Intimation of resignation of Director under Regulation 30 of SEBI LODR Regulations 2015
Awaiting price reaction for this filing.
Alka Securities has disclosed the resignations of four directors: Independent Director Mr. Avinash Bhavri (effective 30 May 2023), Executive Director Mr. Upendra Ravidas, and Independent Directors Mr. Jayesh Mehta and Ms. Bina Soti (all three effective 18 March 2025). All cited pre-occupation and personal commitments as reasons, with no other material reasons stated. The company admitted that these resignations were not disclosed to the stock exchange within the required 24-hour window as mandated by SEBI LODR rules. The delays occurred because the company's shares are currently under trading suspension due to prior non-compliance with SEBI LODR Regulations, and management was focused on revocation efforts. The company apologised for the oversight and committed to corrective actions.
This is a significant red flag for shareholders — the company is already under trading suspension, has now lost three independent directors and an executive director, and has openly acknowledged compliance failures. The thinning of the board and existing regulatory troubles may further delay the revocation of trading suspension and undermine investor confidence.