CARE Ratings Limited has informed the Exchange regarding Cessation of Mr Mr. Najib Shah 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 (DIN: 08120210), Ms. Sonal Desai (DIN: 08095343), and Dr. M. Mathisekaran (DIN: 03584338) — ceased to hold office with effect from the close of business hours on July 10, 2025. The reason cited is the completion of their second consecutive 3-year term as Independent Directors on the board. The company has expressed gratitude for their contributions during their tenure. The disclosure was filed under Regulation 30 of SEBI's Listing Obligations and Disclosure Requirements Regulations, 2015. All three exits are routine end-of-tenure cessations, not resignations.
This is a routine end-of-term board change with no negative governance implication — the directors are exiting naturally after completing two full terms. Shareholders may want to watch for timely appointment of new Independent Directors to maintain board composition requirements, but there is no immediate impact on operations or stock price.