change in management
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Rajasthan Tube Manufacturing Company has undergone a complete change of management effective 28 June 2025. Four directors including Managing Director Harish Chand Jain, along with Ms. Rajshree Jain, Mr. Chandra Prakash Khunteta, and Mr. Anuj Jain, resigned en masse. CFO Mr. Pradeep Jain also stepped down. A new management team comprising Mr. Prashant Sharma, Ms. Chanchal, Mr. Pankaj Jain (Whole Time Director), and Mr. Mahendra Kumar Modi has assumed control. As per the MoU, the outgoing promoter Harish Chand Jain has already transferred his entire shareholding (now holds zero shares), while the incoming group holds 21 lakh shares (4.66% of paid-up capital). All pre-28 June 2025 liabilities remain the responsibility of the outgoing management; post-transfer liabilities fall on the new team. The company carries a Rs. 1.70 crore cash credit limit and Rs. 0.77 crore working capital term loan from SBI, along with pending GST litigation. Board committees (Audit, NRC, SRC) have been reconstituted with the new directors.
This is a full-scale change of control event, not just a routine board reshuffle — the outgoing promoter has exited entirely with zero shareholding. Shareholders should expect near-term volatility and uncertainty as the new management establishes its operating strategy, while outstanding SBI debt and pending GST matters remain key overhangs.