Removal of CEO
Price
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Awaiting price reaction for this filing.
Newtrac Foods & Beverages held a board meeting on 28th July 2025 with two key outcomes. First, the board approved the unaudited financial results for the quarter ended 30th June 2025, along with the limited review report from statutory auditors. Second, the board removed Mr. Vishal Kelkar as CEO with immediate effect. The company stated that Mr. Kelkar was hired specifically to oversee the Holkar Project, but since the project terms were not fulfilled, it did not progress as expected. The meeting lasted from 6:00 PM to 7:00 PM. Mr. Bhavin Yogesh Shukla signed the disclosure as Managing Director.
The CEO removal signals trouble with the Holkar Project and raises governance questions about project execution. Shareholders should watch for further updates on the project's status and whether a replacement CEO is appointed, as this could affect the stock's short-term sentiment.