Resignation of Managing Director of the company - Mr. Girish Talwalkar
Awaiting price reaction for this filing.
The company announced a sweeping board overhaul following an NCLT Mumbai order dated February 26, 2026, in connection with an insolvency case (C.P. (IB) No. 1056/MB/2020). Five directors/KMPs have deemed cessation of office effective March 16, 2026, including Managing Director Girish Madhukar Talwalkar, Whole-Time Directors Vinayak Gawande and Madhukar Talwalkar, Independent Director Abhijeet Patil, and CFO Dinesh Srinivas Rao. Five new directors have been confirmed, with Arvind Pradhan Bhanushali appointed as the new Managing Director for a 5-year term. The company has also appointed Ms. Pooja Jain as Company Secretary and Compliance Officer, and Mr. Satish Kalmaste as the new CFO, with all board committees re-constituted.
This is a significant governance change driven by an NCLT order linked to insolvency proceedings, meaning the company is under tribunal oversight. Shareholders should note the complete change in leadership and the insolvency-related context, which likely signals ongoing financial distress and a potential restructuring or resolution process underway.