Intimation Under regulation 30 of (LODR),Regulation 2015 for Change in Managements.
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The company announced a major board overhaul on June 16, 2025. Managing Director Mrs. Sheetal Jain and Independent Director Mr. Tushar Rastogi resigned with immediate effect, citing personal reasons. No replacement Managing Director has been named yet, leaving the top executive position vacant. On the appointment side, four new faces joined: Mrs. Kushboo Rastogi (daughter of Chairperson Meena Rastogi) as Non-Executive Non-Independent Additional Director, Mr. Sachin Kumar Bhimrajka as Executive Director for 2 years, Mr. Surendra Pal Sharma as Independent Director for 1 year, and Mr. Sundar Singh as Company Secretary & Compliance Officer (Key Managerial Personnel). Separately, Mr. Bharat Singh Bisht shifted from Non-Executive Independent Director to Executive Whole-Time Director for a 5-year term.
The sudden exit of the Managing Director without an immediate successor could create short-term leadership uncertainty and governance concerns for shareholders. The appointment of the Chairperson's daughter to the board signals family succession and may raise questions about board independence going forward.