Grovy India Limited submitted a regulatory disclosure to BSE Limited regarding significant changes in its Board of Directors and Key Managerial Personnel, approved at the Board meeting held on June 12, 2026. The changes are part of a strategic restructuring of the company's leadership and management framework aimed at strengthening governance, operational oversight, and long-term growth initiatives.

Key Changes Effective June 12, 2026:

1. Appointment of Mr. Prakash Chand Jalan as Managing Director & Chairperson

  • Mr. Prakash Chand Jalan (DIN: 00475545) was appointed as Managing Director & Chairperson for a period of five years.
  • He was previously serving as a Non-Executive Director and ceases that role to assume this new position.
  • The appointment is subject to shareholder approval.
  • 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

  • Mr. Nishit Jalan (DIN: 02964239) ceased from his position as Whole-time Director & Chief Executive Officer.
  • He was subsequently appointed as Chief Financial Officer (Key Managerial Personnel) based on Audit Committee recommendation.
  • Term of appointment as CFO is subject to applicable provisions of the Companies Act, 2013 and company policies.
  • Profile: Several years of association with the company with rich experience in finance, business strategy, corporate management, operations, and extensive knowledge of real estate industry.

3. Cessation and Reappointment of Mr. Ankur Jalan

  • Mr. Ankur Jalan ceased from his position as Chief Financial Officer (Key Managerial Personnel).
  • He was appointed as Non-Executive Director, liable to retire by rotation, subject to shareholder approval and applicable provisions of Companies Act, 2013 and SEBI (LODR) Regulations, 2015.
  • Profile: Extensive experience in finance, business operations, strategic planning, and corporate management with significant contributions to company growth. Not debarred from appointment by any order of SEBI or other authority.
  • Relationships: Related to Mr. Prakash Chand Jalan, Mrs. Anita Jalan, and Mr. Nishit Jalan.

Supporting Documentation:

The disclosure includes resignation letters from both Mr. Ankur Jalan and Mr. Nishit Jalan dated June 12, 2026:

  • Mr. Ankur Jalan resigned as CFO specifically due to the proposed re-designation and appointment as Non-Executive Director, confirming no other material reasons.
  • Mr. Nishit Jalan resigned as Whole-time Director & CEO due to the restructuring, confirming no other material reasons, and expressed willingness to continue as CFO.