GRAND FOUNDRY LIMITED has informed the Exchange about Resignation of Independent director.
Awaiting price reaction for this filing.
Grand Foundry Limited announced a sweeping board overhaul on January 5, 2026. The CEO (Ashish Kumar), CFO (Shivani Jain), three independent directors (Rajat Kasliwal, Rahul Bhardwaj, Rahul Sharma), and one non-executive director (Shefali Kesarwani) all resigned, citing pre-occupation elsewhere. In their place, the company appointed Gaurav Goyal as Managing Director for a 5-year term, his brother Saurabh Goyal as Non-Executive Director, and their maternal uncle Rakesh Kumar Bansal as Executive Director, signalling a Goyal family takeover. Three new independent directors — Dr. Reena Sharma, Shilpi Soni, and Aishwarya Singhvi — were also appointed, along with a new CFO (Nitin Gupta) and Company Secretary (Sonia Arora). All resignations and appointments are effective from the close of business on January 5, 2026, subject to shareholder approval. The company also shifted its registered office from Andheri East to Bandra East in Mumbai.
This is a significant control change — the Goyal family (two brothers and their maternal uncle) now occupies three board seats, while the previous CEO and CFO have both exited. The simultaneous exit of all three independent directors and a non-executive director, followed by a full replacement, may raise governance concerns among shareholders. Investors should watch for shareholder approval results and any further disclosures, as the stock could see volatility around this leadership transition.