Appointment of Mr. Akshay Shivaji Adhalrao (DIN: 00314926) as an Additional Director (Executive, Non Independent) of the Company, Appointment of Mrs. Madhuri Akshay Adhalrao (DIN: 00315018) ....
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On September 30, 2025, the board of EMA India Ltd approved the appointment of three new Additional Directors effective October 1, 2025. Mr. Akshay Shivaji Adhalrao joins as Executive, Non-Independent Director; he is currently the Managing Director of Dynalog India Ltd with experience in defense electronics, surveillance, and industrial automation. Mrs. Madhuri Akshay Adhalrao, his spouse, has been appointed as Non-Executive, Non-Independent Director and holds an MBA in HR. Mr. Rohit Rajendra Goyal, a Master's in management graduate from City University London, joins as a Non-Executive, Independent Director. All three will hold office until the next Annual General Meeting.
The induction of a married couple onto the board, with the husband in an executive role, signals a promoter or promoter-aligned family taking operational control of EMA India. This could bring domain expertise in defense electronics but also raises governance concerns about concentrated family influence on a small-cap company.