Grand Foundry Limited has informed the Exchange regarding Resignation of Mr. Rahul Bhardwaj as Independent Director of the company w.e.f. January 05, 2026.
Awaiting price reaction for this filing.
Grand Foundry Limited underwent a sweeping board restructuring effective January 5, 2026. Three Independent Directors (Rajat Kasliwal, Rahul Bhardwaj, Rahul Sharma) resigned citing pre-occupation, along with CEO Ashish Kumar, CFO Shivani Jain, and Non-Executive Director Shefali Kesarwani — clearing the board of almost all existing members. The Goyal family has taken charge: Gaurav Goyal was appointed Managing Director for 5 years, his brother Saurabh Goyal as Non-Executive Director, and their maternal uncle Rakesh Kumar Bansal as Executive Director. Three new Independent Directors (Dr. Reena Sharma, Shilpi Soni, Aishwarya Singhvi) were inducted, Nitin Gupta became the new CFO, and Sonia Arora was appointed Company Secretary. The company also shifted its registered office from Andheri East to Bandra East in Mumbai and moved its books-of-accounts location from Connaught Place to Moti Nagar in Delhi.
This is effectively a family takeover with the Goyals and their uncle controlling executive positions, raising governance concerns for minority shareholders despite the stated reasons of 'pre-occupation' for all exits. The simultaneous departure of the entire independent director slate and senior management (CEO and CFO) is unusual and warrants close attention to how new leadership steers the company once shareholder approvals are sought.