Maha Rashtra Apex Corporation Limited has informed the Exchange regarding Change in Director(s) of the company.
MAHAPEXLTD · price
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On the reaction day the stock moved 4.7 pts less than Nifty Microcap 250 and 4.8 pts less than its Other Financial Services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Maha Rashtra Apex Corporation underwent a major board overhaul on May 26, 2026. Three directors resigned: Managing Director Mr. Aspi Nariman Katagara citing age and health reasons, and two Independent Directors Ms. Vidya More (pre-occupation) and Mr. Nagarajan Sivarama Krishnan (age and health reasons). All resigning directors confirmed no material reasons beyond those stated. In response, the Board appointed Mr. Cyrus Khambata (45+ years in capital markets and banking) as Managing Director and Mr. Jamsheed Minoo Panday (Chartered Accountant with 35 years' experience) as Executive Director — both subject to shareholder approval. Mr. Jamsheed simultaneously stepped down as Company Secretary, being replaced by Mr. Arvind Ganesh Mallya. Mr. Kudi Bhoja Shetty was redesignated from Non-Executive to Independent Director.
The simultaneous resignation of the Managing Director and two Independent Directors in a single board meeting signals significant governance disruption, which could concern investors about board stability and oversight quality, especially given that the company has undergone a KMP-level change as well.