Kolte - Patil Developers Limited has informed the Exchange regarding Demise of Mr NareshPatil, Executive Director of the company on May 11, 2025.
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Kolte-Patil Developers has informed stock exchanges about the sudden and unexpected demise of Mr. Naresh Patil, the company's Promoter and Vice Chairman (Whole Time Director), on May 11, 2025. Mr. Naresh Patil held 1,11,29,160 equity shares, representing 14.64% of the company's share capital. He was associated with the company since inception and played a crucial leadership role. Under SEBI LODR Regulation 31A(6)(c), he will cease to be part of the promoter/promoter group following his demise.
This is a significant event for the company as a key promoter and whole-time director has passed away, which may lead to short-term uncertainty around leadership succession and governance. Investors should watch for further disclosures on board reconstitution and any changes to the promoter group shareholding structure.