INTIMATION FOR APPOINTMENT OF NEW INDEPENDENT DIRECTOR OF THE COMPANY AND FOR RE-DESIGNATION OF NON-EXECUTIVE NON-INDEPENDENT DIRECTOR AS AN INDEPENDENT DIRECTOR OF THE COMPANY
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Gayatri BioOrganics held a board meeting on May 28, 2025, where two Independent Directors — Mr. Murali Vittala and Mr. Ramachandra Seshaprasad Chodavaparu — resigned citing advancing age. To fill the gap, Mr. Srinivas Iduri was appointed as a new Independent Director for a 5-year term, and Ms. Meenakshi Ramchand Sachdeva was re-designated from non-executive non-independent director to Independent Director for 5 years, pending shareholder approval. The board also approved audited FY25 results showing continued losses — net loss of Rs. 72.65 lakhs in FY25 vs Rs. 68.12 lakhs in FY24, with revenue from operations of just Rs. 7.93 lakhs. Other equity remains deeply negative at Rs. (11,468) lakhs, and the going concern assumption is supported by a comfort letter from promoters. M/s. Vas & Co. was appointed as Internal Auditor and M/s. Vivek Surana & Associates as Secretarial Auditor (5-year term).
Two independent directors exiting simultaneously is a notable governance change, but replacements are already in place, so board composition remains compliant. The deeply negative other equity and reliance on promoter support for going concern highlight significant financial weakness, though revenue base appears minimal.