Resignation of CFO
Price
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Awaiting price reaction for this filing.
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.
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.