Context and Background
The changes are implemented considering the approval of the resolution plan for Jaiprakash Associates Limited (the Promoter Company) by the Hon'ble NCLT - Allahabad under Section 31 of the Insolvency and Bankruptcy Code, 2016, which was implemented on 21st May 2026.
Board Meeting Details
The Board of Directors meeting was held on 22nd May 2026, commencing at 5:30 PM and concluding at 6:15 PM.
Appointment of Additional Directors
Based on the recommendations of the Nomination & Remuneration Committee (NRC), the board approved the appointment of three Additional Directors:
1. Mr. Savan Jayendra Patel (DIN: 02687808)
- Designation: To be designated as Whole-time Director
- Effective Date: 22nd May 2026
- Term: 3 years
- Condition: Subject to shareholder approval
- Profile: Chartered Accountant with nearly three decades of experience in Adani Group, currently serving as Chief Commercial Officer of Adani Power Limited. Expertise in strategic procurement of domestic and imported coal, power sales, scheduling operations, business development, and commercial risk management across APL's thermal power portfolio.
2. Mr. Jayadeb Nanda (DIN: 06578925)
- Effective Date: 22nd May 2026
- Term: 3 years
- Condition: Subject to shareholder approval
- Profile: Accomplished power sector executive with over 34 years of experience, former Chief Operating Officer (COO) at Adani Power and Executive Director at NTPC. Holds Bachelor's degree in Electrical Engineering (B.Sc. Honours) from Sambalpur University, Odisha. Expertise in thermal power plant project execution, commissioning, and operations & maintenance.
3. Mr. Naresh Telgu (DIN: 10994368)
- Effective Date: 22nd May 2026
- Term: 3 years
- Condition: Subject to shareholder approval
- Profile: Accomplished executive with over three decades in energy sector, currently driving Adani Group's portfolio of 25 GW pumped storage and 5 GW hydro projects. Strong foundation in engineering and finance with expertise in project execution, operations, compliance, and business expansion across India, Asia, Africa, and Middle East.
All three appointees have no disclosed relationships with other directors (NIL).
Resignation of Executive Directors
The board considered and accepted the resignations of the following Executive Directors:
1. Shri Sunil Kumar Sharma (DIN: 00008125)
- Position: Vice Chairman & Wholetime Director
- Resignation Date: 22nd May 2026 (via resignation letter dated 22nd May 2026)
- Effective: Immediate effect
2. Shri Suren Jain (DIN: 00011026)
- Position: Managing Director & CEO
- Resignation Date: 22nd May 2026 (via resignation letter dated 22nd May 2026)
- Effective: Immediate effect
3. Shri Praveen Kumar Singh (DIN: 00093039)
- Position: Whole-time Director
- Resignation Date: 22nd May 2026 (via resignation letter dated 22nd May 2026)
- Effective: Immediate effect
Resignation of Independent Directors
The board took on record the resignations of the following Independent Directors:
1. Shri Dinesh Kumar Likhi (DIN: 03552634)
- Resignation Date: 22nd May 2026 (via resignation letter dated 22nd May 2026)
- Effective: Immediate effect
- Reason: Increasing preoccupation with other commitments, inability to devote adequate time
- Committee Positions: Ceased as Chairman of Audit Committee and Member of Corporate Social Responsibility Committee and Risk Management Committee
- Confirmation: No material reasons other than stated; does not hold directorship in any other listed entity
2. Prof. Suresh Chandra Saxena (DIN: 02254387)
- Resignation Date: 22nd May 2026 (via resignation letter dated 22nd May 2026)
- Effective: Immediate effect
- Reason: Other professional & personal commitments
- Committee Positions: Ceased as Member of Audit Committee and Nomination and Remuneration Committee
- Confirmation: No material reasons other than stated; does not hold directorship in any other listed entity
Financial Impact
Financial impact not quantified in the disclosure.