Resignation of Directors

The Board of Directors at its meeting held on November 05, 2026, accepted the following resignations:

  • Mr. Vijay Mansinhbhai Mandora (DIN: 00328792): Resigned from the position of Executive - Managing Director and Chairman. His resignation is effective from November 07, 2026. The reason cited is the Share Purchase Agreement executed on July 29, 2026, between the Promoter and Promoter Group of the Company and Acquirers, leading to a takeover and the proposed restructuring of management.
  • Mr. Heetav Rathod (DIN: 10687759): Resigned from the position of Non-Executive Director. His resignation is effective from November 05, 2026. The reason cited is a change in control of the Company.
  • Mr. Jaydipsinh Balvantsinh Raval (DIN: 09777917): Resigned from the position of Non-Executive Independent Director. His resignation is effective from November 05, 2026. The reason cited is the restructuring of management and proposed constitution of a new management team. He confirmed there are no other material reasons for his resignation.
  • Mrs. Hemal Bharat Patel (DIN: 03588728): Resigned from the position of Non-Executive Independent Director. Her resignation is effective from November 05, 2026. The reason cited is the restructuring of management and proposed constitution of a new management team. She confirmed there are no other material reasons for her resignation.

Appointment of Directors

The Board approved the following appointments as Additional Directors, effective November 05, 2026:

  • Mr. Rakesh Shah (DIN: 00421920): Appointed as a Non–Executive, Non-Independent Director. He is not related to any other director. His other listed directorships are IMP POWERS LIMITED and DIAMOND POWER INFRASTRUCTURE LIMITED.
  • Mr. Sahil Mehta (DIN: 00348720): Appointed as a Whole-time Director (Executive category). He is not related to any other director. He holds no other listed directorships.
  • Mr. Sandip Parikh (DIN: 00030990): Appointed as an Independent Director (Non-Executive). He is not related to any other director. His other listed directorships are Pashupati Cotspin Limited and Hikal Limited.
  • Dr. Varsha Adhikari (DIN: 08345677): Appointed as an Independent Director (Non-Executive). She is not related to any other director. Her other listed directorships are MANGALAM GLOBAL ENTERPRISE LIMITED, IMP POWERS LIMITED, DIAMOND POWER INFRASTRUCTURE LIMITED, ADVAIT ENERGY TRANSITIONS LIMITED, and MANGALAM WORLDWIDE LIMITED.

Change in Key Managerial Personnel (CFO)

The Board approved the following change in the Chief Financial Officer (CFO) role:

  • Resignation: Mr. Harish Parmar (PAN: ASBPP7413M) resigned as CFO and KMP, effective from the close of business hours on November 05, 2026. The reason cited is a change in Management/Control of the Company. He confirmed there are no other material reasons.
  • Appointment: Mr. Venkateshwaran Jagannath Iyer (PAN: AALPI9354C) was appointed as the new CFO and KMP of the Company, effective November 05, 2026. He is not related to any director of the Company.

Financial Impact

Financial impact not quantified in the disclosure.