MITCON Consultancy & Engineering Services Limited has informed the Exchange about Resignation of Director/KMP/SMP
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MITCON Consultancy & Engineering Services Limited announced multiple board changes effective April 29, 2026. Two Independent Directors resigned: Mr. Manjunath Thyagaraj Jyothinagara cited pre-occupation of work as the reason for his resignation, while Mr. Sanjay Ballal Phadke resigned because he ceased to satisfy the independence criteria under the Companies Act 2013 and SEBI LODR regulations. In replacement, Mr. Prakash Dhundiraj Vaidya was appointed as an Independent Director for 36 months. He is a leading chemical engineering scientist with over two decades of experience, 150 publications, 4 patents, and has guided 35 PhDs. Additionally, Mr. Sanjay Ballal Phadke was re-appointed as a Non-Executive Non-Independent Director on the same date.
The resignation of two Independent Directors, especially one due to failing independence criteria, raises some governance concerns. However, the appointment of a highly credentialed academic expert and the smooth transition of Sanjay Phadke to a non-independent role mitigates the impact. Shareholders should monitor board independence ratios going forward.