Katare Spinning Mills Limited has announced the appointment of M/s. Hiremath Patil Udgiri and Associates as its new statutory auditors, filling a casual vacancy. Concurrently, the company’s Board of Directors has approved a proposal to alter its Memorandum of Association to include business activities in Battery Energy Storage Systems (BESS), subject to shareholder approval. This strategic move aims to diversify and expand the company’s operations into the growing renewable energy sector.
Statutory Auditor Appointment
The Board of Directors of Katare Spinning Mills Limited, at a meeting held on August 21, 2026, approved the appointment of M/s. Hiremath Patil Udgiri and Associates as the company’s Statutory Auditors. This appointment is to fill a casual vacancy caused by the resignation of the previous auditors, M/s. G M Pawle and Associates. The new auditors will hold office from the date of the Board’s appointment until the conclusion of the ensuing Annual General Meeting (AGM).
Furthermore, based on the Audit Committee’s recommendation, the Board has approved the appointment of M/s. Hiremath Patil Udgiri and Associates for a term of five consecutive years, commencing from the conclusion of the 46th AGM in 2026 until the conclusion of the 51st AGM in 2031. This appointment is subject to the approval of the company’s shareholders.
Business Object Alteration for Energy Storage
In a significant strategic move, the Board has also approved a proposal to alter the company’s Memorandum of Association (MOA) by adding new Main Objects. These additions are intended to enable Katare Spinning Mills to diversify and expand its business activities into the field of Battery Energy Storage Systems (BESS) and related energy storage solutions.
The proposed additional Main Objects include:
- Carrying on the business of manufacturing, designing, assembling, importing, exporting, trading, installing, commissioning, operating, and maintaining Battery Energy Storage Systems (BESS), including lithium-ion and advanced chemistry battery cells, energy storage solutions, solar energy storage systems, micro-grid solutions, UPS and inverter systems. This also encompasses providing energy management services and power backup solutions for various customer segments.
- Entering into technical collaborations, joint ventures, technology transfers, licensing, and strategic alliance arrangements for manufacturing, assembly, research, and development of BESS and related energy storage technologies.
- Acting as a system integrator, EPC contractor, and authorized service provider for BESS-based captive power systems, industrial micro-grids, and hybrid energy solutions.
- Undertaking research and development, testing, certification, and manufacturing of components and systems related to BESS and energy storage applications.
Rationale and Impact
The proposed alteration is driven by the company’s intention to diversify its business activities and capitalize on opportunities in the rapidly developing energy storage and renewable energy sector. This expansion is expected to provide flexibility in undertaking a range of activities, from manufacturing and integration to research and development. The alteration is subject to the approval of the members through a Special Resolution at the ensuing general meeting and any other required regulatory approvals.
Source: BSE
