Change of control: Ritesh and Alka Tiwari take 71.87% stake as new promoters
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Board meeting on 14 July 2026 approved: Ritesh Tiwari appointed as Chairman and MD, Alka Tiwari as Whole Time Director (they are spouses and become new promoters). CFO Nazish Furniturewala resigned citing management change. 23 lakh equity shares (71.87% of capital) transferred from outgoing MD Danish Zakaria Aghadi to the Tiwari duo via Share Purchase Agreement. Existing promoter Aghadi to be reclassified as public shareholder, subject to SEBI Regulation 31A approvals.
Full change of control via Share Purchase Agreement. New management from fashion and textile sectors takes 71.87% stake, restructures board and promoter status.