Resignation of Directors
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Craftroot Retail Ltd has announced the resignation of four directors effective May 28, 2026. Mr. Raghvendra Kulkarni resigned as Managing Director and CFO citing change of management due to an open offer/takeover under SEBI Regulations. Three independent directors - Mr. Vipul Jana, Mrs. Sonal Gandhi, and Mr. Divyakant Gandhi - also resigned due to completion of their tenure. All four directors stepped down from their positions on the Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship Committee. The board meeting was held on May 28, 2026 from 5:00 PM to 6:00 PM.
This is a significant governance event. The simultaneous resignation of the Managing Director, CFO, and three independent directors suggests a major change in ownership and control. Shareholders should monitor for new appointments as the company transitions under new management following the takeover.