Disclosure regarding reconstitution of committees due to resignation of independent director
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Rajkot Investment Trust's board, meeting on May 26, 2025, approved audited standalone and consolidated financial results for the half-year and full year ended March 31, 2025, along with an unmodified auditor opinion. The board noted an in-principle approval received on April 30, 2025 for a proposed Rights Issue of fully paid-up equity shares. Mr. Akhilesh Kumar Choudhary was appointed as Additional Director in the Non-executive Chairman category, subject to shareholder approval. Mr. Hemant Naginbhai Patel resigned as Non-executive Independent Director effective May 26, 2025, and Mr. Parthkumar Ketanbhai Patel resigned from the Chief Compliance Officer (CFO) post, with Mrs. Radhika Ben Patel appointed as his replacement. The Audit, Nomination & Remuneration, and Stakeholders Relationship Committees were reconstituted following the independent director's exit.
Multiple board-level changes in a single meeting, including the loss of an independent director, may raise minor governance concerns for shareholders. The upcoming Rights Issue, once launched, will be dilutive for existing shareholders but will need to be tracked for pricing and timing.