CARE Ratings Limited has informed the Exchange regarding Cessation of Ms Sonal Desai as Non- Executive Independent Director of the company w.e.f. July 10, 2025.
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CARE Ratings Limited has informed the stock exchanges that three Independent Directors — Mr. Najib Shah, Ms. Sonal Desai, and Dr. M. Mathisekaran — ceased to hold office on the board with effect from the close of business hours on July 10, 2025. The reason is the completion of their second consecutive 3-year term as Independent Directors, not resignation or removal. The board has recorded its appreciation for their contributions during their association with the company. The disclosure is made under Regulation 30 of the SEBI Listing Regulations. No information about new appointments or replacements was included in this filing.
The exit of three Independent Directors at once may lead to short-term governance concerns and could affect stock sentiment until replacements are appointed. Shareholders should watch for a follow-up announcement regarding new independent director appointments to fill these vacancies.