Board Meeting Details

The Board meeting was held on Tuesday, July 14, 2026, commencing at 05:00 PM and concluding at 05:30 PM.

Key Decisions Approved

1. Appointment of New Directors

  • Mr. Ritesh Tiwari (DIN: 08156364) appointed as Executive Director (Additional), designated as Chairman & Managing Director, subject to shareholder approval in the ensuing General Meeting.
  • Ms. Alka Tiwari (DIN: 08173830) appointed as Executive Director (Additional), designated as Whole Time Director, subject to shareholder approval in the ensuing General Meeting.

2. Resignation Acceptance

  • Acceptance of resignation of Ms. Nazish Furniturewala (DIN: 08294240) as Executive Director & Chief Financial Officer (CFO) of the Company.

3. Share Transfer

  • The Board noted the transfer of 23,00,000 Equity Shares, representing 71.87% of the capital of the Company, from Mr. Danish Zakaria Aghadi to Mr. Ritesh Tiwari and Ms. Alka Tiwari pursuant to a Share Purchase Agreement.

4. Promoter Reclassification

  • Change in Promoter and Promoter Group category: Mr. Ritesh Tiwari and Ms. Alka Tiwari will be classified as Promoters of the Company under the Share Purchase Agreement and Open Offer.
  • Mr. Danish Zakaria Aghadi shall cease to be promoter and will be reclassified into the public category, subject to receipt of necessary approvals under Regulation 31A of SEBI (LODR) Regulations.

Resignation Details

  • Ms. Nazish Furniturewala resigned as Director and CFO effective close of business hours on July 14, 2026.
  • Reason for resignation: Management changes following change in control of the Company pursuant to completion of transaction under Share Purchase Agreement.
  • No other material reasons for resignation disclosed.

Director Profiles (Annexure I)

Mr. Ritesh Tiwari

  • Qualification: Commerce graduate
  • Experience: 15 years
  • Expertise: Fashion industry
  • Brief Resume: 15+ years experience in D2C brands creation & fashion industry, including exports, large-format retail collaborations, contract manufacturing, D2C brands, e-commerce ventures, brand licensing, trading, and India's unorganised retail sector.
  • Term of Appointment: Till ensuing General Meeting
  • Relationship Disclosure: Spouse of Alka Tiwari
  • Other Directorships: Namastika Retail Private Limited

Ms. Alka Tiwari

  • Qualification: Arts graduate
  • Experience: 5 years
  • Expertise: Textile industry
  • Brief Resume: 5+ years experience in online retail operations for clothing and accessory brands, blending creativity with data driven strategies to drive sales and enhance operations under e-commerce venture.
  • Term of Appointment: Till ensuing General Meeting
  • Relationship Disclosure: Spouse of Ritesh Tiwari
  • Other Directorships: Namastika Retail Private Limited

Financial Impact

Change in ownership structure with 71.87% equity transfer, but financial impact not quantified in the disclosure.

Capital Structure Impact

Significant change in shareholding pattern with 23,00,000 shares (71.87% of capital) transferred, resulting in complete change of promoter group.