Kritika Wires Limited has informed the Exchange regarding Resignation of Mr Niraj Jindal as Non- Executive Independent Director of the company w.e.f. July 30, 2025.
KRITIKA · price
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Kritika Wires Limited's board, at its meeting on July 30, 2025, accepted the resignations of two Non-Executive Independent Directors — Mr. Shiv Kumar Saraff (citing personal commitments and health reasons) and Mr. Niraj Jindal (citing other preoccupations and time-bound responsibilities). Both cessations are effective July 30, 2025, and neither director will hold any listed-entity board seat going forward. The board also approved unaudited Q1 FY26 results showing revenue from operations of ₹20,685.62 lakhs and a profit after tax of ₹137.61 lakhs (EPS of ₹0.05), down sequentially from ₹23,914.77 lakhs and ₹339.76 lakhs in Q4 FY25. Additionally, M/s Sohan Lal Jalan & Associates was re-appointed as Cost Auditor for FY25-26, and the company authorized LME (London Metal Exchange) transactions and opened a Kotak Mahindra Bank account for this purpose.
The simultaneous exit of both independent directors is a governance red flag for a small-cap company and may raise investor concern about board continuity, especially since replacement directors were not announced in this filing. Q1 results show a meaningful sequential decline in revenue and profitability, though this should be read in light of commodity price cycles typical for steel wire manufacturers. The LME authorization signals a possible expansion of metal-hedging or trading activity.