KOLTE - PATIL DEVELOPERS LIMITED has informed the Exchange about Resignation of Independent director.
KOLTEPATIL · price
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Three independent directors of Kolte-Patil Developers — Umesh Joshi, Achyut Watve, and Dhananjay Barve — have resigned from the board with effect from close of business hours on 11 August 2025. The resignations are linked to the Share Purchase Agreement and Shareholders Agreement dated 13 March 2025 between the company, BREP Asia III India Holding Co VII Pte. Ltd. (a Blackstone entity), and the existing promoter group. The resignations are part of the agreed reconstitution of the board following this transaction. All three directors confirmed there are no other material reasons for stepping down and waived any claims against the company.
This is part of a planned board reshuffle following a major transaction with Blackstone (BREP Asia III), not a sudden governance concern. Shareholders should expect new directors to be appointed soon to fill the vacated independent director seats, consistent with the terms of the share purchase deal.