Resignation of Director Mr. Samba Siva Rao (DIN: 09526475) Clarifications submitted to the Exchange in response to the e-mail message dated 17th March 2026.
MADHUCON · price
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Madhucon Projects has informed BSE that Mr. Samba Siva Rao Jasty, who served as Director – Finance & Accounts (Director-F&A), resigned from the board effective 20 February 2026, citing health issues and personal reasons. The resignation letter was submitted on 20 February 2026, but the formal board acceptance came only on 14 March 2026 via a circular resolution, after he independently filed DIR-11 with the MCA on 14 March 2026 (SRN: AC2646709). BSE had raised queries because the company did not notify the exchange within the required 24-hour window – the company has attributed the delay to a Sunday holiday and clarified that the director was not a Key Managerial Person. The board has authorised filing of DIR-12 to complete the necessary compliances. Mr. Jasty was appointed only in August 2025 and does not hold any other listed-entity directorships.
For shareholders, this is a routine director-level exit with no change to the CEO/MD or CFO position – the existing CFO (Mr. Kothapalli Venkateswarlu) continues on the board, so finance leadership is not disrupted. The episode does highlight some governance friction (late intimation to the exchange and the director filing MCA forms ahead of board approval), which investors may want to track but is unlikely to materially affect the stock in the near term.