Katare Spinning Mills Limited has announced the appointment of M/s. Hiremath Patil Udgiri and Associates as their new Statutory Auditors, filling a casual vacancy. The Board also approved a proposal to diversify into the Battery Energy Storage Systems (BESS) sector by altering the company’s Memorandum of Association. This strategic shift aims to capitalize on opportunities in the growing renewable energy market.
Statutory Auditor Appointment
The Board of Directors of Katare Spinning Mills Limited, during their meeting held on Friday, 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 arising from the resignation of the previous auditors, M/s. G M Pawle and Associates. The new auditors will serve for a term of five consecutive years, commencing from the conclusion of the upcoming Annual General Meeting (AGM) in 2026 until the conclusion of the 51st AGM in 2031, subject to shareholder approval.
Diversification into Battery Energy Storage
In a significant strategic move, the Board has also approved a proposal to alter the company’s Memorandum of Association (MOA) to include new business objects related to Battery Energy Storage Systems (BESS) and allied energy storage solutions. This alteration is intended to enable Katare Spinning Mills to diversify and expand its business activities into this rapidly developing sector.
Proposed Additional Main Objects:
- To engage in the manufacturing, assembly, import, export, trading, installation, commissioning, operation, and maintenance of BESS, including advanced chemistry battery cells and packs, solar energy storage systems, micro-grid solutions, UPS, and inverter systems. The company will also provide energy management services and power backup solutions.
- To act as a system integrator, EPC contractor, and authorized service provider for BESS-based captive power systems, industrial micro-grids, and hybrid energy solutions. This includes research and development, testing, certification, and manufacturing of related components and systems.
Rationale for Diversification
The proposed alteration aims to allow the company to explore opportunities in the energy storage and renewable energy sector, fostering future growth and diversification. The move is expected to facilitate potential collaborations, technology tie-ups, and strategic alliances in the field of energy storage and allied technologies.
The proposed alterations to the MOA are subject to the approval of the company’s members through a Special Resolution at the ensuing general meeting, along with any other necessary regulatory approvals.
Source: BSE
