Accepted the Resignation of Daksha Nilesh Vora, Abhishek Nilesh Vora, Manas Ranjan Palo, and Saroj Kumar Choudhary as Directors of the Company w.e.f April 23, 2026 (after closing of business hours)
Awaiting price reaction for this filing.
Avi Products India Ltd has undergone a complete change of control and management effective April 23, 2026. The entire board of directors resigned including 4 directors (Daksha Nilesh Vora, Abhishek Nilesh Vora, Manas Ranjan Palo, Saroj Kumar Choudhury), the CFO (Hemali Pankaj Patel), and the Company Secretary (Shreyana Satyashodhak Koyande). In their place, the new management from PPMS Real Estates LLP has appointed 7 new directors including Parthh K Mehta as Executive Chairman and Chairman, Ameya Tandulkar as Executive Director, Bankim Mehta as Non-Independent Director, and 3 independent directors (Malvika Jagani, Dayashankar Patel, Aditya Soni). A new CFO (Nikunj Gandhi), Company Secretary (Renu Choudhary), Internal Auditor (K.C. Shrimanker & Associates), and Secretarial Auditor (Pooja Gala & Associate) were also appointed. The company is also relocating its registered office from Thane to Mumbai.
This is a major change of control event with complete turnover of the board and key management. The new promoters from real estate background are bringing in their team, which may signal a strategic shift in the company's business direction. The simultaneous resignation of all independent directors raises some governance concerns, though all resignations cite change of management as the reason.