Disclosure for Appointment of Director subject to RBI Approval
Awaiting price reaction for this filing.
Mahan Industries Ltd has appointed Mr. Niranjan Navratanmal Jain (DIN: 00282842) as an Additional Director in the Executive category. The appointment was approved at the Board meeting held on May 2, 2025, and will take effect only after receiving Reserve Bank of India approval. Mr. Jain is a fellow Chartered Accountant and Commerce graduate with over 30 years of finance experience, including work as a statutory auditor for various NBFC companies. He holds 500 shares in the company and is not related to any existing director on the board. The company affirmed that he is not debarred from holding a director's office by SEBI or any other authority.
This is a routine board appointment that strengthens the company's finance and NBFC expertise, but it remains conditional until RBI clearance. Since the appointee is an Executive Director (not CEO/MD), the impact on operations or shareholder value is limited at this stage.