Board Meeting Details

The meeting was held on Friday, May 29, 2026, commencing at 5:30 PM and concluding at 7:30 PM on the same day.

Key Decisions and Approvals

1. Resignation of Managing Director: Approved the resignation of Mr. Rakesh Rathi as Managing Director of the Company with effect from the closing business hours of May 12, 2026.

2. Resignation of Independent Director: Noted the resignation of Mr. Bhargeshwar Banerji as Independent Director of the Company.

3. Financial Results Approval: Approved the audited financial statements for the quarter and year ended March 31, 2026, along with the audit report.

4. Auditor Remuneration Revision: On recommendation from the Audit Committee, approved revision in remuneration payable to the Statutory Auditors, M/s. SMMP & Company, Chartered Accountants, for FY 2025-26, subject to members' approval.

5. Designation Change: On recommendation from Nomination and Remuneration Committee, approved change in designation of Mr. Uttam Dave from "Chairman and Whole Time Director" to "Chairman and Managing Director" effective from May 29, 2026, subject to members' approval. His term is proposed for 5 years commencing from May 29, 2026 to May 28, 2031.

6. Related Party Transactions: Approved related party transactions with entities where Mr. Uttam Dave is interested, up to an amount of ₹1 Crore for each company, subject to members' approval. The entities are: Nimit Global Foundation, TVAM Collective Private Limited, and Thirty9 Studio Private Limited.

7. Registered Office Shift: Approved shifting of registered office within local limits from Unit No. A-2, 2nd Floor, D J House, Old Nagardas Road, Andheri East, Mumbai – 400069 to New Address: 4-A Wing, 4th Floor, D J House, Old Nagardas Road, Andheri East, Mumbai – 400069, Maharashtra effective May 29, 2026.

8. Committee Reconstitution: Reconstituted Business Review Committee and Securities Allotment Committee.

Director Profile (Uttam Dave)

Mr. Uttam Ishwarlal Dave (DIN: 07266845) is a technology evangelist with over 30 years of experience in the technology sector. He has worked with leading companies in software for B2B and B2C applications, networking and storage solutions, and data communication. He has held key positions at Hitachi Data Systems, Sanovi Technologies, Heal Software, and HCL Comet. He completed his secondary education from Maharashtra State Board. Currently, he advises technology startups to achieve revenue milestones through strategic partnerships and global alliances. He is a strong advocate of 'Make in India' and supports Indian technology companies scaling operations globally.

Committee Composition

Business Review Committee:

  • Mr. Uttam Dave - Chairman, Managing Director
  • Mr. Padmanabhan Desikachari - Member, Non-Executive Director
  • Mr. Shailesh Chitre - Member, Independent Director

Securities Allotment Committee:

  • Mr. Uttam Dave - Chairman, Managing Director
  • Mr. Ravikant Baheti - Member, Independent Director
  • Ms. Pratibha Ranka - Member, Company Secretary

Compliance Status

Mr. Uttam Dave is not debarred from holding the office of Director by virtue of any SEBI Order or any other authority.