Announcement under Reg 30 of SEBI (LODR), 2015, regarding resignation of Non executive Independent Director of the Company Mr. Servagaya Jain on 18.08.2025.
Awaiting price reaction for this filing.
CMI Ltd has informed the stock exchanges that Mr. Servagaya Jain, Non-Executive Independent Director of the Company, resigned from the Board on August 18, 2025. The reason cited is personal commitments and preoccupation, which prevents him from devoting adequate time to his directorial duties. He confirmed there is no other material reason for his resignation. Notably, the resignation was accepted by the Resolution Professional of the Company, indicating that CMI Ltd is currently under the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code. Mr. Jain did not hold directorships in any other listed entity.
This is a routine independent director exit due to personal time constraints and is unlikely to have a direct material impact on the stock price. However, the presence of a Resolution Professional in accepting the resignation confirms CMI Ltd is under insolvency proceedings, which remains the key overhang for shareholders.