Grovy India Limited disclosed the outcome of its Board of Directors meeting held on June 12, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The meeting commenced at 04:00 PM IST and concluded at 05:30 PM IST.
Key Board Decisions
The Board transacted the following business:
1. Appointment of Mr. Prakash Chand Jalan as Managing Director cum Chairperson
- DIN: 00475545
- Term: Five years effective June 12, 2026
- Status: Subject to shareholder approval
- Previous role: Non-Executive Director of the Company
- Profile: Extensive experience in real estate sector with expertise in business strategy, project development, finance, administration, and corporate management
- Relationships: Related to Mr. Ankur Jalan, Mrs. Anita Jalan, and Mr. Nishit Jalan
2. Cessation and Reappointment of Mr. Nishit Jalan
- DIN: 02964239
- Cessation: From office of Whole-time Director cum Chief Executive Officer effective June 12, 2026
- New Appointment: As Chief Financial Officer (Key Managerial Personnel) effective June 12, 2026
- Term: As per applicable provisions of Companies Act, 2013 and company policies
- Profile: Extensive experience in finance, business strategy, corporate management, operations, and real estate industry knowledge
3. Cessation and Reappointment of Mr. Ankur Jalan
- Cessation: From office of Chief Financial Officer effective June 12, 2026
- New Appointment: As Non-Executive Director effective June 12, 2026
- Status: Liable to retire by rotation, subject to shareholder approval and compliance with Companies Act, 2013 and SEBI (LODR) Regulations, 2015
- Profile: Extensive experience in finance, business operations, strategic planning, and corporate management. Not debarred from appointment by SEBI or any other authority.
- Relationships: Related to Mr. Prakash Chand Jalan, Mrs. Anita Jalan, and Mr. Nishit Jalan
Supporting Documentation
The disclosure includes Annexures A, B, and C providing details required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular dated July 13, 2023.
Resignation Letters
The disclosure includes resignation letters from both Mr. Ankur Jalan and Mr. Nishit Jalan:
- Mr. Ankur Jalan resigned as Chief Financial Officer effective June 12, 2026, citing proposed restructuring and re-designation as Non-Executive Director as the sole reason
- Mr. Nishit Jalan resigned as Whole-time Director and Chief Executive Officer effective June 12, 2026, citing proposed restructuring as the reason and expressing willingness to continue as Chief Financial Officer
Financial Impact
No specific financial impact quantified in the disclosure. The changes represent management restructuring without immediate financial implications disclosed.