The Board of Directors, at its meeting held on August 12, 2026, had approved the appointment of Mr. Shanay Vikram Shah (DIN: 02726541) as an Additional Director designated as a Whole-time Director of the Company. This appointment was subject to approval by the shareholders at the 22nd Annual General Meeting (AGM).
Based on the voting results of the 22nd AGM, which were declared on September 11, 2026, two ordinary resolutions did not secure the requisite majority from shareholders:
- Ordinary Resolution no. 3: Relating to the appointment of Mr. Shanay Vikram Shah as a Director of the Company.
- Ordinary Resolution no. 4: Relating to his appointment as a Whole-time director of the Company.
Consequently, and in accordance with the provisions of the Companies Act, 2013, its Schedule IV, and the SEBI (LODR) Regulations, 2015, Mr. Shanay Vikram Shah automatically ceased to hold the office of Additional Director (Whole-time Director) of the Company. The effective date of cessation is September 10, 2026, which was the date of the AGM.
Despite ceasing to be a director, the company states that Mr. Shah will continue to act in his executive capacity as the President of the Company.
The disclosure includes an annexure providing details as required under Reg. 30(6) read with Para A(7) of Part A of Schedule III of the Listing Regulations and SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The key detail from the annexure confirms the reason for cessation and the date (September 10, 2026).
The letter is signed by Tushar Shah, Vice President & Company Secretary (Mem. No: F7216), and is addressed to the listing departments of both the NSE and BSE.