Appointment and Change in designation of Director
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Abate As Industries' board met on May 30, 2025 and approved audited financial results for FY ending March 31, 2025. Three new independent directors were appointed: Rishin Rasheed (operations and strategy), Ambramoli Purushothaman (former SBI officer with 34 years in banking, credit and risk), and Sivadas Chettoor (39 years in audit and tax consultancy). Two designation changes were made — Pattassery Alavi Haji moved from Independent Director to Non-Executive Director (effective April 1, 2025), while Ali Thonikkadavath moved from Non-Executive to Independent Director, both pending shareholder approval. Existing director Mohammed Kutty Arikuzhiyil will continue on the board despite being over 75 years of age, subject to shareholder nod. Sasi Vijayan & Rajan were appointed as internal auditor for FY26, and Lakshmmi Subramanian & Associates as secretarial auditor for FY26–FY30.
The board is being strengthened with experienced independent professionals from banking, audit, and operations, which is a positive governance signal. For shareholders, the key items to watch are the audited FY25 results and the shareholder approvals sought at the upcoming AGM for the designation changes and continuation of the 75-plus director.