Appointment of Neerav Bairagi as the Managing Director of the Company, subject to the approval of the shareholder of the Company.
Awaiting price reaction for this filing.
JMG Corporation has undergone a complete board shake-up following a successful takeover under SEBI's Takeover Regulations. Mr. Neerav Bairagi has been appointed as the new Managing Director (subject to shareholder approval), along with his spouse Ms. Maya Bairagi as Additional Director. Two new independent directors (Mr. Rahul Singh Jadaun and Mr. Yashasvi Prateek) and a new CFO (Mr. Manprakash Verma) have also been appointed. The previous Chairman & MD (Mr. Atul Kumar Mishra), four other directors including three independent directors, the prior CFO and the Company Secretary have all resigned, effective April 27, 2026. Separately, the company has terminated its Joint Development Agreement with AR Challenges Ltd. (Israel) for an MSW-to-Power project in Saharanpur, citing prolonged force majeure from the Israel–Middle East conflict since October 2025, with no material financial impact expected.
Shareholders should expect a strategic and operational reset under the new management team, with new leadership to be ratified at the next shareholder meeting. The JDA termination removes a stalled, geopolitically exposed project but the company says it will not materially affect financials. The wholesale board change signals a new direction for the company post-takeover.