Intimation for the resignation of an independent director
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Mr. Jaydeep Mehta has resigned as Independent Director of Ampvolts Ltd effective October 20, 2025. In his detailed resignation letter, he cites serious governance concerns including alleged diversion of Rs. 48 crores from the escrow account of the March 2023 rights issue, raised by shareholders Mr. Anant Shah and Ms. Manisha Shah. He also references a SEBI complaint filed on September 19, 2025 regarding the functioning of the Company Secretary and broader governance lapses. The director flagged that no mandatory committee meetings were held, no final minutes were shared with independent directors, and backdated Letters of Appointment were issued. He had previously recommended an independent secretarial audit and forensic review, which the Board did not act upon.
This is a significant red flag for shareholders. An independent director publicly citing alleged fund diversion, SEBI complaints, and governance violations is likely to weigh heavily on the stock and may invite regulatory scrutiny. Existing investors should monitor for any further SEBI or MCA actions and management's response to the allegations.