Acquisition Details

M/s Farmico International Private Limited ("Acquirer") completed the acquisition of 22,81,615 equity shares, representing 74.64% of the paid-up equity share capital of the Company, on May 21, 2026. The acquisition was made in accordance with the provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Management Change

Effective June 6, 2026, the Acquirer assumed effective management control of the Company through the appointment of its nominees to the Board:

  • Mr. Lalit Naresh Nagdev (DIN: 11709670) appointed as Additional Executive Director (Professional Category)
  • Mr. Amit Suresh Ninawe (DIN: 11707767) appointed as Additional Executive Director (Professional Category)

Promoter Classification

As a result of this acquisition, M/s Farmico International Private Limited and Mr. Chandraprakash Wadhwani (being the person in control of the Acquirer) shall be classified as Promoters of the Company in accordance with applicable SEBI Regulations and other applicable laws.

Director Profiles

Mr. Lalit Naresh Nagdev is a qualified Chartered Accountant with over 9 years of diversified professional experience spanning finance, banking, audit, taxation, regulatory compliance, and corporate management across India and international markets including the UAE. His certifications include Concurrent Audit of Banks and IND AS from ICAI. He has experience with Axis Bank Ltd. in the SME Credit Department and has been responsible for overseeing financial compliance, regulatory coordination, ERP implementation, and internal control systems.

Mr. Amit Suresh Ninawe is a qualified Chartered Accountant with over 13 years of extensive experience across finance, accounting, taxation, audit, banking, project finance, and regulatory compliance. He previously served as Senior Credit Manager with ICICI Bank Ltd. and possesses comprehensive knowledge of GST, Income Tax, TDS, internal audit, CMA report preparation, project finance, banking compliance, and financial forecasting.

Director Relationships and Compliance

Both directors are not related to any of the existing Directors, Key Managerial Personnel, or Promoters and Promoter Group of the company. Neither director is debarred from holding the office of Director by any SEBI order or any other such authority, as confirmed under BSE Circular no. LIST/COMP/14/2018-19 dated June 20, 2018.