Outcome of the Board Meeting held on May 29, 2026
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The board meeting addressed several key leadership changes. Mr. Rakesh Rathi stepped down as Managing Director effective May 12, 2026, marking a significant departure at the top executive level. Mr. Bhargeshwar Banerji also resigned as Independent Director. In contrast, Mr. Uttam Dave was elevated from Chairman and Whole Time Director to Chairman and Managing Director for a 5-year term starting May 29, 2026, subject to shareholder approval. The board approved audited financials for Q4 and FY ended March 31, 2026, revised statutory auditor remuneration, and business agreements with entities in which Mr. Dave has interests (Nimit Global Foundation, TVAM Collective, Thirty9 Studio) up to Rs. 1 crore each. The company's registered office will shift within Andheri East, Mumbai. Two board committees were also reconstituted.
The resignation of the Managing Director (top executive) is a notable change that shareholders should monitor, especially given the related party transactions involving the new Managing Director. The elevation of Mr. Dave consolidates leadership but raises governance considerations due to his connected business dealings requiring member approval.