore, subject to shareholder approval. Additionally, statutory auditor M/s. R. Daga & Company resigned effective July 28, 2026, and M/s. Gupta Rajesh & Associates was appointed to fill the casual vacancy. The company is also applying for a three-month extension to conduct its FY26 AGM.
Confidence: HIGH
What changedBoard deferred ₹5.75 crore OCD conversion due to procedural non-compliance, approved a 6x hike in authorised share capital, replaced its statutory auditor, and sought an AGM extension.
Why it mattersThe ₹5.75 crore OCD conversion represents ~22% of current market cap (₹26 Cr) and poses significant equity dilution risks, while procedural non-compliance and auditor turnover highlight corporate governance hurdles.
OCD Conversion Value: ₹5,74,60,000OCD Value vs Market Cap: ~22.1%Current Authorised Capital: ₹10,00,00,000Proposed Authorised Capital: ₹60,00,00,000
📅 Short termUncertainty will persist until stock exchanges condone the missing prior in-principle approval under Regulation 28(1) and the AGM extension is granted.
📈 Long termThe substantial increase in authorised capital points to massive future share issuances or debt conversions, which, given zero promoter holding and lack of operational revenues, presents significant governance and dilution overhang.
⚠ Risk flags
- Procedural non-compliance under SEBI LODR Regulation 28(1) requiring stock exchange condonation
- Statutory auditor resignation
- Delayed Annual General Meeting requiring RoC extension
- Severe future equity dilution risk from OCD conversion and enlarged capital base
Key Highlights
OCD conversion notices aggregating ₹5,74,60,000 received; equity allotment deferred pending SEBI/exchange condonation
Authorised share capital proposed to rise from ₹10,00,00,000 to ₹60,00,00,000 (divided into 6,00,00,000 equity shares of ₹10 each)
Auditor M/s. R. Daga & Company resigned w.e.f. July 28, 2026; casual vacancy filled by M/s. Gupta Rajesh & Associates
Company seeking 3-month extension from RoC Maharashtra for holding FY26 Annual General Meeting
Rescinded earlier approval to open a branch office at Khar West, Mumbai as negotiations failed
👀 What to Watch
Track whether stock exchanges approve post-facto condonation for the ₹5.75 crore OCD conversion, along with shareholder voting outcomes for the 6x authorised capital increase and auditor appointment.
