Melstar Information Technologies Limited has informed the Exchange regarding Cessation of Mr UTTAM PRAKASH AGARWAL as Non- Executive Independent Director of the company w.e.f. March 23, 2026.
Awaiting price reaction for this filing.
Mr. Uttam Prakash Agarwal has stepped down as Non-Executive Chairman and Independent Director of Melstar Information Technologies Limited, effective March 23, 2026. He cited preoccupation with other professional commitments as the reason and confirmed there are no other material reasons behind his exit. Mr. Agarwal is a Chartered Accountant and former President of ICAI (2009-10), and also serves as an Independent Director on the boards of Zee Entertainment Enterprises and 3I Infotech. The company will now need to fill the vacant Independent Director seat on its board to comply with SEBI listing requirements.
This is a routine board-level change with no governance red flags flagged. Shareholders should watch for timely appointment of a replacement Independent Director, as the company needs to maintain the minimum number of independent directors required by SEBI. The stock is unlikely to see a major reaction given the personal nature of the exit.