Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclose the details of resignation ....
Awaiting price reaction for this filing.
Garodia Chemicals, which was undergoing a Pre-Packaged Insolvency Resolution Process (PPIRP), has reconstituted its board following the NCLT's approval of the resolution plan submitted by Mr. Ravindra Salunkhe on February 24, 2025. The Monitoring Committee approved the appointment of 5 new directors including Mr. Ravindra Salunkhe as Managing Director for 5 years, along with 4 additional non-executive directors. At the same time, 3 existing directors ceased office effective March 10, 2025 — including the promoter Mahesh Gordhandas Garodia (Chairman & Whole-time Director) and two independent directors (Kunal Nalin Naik and Brian Lawrence Fernandes). The reconstitution marks the formal transition of control from the previous promoter-led management to the new resolution applicant-led team.
This is a significant governance change tied to the company's exit from insolvency. Shareholders should note the change of control to the resolution applicant Mr. Salunkhe and the exit of the original promoter Mr. Garodia. The future business direction and revival strategy will now be driven by the new management, which is a key event for stock price sentiment and long-term value creation.