The Board of Directors in its meeting held today i.e., May 9, 2025, based on the recommendation of Nomination and Remuneration Committee has effected the following changes in the composition ....
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On May 9, 2025, the Board of Rathi Steel and Power Ltd effected three changes to its leadership in a single meeting. Mr. Prem Narain Varshney resigned as Managing Director effective close of business on May 9, 2025, citing personal health and medical issues; he also stepped off the Audit Committee and Stakeholder Relationship Committee. In his place, Mr. Mahesh Pareek was appointed as Additional Director designated as Managing Director and Key Managerial Personnel for a 5-year term, subject to shareholder approval. Mr. Mahesh Pareek brings about 40 years of experience across marketing, accounts, secretarial work and strategic planning with groups including PVM Polytex Ltd and the Rathi Group. Separately, Ms. Surbhi Pareek was redesignated as Non-Executive cum Non-Independent Director on account of a change in her independence status. The new MD and the redesignated director are related — Mr. Mahesh Pareek is the uncle of Ms. Surbhi Pareek.
The change at the top is driven by health reasons rather than performance concerns, and the replacement comes from within the wider Rathi Group ecosystem, pointing to continuity. However, the redesignation of Ms. Surbhi Pareek from independent to non-independent director reduces independent oversight on the board, which minority shareholders may monitor closely.