MITCON Consultancy & Engineering Services Limited has informed the Exchange regarding Outcome of Board Meeting held on April 29, 2026.
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The Board of MITCON Consultancy & Engineering Services, held on April 29, 2026, approved the re-appointment of Mr. Anand Chalwade as Managing Director for another 5 years starting July 1, 2026, subject to shareholder approval. It also appointed Mr. Prakash Vaidya, a professor at the Institute of Chemical Technology in Mumbai, as a new Non-Executive Independent Director for a 3-year term. At the same time, two existing Independent Directors stepped down from their independent roles: Mr. Manjunath Jyothinagara resigned citing pre-occupation and inability to devote adequate time, while Mr. Sanjay Phadke ceased to meet the independence criteria under the Companies Act and SEBI LODR and was re-designated as a Non-Executive Non-Independent Director.
The leadership at the top remains stable with the MD getting a fresh 5-year term, but shareholders should note the simultaneous exit of two Independent Directors from the independent category, which reduces independent oversight on the board. The induction of an academic expert in chemical engineering signals a possible sharpening of the company's technical advisory focus.