The Company has informed the Exchange regarding Appointment of Mr Sanjay Jain as Chairman and Non- Executive Independent Director of the Company w.e.f. February 12, 2026.
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The board has appointed Mr. Sanjay Jain (Advocate at Supreme Court) as Chairman and Non-Executive Independent Director for a 2-year term from Feb 11, 2026 to Feb 10, 2028. This follows promoter Pranav Ansal vacating his positions of Chairman, Whole Time Director, and Director effective October 31, 2025. The board has been reconstituted with six newly designated directors covering legal, manufacturing, finance, and textile expertise, including a Woman Director. All appointments are subject to shareholder approval. The company is currently under Corporate Insolvency Resolution Process (CIRP) under IBC 2016 for its Lucknow and Rajasthan projects, with two separate Resolution Professionals managing its Serene Residency (Greater Noida) and Fernhill (Gurgaon) projects.
This marks a major leadership overhaul at a financially distressed company under insolvency, with the original promoter stepping away from the board. While the newly assembled board brings independent and diverse expertise that could support the insolvency resolution process, the CIRP status and Resolution Professional-led projects indicate the company remains in a deeply stressed state, limiting near-term shareholder value recovery.