Olectra Greentech Limited has informed the Exchange regarding Appointment of Mr Puritipati Venkata krishna Reddy as Non- Executive Director of the company w.e.f. July 04, 2025.
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Olectra Greentech's Board accepted the resignation of Mr. K.V. Pradeep as Managing Director and Director effective end of business on July 4, 2025; he had cited personal reasons in his June 9 resignation letter. Mr. P.V. Krishna Reddy, who is the Managing Director of promoter company Megha Engineering & Infrastructures Limited (MEIL), was appointed as Additional Non-Executive Director on July 4 and as Chairman of the Board from July 5, 2025. Existing Non-Executive Director Mr. P. Rajesh Reddy will be elevated to Whole Time Director from July 5, 2025, subject to shareholder approval, for a one-year term. The company confirmed it is still searching for a new MD/CEO to fill the vacancy. Board committees (Audit, Stakeholders Relationship, CSR, Risk Management) were also reconstituted.
This signals a major leadership overhaul with the promoter group (MEIL) tightening strategic control by placing its MD as Chairman, which may reassure investors about long-term backing but raises governance questions about CEO succession. The lack of an immediate permanent MD/CEO and the one-year term for the new WTD could create short-term execution uncertainty around Olectra's electric bus business.