Antarctica Limited has informed the Exchange regarding Cessation of Mr Vaghela Digvijay Arjunsinh as Non- Executive Independent Director of the company w.e.f. December 25, 2025.
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Antarctica Limited informed the stock exchange that two directors have ceased to hold office with effect from December 25, 2025. Mr. Sandip Dineshbhai Goti ceased as Managing Director and Mr. Vaghela Digvijay Arjunsinh ceased as Non-Executive Independent Director. Both cessations happened because shareholders DISAPPROVED their appointments through a Postal Ballot whose results were declared on December 29, 2025. The last date to receive postal ballot votes was December 25, 2025. This is an unusual situation where the company lost its Managing Director and an Independent Director due to shareholder rejection, rather than voluntary resignation. No shares were held by either outgoing director in the company.
This is a significant negative governance signal. The company is now without a Managing Director and has lost an Independent Director after shareholders publicly rejected their appointments, which may reflect shareholder dissatisfaction and could weigh on the stock price. The board will need to quickly appoint a new MD and independent director to ensure compliance and continuity, and investors should watch for the next round of appointments closely.