Appointment of Mr. Ajay Shah as Managing Director and CEO subject to approval of Members.
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The Board of Directors appointed Mr. Ajay Shah as Additional Director and proposed him as Managing Director and CEO, subject to shareholder approval via postal ballot. Ajay Shah brings 30 years of experience, is a CA and LLB, and joins from EY where he was a senior Investment Banking partner for nearly two decades. Concurrently, Mr. Madhusudan Kela was re-designated from Managing Director to Non-Executive, Non-Independent Director. The company also approved FY2026 audited results showing standalone profit of Rs. 1,118.06 Lakhs (up from Rs. 937.70 Lakhs), declared an interim dividend of Rs. 0.25 per share, and appointed M/s. Mahesh Chandra & Associates as internal auditor for FY2026-27.
The appointment of an experienced external CEO from a Big Four firm signals a potential strategic shift in direction, which could be viewed positively by investors. The leadership transition from Madhusudan Kela to Ajay Shah represents a significant governance change.