Appointment and Resignation of Independent Directors.
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IEL Limited's board, at its 7th August 2025 meeting, approved the unaudited standalone financial results for Q1 FY26 (quarter ended 30th June 2025), reporting a net loss of around ₹73.62 lakhs, marginally narrower than the ₹73.75 lakh loss in the year-ago quarter, with total income of about ₹5.02 lakhs and a loss per share of ₹0.057. Two non-executive independent women directors — Ms. Avani Ashwinkumar Shah and Ms. Juhi Sawajani — resigned effective 7th August 2025, both citing other professional commitments; Ms. Sawajani was also the Chairperson of the Audit, Stakeholders Relationship, and Nomination & Remuneration committees. To fill the vacancies, the board appointed three new independent directors — Ms. Aastha Jain (Company Secretary background), Ms. Ami Priyank Bhanshali (Chartered Accountant), and Ms. Mokshi Prakashbhai Shah (Commerce/CS background) — each for a five-year term ending 6th August 2030, subject to shareholder approval. All three board committees were reconstituted with the new directors, with Ms. Aastha Jain named Chairperson of all three committees. Additionally, M/s Kunal Sharma & Associates was appointed as Secretarial Auditor for five years (FY 2025-26 to FY 2029-30).
The near-complete overhaul of the independent director slate (two exits, three fresh appointments, all committee chairs re-assigned) is a notable governance change, though the resigning directors confirmed no material reasons beyond personal commitments. Operationally, the company continues to report losses with negligible revenue, so shareholders should focus on whether the new board can steer a turnaround.