Please find enclosed changes in Directors pursuant to Board Meeting held on May 26th , 2026
MAHAPEXLTD · price
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Maha Rashtra Apex Corporation underwent significant board changes on May 26, 2026. The Managing Director, Mr. Aspi Nariman Katagara, resigned due to age and health issues. Two Independent Directors, Ms. Vidya More and Mr. Nagarajan Sivarama Krishnan, also resigned citing pre-occupation and health reasons respectively. In response, the Board appointed Mr. Cyrus Khambata as the new Managing Director for a 5-year term and Mr. Jamsheed Minoo Panday as Executive Director. Mr. Kudi Bhoja Shetty was redesignated from Non-Executive Director to Independent Director. Additionally, Mr. Jamsheed Minoo Panday resigned as Company Secretary and Compliance Officer, with Mr. Arvind Ganesh Mallya appointed to that role.
The resignation of the Managing Director and two Independent Directors in a single meeting may raise governance concerns for investors. The company has appointed replacements but the new Managing Director's appointment is subject to shareholder approval.