The BOD has recommended amendment in the AOA of the Company by inserting new provision under the head ''Board of Directors''.
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The Board of Neelkanth Limited, at its meeting on April 21, 2026, approved several key changes. Mr. Yogesh Dawda resigned as Chairman, Wholetime Director and CEO, citing personal commitments and pre-occupation, effective the same day. Mr. Bhavik Bhimjyani, the company's Promoter and a Wharton MBA with prior experience at Lazard Freres and Merrill Lynch, was appointed as Additional Director in the capacity of Chairman & Managing Director for a 5-year term (April 21, 2026 to April 20, 2031). The Board also approved an amendment to the Articles of Association, inserting a new Article 58A to allow the same individual to hold both the Chairperson and Managing Director/CEO positions. A postal ballot notice was cleared to seek shareholder approval for the AOA amendment, the appointment of Mr. Bhavik Bhimjyani as Chairman & MD, and the appointment of Mr. Devidas Jayram Shejul as an Independent Director.
This marks a significant leadership transition with the Promoter taking direct control of the company as Chairman & MD. The AOA amendment to permit a combined Chairman-MD role gives the Promoter full executive authority, which may speed up decision-making but also concentrates power. Shareholders will vote on these changes via postal ballot.