Announcement
Awaiting price reaction for this filing.
The board accepted the resignations of three directors — Nivedita Sen, Chinmay Pradhan, and Tathagata Sarkar — all citing personal reasons. Two new Independent Directors, Nayankumar Patel and Rai Sunny Jagapatraj, were appointed, subject to shareholder approval. Existing Managing Director Yakin Joshi was additionally handed the CFO role, concentrating both executive positions with one person. The Statutory Auditor, M/s S Parth & Co, resigned over a fee dispute, stating management was unwilling to approve an audit fee hike and flagging management-imposed limitations on audit evidence. The replacement, M/s Sarang Shivajirao Chavan & Associates, was recommended to fill the casual vacancy for a five-year term. The board also appointed a new Secretarial Auditor for five years (FY26–FY30), reconstituted all board committees, and approved payment of BSE/SEBI fines for past non-compliance with listing rules.
This is a high-risk signal cluster for retail investors: sudden exit of three directors, an auditor resignation explicitly blaming management for restricted access, and prior SEBI/BSE penalties all point to serious governance and compliance concerns. Combining the MD and CFO roles in one person also weakens financial oversight, which could weigh negatively on the stock.