Resignation of Dr. Rajiv Agarwal (07079724) as an Independent Director w.e.f. August 13, 2025.
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At its August 13, 2025 meeting, the board accepted the resignation of Independent Director Dr. Rajiv Agarwal (DIN: 07079724), citing personal preoccupation, effective the same day. He also stepped down as Chairman of the Audit, Stakeholders Relationship, and Nomination & Remuneration committees. To fill the gap, Mr. Varun Kumar (DIN: 05202005) was appointed as Additional Non-Executive Independent Director for a 5-year term, and will chair the Stakeholders Relationship Committee. Promoter family member Mr. Siddhant Kothari (son of CMD Pramod Kumar Kothari) was re-appointed as Whole-Time Director for a term ending March 31, 2030, subject to shareholder approval. The company also appointed M/s Priyanka Saxena & Associates as Secretarial Auditor for 5 years and approved the 35th AGM for September 30, 2025. Q1 FY26 results swung to a net loss of Rs. 112.46 lakhs (EPS of Rs. -0.75) versus a profit of Rs. 109.78 lakhs in the year-ago quarter, with revenue falling to Rs. 2,375.31 lakhs from Rs. 2,635.52 lakhs. The auditor flagged Rs. 9.59 lakhs in outstanding PF dues older than 6 months.
The board sees a net change at the top of three key committees with one Independent Director exiting and a new one stepping in. Operationally, the sharp swing to a Q1 loss and continuing statutory dues overhang are near-term negatives for shareholders, while the promoter-led continuity may provide strategic stability.