Key Developments

Resignations Approved (Effective July 22, 2026)

The Board approved the following resignations, all citing personal commitments as the reason and confirming no material reasons other than those stated:

  • Mr. Bhadresh Shah (DIN: 08028036) resigned as Non-Executive Independent Director-Chairperson and Director
  • Mr. Deepak Ratilal Mehta (DIN: 00046696) resigned as Managing Director-Executive Director and Director
  • Mr. Nehul Azad Chheda (DIN: 08075432) resigned as Non-Executive Independent Director and Director
  • Ms. Divya Girish Poriya (DIN: 08160358) resigned as Non-Executive Independent Director and Director
  • Mr. Hiren Kothari (PAN: AAFPK8569B) resigned as Chief Financial Officer
  • Mr. Chetan Bohra (PAN: CDAPB9309Q) resigned as Company Secretary and Compliance Officer

All resignations were effective from close of business hours on July 22, 2026.

Change in Designations

  • Mr. Kaushik Jagannath Joshi (DIN: 00410595) changed from Additional (Executive) Director to Additional Director designated as Chairman and Managing Director for a period of 3 years from July 22, 2026 to July 21, 2029, subject to shareholder approval
  • Ms. Radhika Kaushik Joshi (DIN: 08206100) changed from Additional (Executive) Director to Additional (Executive) Director & Chief Financial Officer, subject to shareholder approval

Mr. Joshi has over three decades of experience in logistics, real estate development, and trading with expertise in supply chain management and business development. Ms. Joshi has experience in corporate administration and management. Mr. Joshi is the father of Ms. Radhika Joshi.

New Appointments (Effective July 22, 2026)

The Board approved the following appointments, all subject to shareholder approval in the ensuing General Meeting:

  • Mr. Vikram Navin Vador (DIN: 11828723) as Independent Director (Non-executive) for 5 years until July 21, 2031 - qualified in Electronics & Telecommunication with business management experience
  • Mr. Dhruv Suresh Bhanushali (DIN: 11831631) as Independent Director (Non-executive) for 5 years until July 21, 2031 - qualified in Commerce with accounting experience
  • Ms. Kiran Ramchandra Shelke (DIN: 11828692) as Additional Independent Woman Director (Non-executive) for 5 years until July 20, 2031 - qualified in management with corporate management experience

All appointed directors confirmed they are not debarred from holding director office pursuant to any SEBI order or other authority.

Financial Impact

No specific financial impact quantified in the disclosure. The changes represent a comprehensive management restructuring at the board and executive levels.