Resignation of CFO

Cfo ResignedKmp ResignedPromoter Family Board EntryManagement Changes View source PDF Explain this filing

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Nifty Microcap 250market · in no size index; the smallest one is used+1.2%-3.2% vs market

Other Financial Services peers, median of 77sector+0.0%-2.0% vs sector

On the reaction day the stock moved 3.2 pts less than Nifty Microcap 250 and 2.0 pts less than its Other Financial Services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

On 15th July 2025, the Board of Mid East Portfolio Management Ltd accepted the resignation of Mrs. Jyoti K. Shah as Director and Chief Financial Officer, citing age-related unwillingness to continue. Mr. Sharad L. Kulkarni also stepped down from his directorship citing age and health issues. To fill the gaps, Ms. Poonam Kishor Shah (daughter of promoter directors Kishor A. Shah and Jyoti K. Shah) was appointed as Executive Director and CFO for a three-year term, subject to shareholder approval. Two new Additional Independent Directors — Ms. Rakhi Jayantilal Upadhyay and Mr. Sandipbhai Pravinbhai Patel — were also appointed, bringing fresh expertise in finance, NPA management and chartered accountancy.

Likely market impact

This is a family-led succession move — the outgoing CFO is being replaced by the promoter family's daughter, which may raise governance concerns for minority shareholders but ensures continuity. The addition of two independent directors strengthens board oversight. The stock is likely to see a neutral-to-slightly-negative reaction given the concentration of power within the promoter family.