Key Event Details
Mr. Ashish Sanwal resigned from the position of "Manager-Internal Audit" with effect from May 12, 2026. The resignation was tendered to facilitate his appointment as Chief Financial Officer (CFO) and Key Managerial Personnel of the company with effect from May 13, 2026.
Appointment Terms and Conditions
The Board of Directors appointed Mr. Ashish Sanwal as CFO through a resolution passed in their meeting held on May 12, 2026. Key terms of appointment include:
- Monthly remuneration of ₹55,000
- Primary responsibility for financial affairs of Integrated Capital Services Limited and its subsidiaries/associate companies
- Reporting to the Board of Directors
- Operation from company's registered office at 1313, 13th Floor, Avanta Business Centre, Ambadeep, KG Marg, New Delhi 110001
- Thirty-day notice period for termination by either party
- Confidentiality obligations regarding company information
- Non-compete restrictions during employment
Subsidiaries and Associate Companies Under CFO's Purview
The CFO will manage financial affairs for the following entities:
- RAAS Consulting Private Limited
- Green Infra Profiles Private Limited
- Greenway Advisors Private Limited
- KW Publishers Private Limited
- ICSL Consulting Private Limited (formerly BTG IP Services Private Limited)
- Borrelli Walsh India Private Limited
Regulatory Compliance Responsibilities
The CFO is responsible for ensuring timely compliance with:
- Companies Act, 2013
- SEBI Act, Rules & Regulations
- FEMA
- Goods and Service Tax (GST)
- TDS and Income Tax
Governance Rationale
The resignation from internal audit role was necessitated to maintain independence and good corporate governance principles, as the CFO position carries executive and managerial responsibilities that conflict with internal audit functions.
Attachments Submitted
The filing includes:
- Disclosure as per SEBI circular
- Resignation letter of Mr. Ashish Sanwal
- Appointment letter issued to Mr. Ashish Sanwal