Outcome of the Board Meeting held on June 3, 2025.
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The board approved the appointment of Mr. Anil Pralhad Nikam as the new Chief Executive Officer and Key Managerial Personnel, effective June 3, 2025. Mr. Nikam is a Civil Engineering graduate with 30 years of experience in infrastructure, PPP, EPC, and consultancy domains and is not related to any existing directors, KMPs, or promoters. The board also approved an amendment to the Main Object Clause of the Memorandum of Association, significantly expanding the company's permitted business scope to cover airports, railways, sea ports, power & energy, defense, oil & gas, mining, healthcare, urban infrastructure, real estate, and hospitality, among other segments. Additionally, the remuneration of Chairman and Managing Director Mr. Sanjay Patil was revised. A postal ballot via e-voting was approved to seek shareholder approval for these items, with CS Sanam Umbargikar appointed as scrutinizer.
Shareholders should note the appointment of a new CEO with deep infrastructure experience and a major expansion of the company's permissible business activities, both of which could influence future growth direction. The postal ballot will give shareholders a direct vote on the MOA amendment and CMD remuneration revision.