Resignation of Chief Financial Officer of the Company - Mr. Dinesh Rao
Awaiting price reaction for this filing.
Following an NCLT Mumbai order dated February 26, 2026, in the company's insolvency proceedings, the board has been reconstituted effective March 16, 2026. Five new directors have been confirmed — Arvind Pradhan Bhanushali as Managing Director, Kurjibhai Premjibhai Rupareliya as Executive Director, Shilpa Singh as Non-Executive Director, and Priyanshu Sheth and Jignesh Lasaniawala as Independent Directors (5-year terms). Five directors/KMPs from the previous board, including Managing Director Girish Talwalkar, Whole-Time Directors Madhukar Talwalkar and Vinayak Gawande, Independent Director Abhijeet Patil, and CFO Dinesh Srinivas Rao, have ceased office. Mr. Satish Kalmaste has been appointed as the new CFO and Ms. Pooja Jain as the new Company Secretary and Compliance Officer.
This represents a complete board and key management reshuffle driven by the ongoing insolvency resolution process, which typically means the original promoters have lost control. Shareholders should expect continued uncertainty around the company's future ownership and operations, though the appointment of new professional directors and a new CFO suggests the resolution professional is actively putting a management team in place.