Resignation of Independent Director and Promoter Non-Executive Director
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Mid East Portfolio Management Ltd announced multiple board changes effective 15th July 2025. Ms. Poonam Kishor Shah, daughter of promoter directors Kishor Shah and Jyoti Shah, was appointed as Executive Director and Chief Financial Officer for a 3-year term. She holds an MBA in Finance from Baruch College, CUNY, and has cleared Level III of the CFA program. Two new Independent Directors were also appointed: Ms. Rakhi Upadhyay (1-year term, 25+ years in NPA management and finance) and Mr. Sandipbhai Patel (3-year term, a practicing Chartered Accountant). On the exit side, Mrs. Jyoti K. Shah resigned as Director and CFO citing age, and Mr. Sharad Kulkarni resigned as Director citing age and health issues. All new appointments are subject to shareholder approval.
The resignation of the existing CFO and appointment of the promoter's daughter as Executive Director & CFO signals a clear family succession at the leadership level, which may raise governance questions but ensures continuity. The addition of two new independent directors refreshes the board. Net effect is a family-led transition rather than a disruption.