Board appoints new MD and CFO, accepts resignation of previous MD-CFO
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 1.3 pts less than Nifty Microcap 250 and 1.5 pts less than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
Minute windows have no benchmark: there is no intraday index history to compare against.
Board appointed Mr. Satish Kalmaste as Managing Director for 5 years and also as Chief Financial Officer, effective Oct 8, 2026, subject to shareholder approval. Mr. Ketanbhai Gosai resigned as MD and CFO citing pre-occupation with other professional work, confirming no material reason behind his exit. New appointee holds a B.Com from Mumbai University with 11 years of experience in accounts, finance, and income tax, and holds no shares in the company. Board committees were also reconstituted.
Leadership change at the top. One person now holds both MD and CFO roles, concentrating authority. Awaiting shareholder approval; may cause short-term uncertainty.