Cessation of 2 Independent Directors due to completion of their tenure
Awaiting price reaction for this filing.
Inditalia Refcon's board meeting on April 30, 2025, noted the end of tenure of two independent directors — Mr. Dattatraya Shankar Amonker and Mr. Abhay Ganpat Dadarkar — who completed two consecutive five-year terms each, with effect from March 31, 2025. To fill the gaps, the board appointed three new directors: Mr. Vipul Gandhi as a Non-Executive & Non-Independent Director, and Ms. Shamika Prashant Masurkar and Mr. Chirag Kantilal Patel as Independent Directors. All appointments are subject to shareholder approval at the upcoming general meeting. Additionally, the board approved the change of Registrar and Transfer Agent (RTA) from MUFG Intime India to Purva Sharegistry, pending depository approvals and clearance of pending fees.
This is a routine board restructuring with no change in management control — the Managing Director (Sujata Mittal) remains in place. The departures were due to natural completion of tenure, not resignation under controversy, and the company has already lined up replacements. Shareholders should see this as neutral governance housekeeping rather than a red flag.