Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
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On September 2, 2025, the Board of Hardcastle & Waud Manufacturing reversed the decisions taken on August 12, 2025 to redesignate Shri Banwari Lal Jatia from Managing Director to Executive Director and to appoint Mr Pravedkumar Dubey as Manager. Instead, the Board has approved continuation/reappointment of Shri Banwari Lal Jatia as Managing Director for a further 3 years starting April 1, 2026, when his current MD tenure ends on March 31, 2026. The revoked resolutions will not be put before shareholders at the upcoming AGM. Jatia, who has been with the company since 1994 and holds B.Com and LLB degrees with about 56 years of industry experience, is not related to any director and not debarred by SEBI. The earlier August 12 intimation (enclosed) also covered the appointment of Mr Manekchand Panda as Independent Director for 5 years and M/s SKJP & Associates as Secretarial Auditors for FY2025-26 to FY2029-30.
The reversal of a board decision made just three weeks earlier is unusual and may raise governance questions among shareholders, but leadership continuity with Jatia as MD provides stability. None of the changes affect day-to-day operations before April 2026.