Ashima Limited has informed the Exchange about change in Management
ASHIMASYN · price
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Ashima Limited has informed the stock exchanges about a change in its Board composition effective January 6, 2026. Mr. Sanjay Majmudar, who has been serving as a Non-Executive Independent Director since November 2018 (with his second term running from November 2023), is being redesignated as a Non-Executive Non-Independent Director. The change is necessary because the company plans to engage his chartered accountancy firm, M/s. Parikh & Majmudar, for professional services in direct taxes and other matters. Such engagement would compromise his independence under Section 149(6) of the Companies Act and SEBI Listing Regulations. The redesignation is subject to shareholder approval via postal ballot. Mr. Majmudar holds zero shares in the company and sits on multiple boards including AIA Engineering, M&B Engineering, Welcast Steels, and Senores Pharmaceuticals.
This is a procedural governance change rather than a disruption. The board composition shifts from having one independent director fewer, which could raise minor corporate governance concerns among institutional investors who track board independence ratios. Shareholders will need to approve the change via postal ballot. No direct impact on operations or financials is expected.