Key Quantitative Figures and Dates

  • All changes effective immediately from the conclusion of the Board meeting held on June 30, 2026
  • New director appointments subject to shareholder approval at ensuing General Meeting
  • Secretarial Auditor appointed for Financial Year 2026-27

Parties Involved

Resignations:

  • Mr. Prashant Avantilal Vora (DIN: 06574912) - Managing Director and Key Managerial Personnel (Promoter Director)
  • Mr. Harsh Prashant Vora (DIN: 07861487) - Chairperson and Non-Executive Non-Independent Director (Promoter Category)
  • Mr. Tejas Devendra Shah (DIN: 09592879) - Non-Executive Independent Director
  • Mr. Gaurav Baid - Chief Financial Officer and Key Managerial Personnel
  • Ms. Saloni Abhishek Shah - Company Secretary and Key Managerial Personnel

Appointments:

  • Mr. Chandraprakash Wadhwani (DIN: 00300084) - Additional Non-Executive Non-Independent Director and Chairperson (Promoter Category)
  • Ms. Neha Hardeepsingh Narang (DIN: 11666521) - Additional Non-Executive Non-Independent Woman Director (Professional Category)
  • Mr. Gaurav Patel (DIN: 08889698) - Additional Independent Director
  • Mr. Manish Tarachand Pandey (DIN: 08712019) - Additional Independent Director
  • Mr. Lalit Naresh Nagdev (DIN: 11709670) - Chief Executive Officer and Key Managerial Personnel
  • Mr. Amit Suresh Ninawe (DIN: 11707767) - Chief Financial Officer and Key Managerial Personnel
  • Ms. Ankita Wamanrao Hande - Company Secretary, Compliance Officer and Key Managerial Personnel
  • M/s. Deepti Joshi & Associates - Secretarial Auditor (Peer Review Certificate No. 7929/2026)

Purpose and Rationale

The resignations are submitted "consequent to the change in control and management of the Company pursuant to the Share Purchase Agreement dated January 14, 2026, executed between the existing Promoters and the Acquirers in connection with the acquisition of the Company, and in accordance with the applicable provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011."

All resigning directors and KMPs confirmed in their resignation letters that "there are no other material reasons for my resignation apart from those stated above."

Additional Director Information

Other Directorships of Resigning Directors:

Mr. Prashant Avantilal Vora: 1 directorship in Parshva Enterprises Limited as Managing Director

Mr. Harsh Prashant Vora: 1 directorship in Parshva Enterprises Limited as Whole-Time Director

Mr. Tejas Devendra Shah: 2 directorships - Sonal Adhesives Limited (Non-Executive Independent Director) and Parshva Enterprises Limited (Non-Executive Independent Director). Also acts as Company Secretary in Route Mobile Limited.

Ms. Meghna Mahendra Savla: 4 directorships - Omnitex Industries (India) Limited, Parshva Enterprises Limited, MSL Global Limited, and SEL Manufacturing Company Limited (all as Non-Executive Independent Director). Also acts as Company Secretary in Excellent Wires and Packaging Limited.

New Appointee Profiles:

Mr. Chandraprakash Wadhwani: Dubai-based NRI entrepreneur with over two decades of experience across agro commodities, cold storage, logistics, commodity trading, biofuels, real estate, hospitality, bullion and precious metals, commercial leasing, international trade, and technology-enabled businesses. Third-generation entrepreneur from Nagpur.

Ms. Neha Hardeepsingh Narang: Over two decades of experience in Human Resources, Talent Acquisition, Organizational Development, and Business Operations across domestic and international markets. Currently Head – Human Resources & Talent Acquisition at Farmico Group of Companies.

Mr. Gaurav Patel: Fellow Chartered Accountant and Certified Information Systems Auditor with over 13 years of experience in corporate governance, strategic financial advisory, risk management, management consulting, audit, taxation, and regulatory compliance. Senior Partner at GCV & Associates LLP.

Mr. Manish Tarachand Pandey: Qualified Company Secretary and Associate Member of ICSI with over 10 years of experience in corporate laws, secretarial compliance, legal matters, corporate governance, and securities law compliances. Currently Company Secretary and Compliance Officer at Jinkushal Industries Limited.

Mr. Lalit Naresh Nagdev: Qualified Chartered Accountant with over 9 years of experience spanning finance, banking, audit, taxation, regulatory compliance, and corporate management across India and international markets including UAE.

Mr. Amit Suresh Ninawe: Qualified Chartered Accountant with over 13 years of experience across finance, accounting, taxation, audit, banking, project finance, and regulatory compliance. Previously Senior Credit Manager with ICICI Bank Ltd.

Ms. Ankita Wamanrao Hande: Associate Member of ICSI with over seven years of professional experience in corporate secretarial functions, statutory compliance, and corporate governance. LL.M. (Business Law) gold medalist.

Financial Impact

Financial impact not quantified in the disclosure.

Capital Structure Impact

No direct impact on capital structure disclosed. The changes relate to management and board composition following a change in control.