Disclosure under regulation 30 of SEBI (LODR)-Change in Management
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Pet Plastics Ltd (now renamed Bharatam Ventures Limited) has informed the stock exchange that its Executive Managing Director, Mr. Ritesh Vijay Vakil (DIN: 00153325), has resigned from the Board with effect from the close of business hours on March 28, 2026. In his resignation letter, Mr. Vakil stated the reason as 'change in control of the Company,' suggesting that a takeover or shift in ownership has taken place. The company has also undergone a name change from Pet Plastics Limited to Bharatam Ventures Limited. The board meeting ran from 1:00 PM to 8:00 PM, and the disclosure was signed by the remaining Managing Director, Mr. Abhinath Shinde. No replacement for the outgoing MD has been announced in this filing.
The exit of the Managing Director citing 'change in control' strongly suggests a takeover or ownership change is underway, which could bring strategic shifts and uncertainty for existing shareholders. Investors should watch for further disclosures on the new controlling entity and any board reconstitution, as such changes often affect stock price and future business direction.