Appointment of Independent Director of the Company - Mr. Priyanshu Sheth
Awaiting price reaction for this filing.
Following an NCLT Mumbai order dated February 26, 2026, the company has undergone a near-complete board and KMP change. Five directors — including Managing Director Girish Madhukar Talwalkar, Whole-Time Directors Madhukar Vishnu Talwalkar and Vinayak Ratnakar Gawande, and Independent Director Abhijeet Rajaram Patil — have been deemed to cease office from March 16, 2026, along with CFO Dinesh Srinivas Rao. A new board has been constituted: Arvind Pradhan Bhanushali as Managing Director, Kurjibhai Premjibhai Rupareliya as Executive Director, Shilpa Singh as Non-Executive Director, and Priyanshu Sheth and Jignesh Lasaniawala as Independent Directors (5-year terms). The company has also appointed Mr. Satish Kalmaste as the new CFO and Ms. Pooja Jain as Company Secretary and Compliance Officer, and re-constituted board committees. The changes are being driven by a tribunal-supervised resolution process, indicating the company is in a corporate insolvency resolution phase.
Existing promoter (Talwalkar family) management has been completely removed from the board, signaling a loss of control by the founders. A completely new management team is in place under NCLT oversight, which is a major governance event. Shareholders should view this as high-risk: it reflects an ongoing insolvency-driven restructuring, with the future direction, ownership, and revival prospects of the company now in the hands of the tribunal and the new board.