Announcement under Regulation 30 - Resignation of CFO
Awaiting price reaction for this filing.
SJ Corporation Ltd held a board meeting on May 30, 2026 approving multiple significant changes. The company saw a complete change in management control, with new promoters (Pintu Kalavadia, Prashant Kalavadia, Umang Savani, and Kalpesh Patel) acquiring 11.35% stake for Rs 5.90 crore through a share purchase agreement dated January 30, 2026, along with an open offer for 26% shares at Rs 12 each. CFO Mr. Ashish Satani resigned due to management change, replaced by Mr. Jagdish Pambhar. Four new directors were appointed including Mr. Pintu Kalavadia as Managing Director and Ms. Ekta Dholakia as Independent Woman Director. Four directors including promoters Mr. Savjibhai Patel and Mrs. Usha Patel resigned. The company reported FY2026 profit of Rs 71.21 lakhs (vs loss of Rs 20.18 lakhs in FY2025) with revenue of Rs 2,193.30 lakhs. The registered office is proposed to shift from Mumbai to Rajkot, Gujarat.
This is a major corporate restructuring with change of control from existing promoters to new management team. Multiple KMP resignations and new appointments may create short-term uncertainty, while the company shows return to profitability. Shareholders should note the upcoming postal ballot for approving these changes.