Grand Foundry Limited has informed the Exchange regarding Resignation of Mr. Rajat Kasliwal as Independent Director of the company w.e.f. January 05, 2026.
Awaiting price reaction for this filing.
Grand Foundry Limited (GFSTEELS) announced a sweeping board overhaul effective January 5, 2026. The CEO Mr. Ashish Kumar, CFO Ms. Shivani Jain, and three independent directors (Rajat Kasliwal, Rahul Bhardwaj, Rahul Sharma) resigned citing pre-occupation, with no material reasons disclosed. In their place, Mr. Gaurav Goyal was appointed as Managing Director for a 5-year term, alongside Mr. Saurabh Goyal as Non-Executive Director and Mr. Rakesh Kumar Bansal as Executive Director — the three are brothers and maternal uncle respectively, signaling a family-led management change. Three new independent directors (Dr. Reena Sharma, Ms. Shilpi Soni, Ms. Aishwarya Singhvi) and a new CFO (Mr. Nitin Gupta) were also appointed. The company additionally shifted its registered office from Andheri East to BKC Bandra East and moved its books of accounts from Connaught Place to Moti Nagar, Delhi.
This represents a significant promoter family takeover of the company's leadership, which could bring continuity but also raises governance concerns given the concentration of family members on the board. The simultaneous exit of the CEO, CFO, and three independent directors in a single day may create short-term operational uncertainty and warrants close monitoring by shareholders for any disruption in financial reporting or strategic direction.