1. Appointment of Ms. Jyothirmai Kanasani (DIN: 11065279) as an Additional (Non-Executive - Independent) Director of the Company with effect from May 16, 2025, for a period of 5 years, ....
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Maruti Securities Limited held a board meeting on May 16, 2025, and approved several major changes. The Board appointed Ms. Jyothirmai Kanasani, a Chartered Accountant with over 4 years of experience in finance, audit, and taxation, as an Additional (Non-Executive – Independent) Director for a 5-year term, subject to shareholder approval. The Board also approved changing the company's Object Clause to enable a shift into the infrastructure sector, as new promoters with an infrastructure background plan to restart operations after the company was non-operative for 5 years. A name change from 'Maruti Securities Limited' to one of several proposed options (including Maruti Infratech Limited or Maruti Infra and Solutions Limited) was also approved, subject to MCA and other regulatory clearances. Additionally, the Board approved related party borrowings from directors and their related entities to fund operational and administrative needs, adopted new Articles of Association, and reconstituted key board committees. Audited FY25 results are due by May 30, 2025.
This is a significant turnaround announcement — the company is essentially being repositioned from a dormant securities firm to an infrastructure-focused entity under new promoters. Shareholders should watch for shareholder approval of these changes and the FY25 results, as the business direction is undergoing a fundamental shift that could materially affect future operations and stock relevance.