Statement by the Company on resignation of Mr. Jaydeep independent director
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Awaiting price reaction for this filing.
Ampvolts Ltd has informed the stock exchange about the resignation of Mr. Jaydeep Mehta as an Independent Director. The company has issued a detailed statement alleging that Mr. Mehta breached confidentiality by sharing internal board communications with external parties, including shareholders Mr. Anant Shah and Mrs. Manisha Shah, who had raised allegations against the company. The company further alleges that Mr. Mehta's law firm, LexStreet Advisors LLP, was secretly representing these same adversarial shareholders, constituting an undisclosed conflict of interest in violation of Sections 149(6), 149(7), and 166(4) of the Companies Act, 2013. The company claims this amounts to a breach of fiduciary duty and possible sharing of unpublished price-sensitive information. Ampvolts has preserved all email evidence and indicated it may pursue legal or regulatory action.
This is a governance red flag that may increase regulatory and investor scrutiny on Ampvolts. The allegations of insider information leakage and conflict of interest by a sitting director could weigh on stock sentiment and invite SEBI or MCA inquiries, though the company appears to be on the defensive side of the dispute.