ENCLOSED HERWITH DISCLOSURE UNDER REG 30 OF SEBI (LODR) REG, 2015 FOR COMPLETION OF TENURE AS INDEPENDENT DIRECTOR OF MOHAN MALLU RATHOD
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Sanmit Infra's board approved several items on February 4, 2026. First, it accepted a Rs. 200 lakh term loan from SIDBI under the STEP scheme at 8.85% interest per annum, repayable in 54 monthly instalments after a 6-month moratorium, to fund working capital at its Khalapur (Raigad) manufacturing unit, with personal guarantees from the four Makhija brothers. Second, it took on record the resignation of CEO Shlok Sanjay Makhija (son of Managing Director Sanjay Makhija), effective December 31, 2025, citing other professional engagement. Third, it noted that Independent Director Mohan Mallu Rathod's second term ended on January 5, 2026, and appointed Mr. Nandkumar Gorkhnath Patil as a new Non-Executive Independent Director for 5 years. Lastly, the board recommended a 10:1 stock consolidation (Rs. 1 face value to Rs. 10 face value), keeping paid-up capital unchanged at Rs. 15.80 crore, subject to shareholder approval at an EGM on March 18, 2026.
Shareholders should note that the promoter-family CEO has stepped down without a named replacement yet, which could create short-term governance uncertainty. The stock consolidation will reduce the number of outstanding shares by 10x and may compress liquidity and alter retail trading patterns after the EGM. The Rs. 200 lakh SIDBI loan is small relative to the company's Rs. 15.8 crore share capital, but it adds incremental debt and personal guarantees from the promoter group.