Resignation Details

Mr. Avinash Jhaveri, Non-Executive Independent Director designated as Chairman of the Board, tendered his resignation effective August 4, 2026. The resignation was due to personal commitments, with no other material reasons cited. Mr. Jhaveri held no directorships in other listed companies.

New Appointments

The Board of Directors at their meeting held on August 4, 2026, appointed:

  • Mr. Samir Kumar Das as Non-Executive Independent Director designated as Chairman of the Board
  • Ms. Rakhi Jayantilal Upadhyay as Non-Executive Independent Director

Director Profiles

Mr. Samir Kumar Das: Insolvency Professional with over 30 years' leadership experience in top BFSI institutions including SBI, ICICI Bank, Axis Bank, Tata Capital, and Aditya Birla Finance. Specialized in SME governance, corporate risk management, stressed asset resolution, and compliance oversight under the Insolvency and Bankruptcy Code. Board-ready for Audit, Risk, Nomination & Remuneration Committees across sectors. Currently serves as Non-Executive Independent Director at Monika Alcobev Limited. Not related to any Director, Promoter, or Promoter Group of the Company. Not debarred from holding office.

Ms. Rakhi Jayantilal Upadhyay: Has more than 25 years' experience as Financial Consultant specializing in due diligence and verification. Not related to any Director, Promoter, or Promoter Group of the Company. Not debarred from holding office. Holds no directorships in other listed companies.

Committee Reconstitution

Following the resignation and new appointments, the Board committees were reconstituted:

Audit Committee:

  • Mr. Samir Kumar Das (Chairman - Non-Executive Independent)
  • Mr. Ahmed H. Dawoodani (Member - Executive)
  • Ms. Rakhi Upadhyay (Member - Non-Executive Independent)

Nomination and Remuneration Committee:

  • Ms. Rakhi Upadhyay (Chairperson - Non-Executive Independent)
  • Mr. Rahim Narsingdani (Member - Non-Executive Independent)
  • Mr. Samir Kumar Das (Member - Non-Executive Independent)

Stakeholders Grievance Committee:

  • Mrs. Shahnaz A. Dawoodani (Chairperson - Non-Executive non-Independent)
  • Mr. Ahmed H. Dawoodani (Member - Executive)
  • Mr. Rahim Narsingdani (Member - Non-Executive Independent)

Risk Management Committee:

  • Mr. Rahim Narsingdani (Chairman - Non-Executive Independent)
  • Mr. Ahmed H. Dawoodani (Member - Executive)
  • Mrs. Shahnaz A. Dawoodani (Member - Non-Executive non-Independent)

The disclosure includes required annexures with detailed information as per SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.