Generic Engineering Construction and Projects Limited has informed the Exchange regarding Change in Director(s) of the company.
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Generic Engineering Construction and Projects Limited has appointed Mrs. Shital Laxmikant Lokhande as the new Chief Financial Officer with effect from June 13, 2025. She holds a B.Com from the University of Mumbai and an MBA from IIM Ahmedabad, with expertise in taxation, financial reporting, budgeting, and strategic planning. In a related change, Mrs. Namita Ravindra Talele has been redesignated from Non-Executive Independent Director to Non-Executive Non-Independent Director. The company states this change is necessitated because the appointment of Mrs. Lokhande as CFO affects the criteria for Mrs. Talele to continue as an Independent Director. Both changes were approved by the Board on the recommendation of the Nomination and Remuneration Committee.
The new CFO brings strong finance credentials from IIM Ahmedabad, which could strengthen financial controls and reporting at the company. However, the loss of an Independent Director reduces independent oversight on the board, which may be a concern for shareholders focused on corporate governance. Investors should watch for further clarity on the relationship that led to the change in independent status.