Resignation of Independent Directors
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Clio Infotech Ltd (BSE: 530839) has informed the stock exchange that two of its Independent Directors, Mr. Lokesh M Jain (DIN: 10646819) and Ms. Nayana Nitesh Madata (DIN: 10652504), have resigned from the Board with effect from April 24, 2025. Both directors cited 'pre-occupation and other professional commitments' as the reason for stepping down and confirmed there are no other material reasons behind their exit. The Board has recorded its appreciation for their contributions during their tenure. Notably, neither of the resignations mention any governance concerns or disagreements with the Board.
The simultaneous exit of both Independent Directors on the same day raises minor governance watchpoints, as the company will now need to appoint new independent directors to ensure compliance with SEBI's board composition rules. For a small-cap company, this could temporarily weaken board oversight until replacements are brought on board.