Intimation of Resignation of Mr. Ravindra Jain from the post of Director. He will still be holding position of CFO in the COpany.
Awaiting price reaction for this filing.
The Board meeting held on 28th May 2026 approved audited standalone financial results for Q4 and FY 2025-26 (year ending 31st March 2026). Mr. Ravindra Jain tendered his resignation from the Directorship position effective 29th May 2026 but will continue serving as CFO of the Company. The Board approved appointment of five new directors subject to shareholder approval — Mr. Harsh Omprakash Jain (son of MD), Mr. Tansukhraj Jalchand Jain (brother of MD), Mr. Sagar Tansukhraj Jain (son of Tansukhraj), Mr. Haresh Kunjiram Parmar (independent), and Mr. Vikas Agrawal (independent). All board committees were also reconstituted. Cost auditor M/s R J & Associates was appointed for FY 2025-26 and 2026-27. The statutory auditors issued an unmodified opinion on the financial statements.
The resignation of Mr. Ravindra Jain from the Board while retaining his CFO role suggests a transition rather than departure. However, the appointment of multiple family members of the Managing Director raises governance concerns about concentration of control in the hands of the promoter family.