Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we here by enclose the details of appointment ....
Awaiting price reaction for this filing.
Garodia Chemicals has completed its Pre-Packaged Insolvency Resolution Process after the NCLT approved Mr. Ravindra Salunkhe's resolution plan on February 24, 2025. Following this, the Monitoring Committee has reconstituted the board, appointing five new directors including Mr. Ravi Salunkhe himself as Managing Director for a 5-year term. The new board includes a chartered accountant (Mr. Vikram Sabnis, 18 years experience), a doctor (Mr. Suraj Kodak, MBBS/MD), a software developer (Mrs. Bhagyashri Devrale), and a film/homeopathy professional (Mrs. Megha Brahmankar). Three existing directors have ceased effective March 10, 2025, including Chairman and Whole-time Director Mahesh Gordhandas Garodia (likely from the promoter family) and two Independent Directors (Kunal Nalin Naik and Brian Lawrence Fernandes).
This filing marks a complete change of control at Garodia Chemicals — the company emerges from insolvency with a new management team led by the resolution applicant. For shareholders, this means the original promoter family's control has ended, and the company's future direction will be shaped by the new MD and his appointed board. Stock price reaction may depend on the new management's business plan and operational track record.