Announcement under Regulation 30 (LODR) - Change in Directorate
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At a board meeting on 22 November 2025, Chandrima Mercantiles announced multiple leadership changes. Mr. Dinesh Hareshbhai Gohel stepped down as Managing Director and was redesignated as Non-Executive Director; he also resigned as Chief Financial Officer citing pre-occupation elsewhere. Mr. Chiragkumar Kiranbhai Prajapati, described as having a background in agriculture and operations, was appointed as the new Managing Director and also as CFO of the company. Additionally, M/s. M A A K & Associates (FRN 135024W) was recommended as the new Statutory Auditor for FY 2025-26, filling the casual vacancy created by the resignation of the previous auditor. The new auditor's appointment is subject to member approval at an upcoming Extra-Ordinary General Meeting.
A simultaneous top-level overhaul (MD, CFO, and auditor all changing in one meeting) is unusual for a small company and warrants close attention. Replacing both the MD and CFO with the same individual (Mr. Prajapati) concentrates decision-making power, which shareholders should monitor. The mid-term auditor change is a governance red flag that retail investors should weigh.