Appointment of CFO
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The board of Marg Techno Projects Ltd met on March 20, 2026 and approved multiple decisions. Mrs. Chhayaba Balbhadrasinh Dodiya resigned as Chief Financial Officer for personal reasons, and Mr. Arun Madhavan Nair was appointed as the new CFO with immediate effect. Notably, the new CFO is the brother of Managing Director Akhil Nair, a relative of Whole-Time Director Dhananjayan Kakkat Nair, and himself already serves as a Whole-Time Director on the board. The board also approved a rights issue of up to Rs. 65 crore to eligible shareholders, an increase in authorised share capital from Rs. 30 crore to Rs. 45 crore, and amendments to the MOA to add fintech, payment gateway and BBPS (Bharat Bill Payment System) related business objects. Remuneration of the MD and both WTDs was also increased, subject to shareholder approval at an EGM on April 17, 2026.
The CFO change consolidates control within the promoter family, which may raise governance concerns for minority shareholders. The Rs. 65 crore rights issue will dilute existing shareholders unless they fully participate, while the MOA changes signal a strategic pivot into fintech and bill payment services.