Grand Foundry Limited has informed the Exchange regarding Revised Outcome of Board Meeting held on January 05, 2026.
Awaiting price reaction for this filing.
Grand Foundry Limited announced a sweeping board overhaul effective January 5, 2026. The Executive Director & CEO (Mr. Ashish Kumar), the Executive Director & CFO (Ms. Shivani Jain), three Independent Directors (Mr. Rajat Kasliwal, Mr. Rahul Bhardwaj, Mr. Rahul Sharma), and one Non-Executive Director (Ms. Shefali Kesarwani) all resigned citing pre-occupation. In their place, Mr. Gaurav Goyal was appointed as Managing Director (5-year term), along with his brother Mr. Saurabh Goyal as Non-Executive Director and their maternal uncle Mr. Rakesh Kumar Bansal as Executive Director — indicating promoter family members taking control. Three new Independent Directors (Dr. Reena Sharma, Ms. Shilpi Soni, Ms. Aishwarya Singhvi), a new CFO (Mr. Nitin Gupta), and a new Company Secretary (Ms. Sonia Arora) were also appointed. Additionally, the company's registered office was shifted within Mumbai and its books of accounts location moved from Delhi's Connaught Place to Moti Nagar.
This is a near-complete board and top-management turnover in a single day, with the promoter family (Goyal brothers and their maternal uncle) assuming executive control, replacing the prior CEO, CFO, and most independent directors. For shareholders, this signals a major shift in ownership/management control and reduces independent oversight, which could be concerning for governance — though the new MD brings four decades of stainless steel and finance experience. Investors should watch for shareholder approval outcomes and any further disclosures about the new management's plans.