Intimation under Reg 30 of SEBI (LODR) Regulations 2015 about the resignation of Mr. Murthy Vadlamani Venkata Satyanarayana as Managing Director of the Company and Appointment of Mr. Chaganty ....
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Mr. Murthy Vadlamani Venkata Satyanarayana has resigned as Managing Director of Colorchips New Media Ltd effective 26th May 2026 citing personal reasons and pre-occupations. He confirmed there are no other material reasons for his departure. The Board will take note of this resignation in the ensuing Board Meeting. Concurrently, the Board has appointed Mr. Chaganty Ravi Shankar as the new Managing Director for a 5-year term starting 26th May 2026, subject to shareholder approval. Mr. Shankar, aged 58, is a B.Com graduate from Andhra University with over 34 years of experience in administration, liaison, purchase, marketing, and coordination. He is not related to any existing directors on the board.
The change in leadership at the Managing Director level may create short-term uncertainty for investors, though the immediate appointment of an experienced successor provides continuity. The requirement for shareholder approval adds a layer of oversight to the new appointment.