Antarctica Limited has informed the Exchange regarding Cessation of Mr Sandip Dineshbhai Goti as Managing Director of the company w.e.f. December 25, 2025.
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Antarctica Limited has informed the stock exchange that Mr. Sandip Dineshbhai Goti has ceased as Managing Director and Mr. Vaghela Digvijay Arjunsinh has ceased as Independent Director, both with effect from December 25, 2025. The key reason is that shareholders of the company disapproved their appointments through a postal ballot, with the results declared on December 29, 2025 based on the scrutiniser's report. The postal ballot had a last date of receipt of December 25, 2025. Neither director held any shares in the company, and both were relatively new appointees based on their DIN numbers. The company has acknowledged their contributions during their respective tenures.
This is a significant governance event — shareholders actively rejected the appointment of the Managing Director and an Independent Director, which is unusual and could raise corporate governance concerns. The loss of the Managing Director may create leadership uncertainty and operational disruption in the near term, while the stock may see negative sentiment due to the visible shareholder dissent.