Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015- Change in Management and Resignation of Independent Directors.
JPPOWER · price
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Jaiprakash Power Ventures has undergone a major board overhaul triggered by the implementation of the Resolution Plan for its promoter company, Jaiprakash Associates Limited (approved by NCLT on May 21, 2026). The entire executive leadership has resigned: Vice Chairman & Whole-time Director Sunil Kumar Sharma, Managing Director & CEO Suren Jain, and Whole-time Director Praveen Kumar Singh - all effective immediately on May 22, 2026. Both independent directors - Dinesh Kumar Likhi and Suresh Chandra Saxena - also resigned with immediate effect. In their place, three new additional directors have been appointed: Savan Jayendra Patel (Chief Commercial Officer at Adani Power), Jayadeb Nanda (former COO at Adani Power with 34 years in power sector), and Naresh Telgu (who handles Adani Group's pumped storage and hydro projects). All three new directors are from the Adani Group ecosystem, indicating a potential change in control.
The resignation of the CEO and entire executive team combined with Adani Group insiders joining the board signals a likely change in control and strategic direction. Shareholders should monitor for further announcements about shareholder approvals and any open offer requirements.