Resignation and Appointment of CFO
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Innovassynth Investments Limited completed the merger with Innovassynth Technologies (India) Limited by allotting 4,74,65,031 equity shares of Rs. 10 each to the transferor company's shareholders at a 1:1 swap ratio, raising paid-up capital to Rs. 75.44 crore (7.54 crore shares). The company appointed Dr. Hardik Joshipura as CEO alongside his existing MD role (MD & CEO), Mr. Jayesh Patel as the new CFO, and Mr. Prosenjit Gupta as Chairperson. Mr. Sameer Pakhali stepped down as CFO due to post-merger restructuring but continues as Company Secretary. Several new directors were also inducted, including Viren Raheja and Akshay Raheja as Non-Executive Non-Independent Directors (who are related to each other), Mrs. Ameeta Parpia as Independent Director, and Mr. Vaibhav Joshi as Whole-Time Director (Operations). KPMG was appointed as Internal Auditor for FY 2025-26.
Existing shareholders of Innovassynth Technologies will now hold shares in the merged entity, increasing the share count substantially. The Raheja brothers joining the board suggests promoter group consolidation, which may strengthen strategic oversight but also concentrates board influence. The seamless CFO transition and appointment of a Big-4 internal auditor (KPMG) should provide comfort on governance post-merger.