Disclosure under Regulation 30 for change in Management
Awaiting price reaction for this filing.
AVI Polymers has announced a complete board overhaul on April 18, 2025. Chairman and Managing Director Mansukh Patel and Executive Director Monika Shah have resigned, along with all three Independent Directors (Jayesh Dave, Arpit Shah, Ravi Solanki). The resignations are linked to a Share Purchase Agreement dated March 6, 2025, indicating a change in ownership and control of the company. In their place, Chintan Patel has been appointed as the new Managing Director and KMP, Pankaj Thakkar as Non-Executive Non-Independent Director, and Sapna and Ram Kumar Singh as Independent Directors for a five-year term. The new MD brings over 10 years of electrical engineering experience from companies like TATA Group and Diamond Power Infrastructures.
This is a significant governance event driven by a change in control, meaning new promoters have taken over and replaced the entire management team and independent directors. Shareholders should expect new strategic direction, potential operational changes, and should monitor any further disclosures about the buyer's identity and future plans.