Intimation cum Outcome of the Board Meeting held today i.e. 07th May, 2025
Awaiting price reaction for this filing.
On May 7, 2025, the board of AVI Polymers approved a complete overhaul of its key managerial personnel. Mr. Mitesh Bhupatbhai Meghani resigned as CFO and Mr. Patel Nishit Yogeshbhai (10 years of experience in financial strategy, budgeting and compliance) was appointed in his place. Similarly, Ms. Monika Parth Shah resigned as Company Secretary and Compliance Officer, and Ms. Ritu Tiwari (a qualified Company Secretary with over 8 years of experience in corporate law and SEBI matters) was appointed. Both outgoing officials cited facilitating the new management's reconstitution of the team as the reason for resigning. The company also shifted its corporate office from Vastrapur, Ahmedabad to Sardar Ganj, Anand (both in Gujarat). The board meeting lasted only 40 minutes (12:00 PM to 12:40 PM).
Both the CFO and Company Secretary have been replaced simultaneously, with the resignations explicitly linked to new management taking control of the company. This points to a possible change of management/promoter control at AVI Polymers. While new appointees appear qualified, simultaneous exits of two KMPs under such circumstances warrant close monitoring by shareholders for further governance or strategic announcements.