Appointment of Managing Director of the Company
Awaiting price reaction for this filing.
Following an NCLT Mumbai order dated February 26, 2026 in C.P.(IB) No. 1056/MB/2020, the company's board has been completely reconstituted. Five new directors have been confirmed, including Mr. Arvind Pradhan Bhanushali as the new Managing Director (5-year term) and Mr. Kurjibhai Premjibhai Rupareliya as Executive Director, along with one Non-Executive and two Independent Directors. Simultaneously, five existing directors/KMPs have been deemed to have ceased office, including former Managing Director Mr. Girish Madhukar Talwalkar, Whole-Time Directors Mr. Madhukar Vishnu Talwalkar and Mr. Vinayak Gawande, Independent Director Mr. Abhijeet Patil, and CFO Mr. Dinesh Srinivas Rao. Mr. Satish Kalmaste has been appointed as the new CFO and Ms. Pooja Jain as Company Secretary & Compliance Officer, with all board committees reconstituted.
A sweeping change in leadership driven by the ongoing insolvency resolution process—promoter-family members (the Talwalkars) are exiting the board and new professional management is being brought in, which may improve governance and creditor confidence but creates short-term uncertainty around operational continuity for shareholders.