Intimation of cessation of Additional Directors due to non approval by members through postal ballot_Disclosure under Regulation 30 of SEBI(LODR) Regulation, 2025
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SGL Resources Ltd has informed the BSE that four Additional Directors have ceased to hold office with effect from May 24, 2025, because members did not approve their appointment through a postal ballot. The four directors are Rajeshbhai Katkoria and Naynaben Vanparia (Non-Executive Non-Independent Directors) and Keval Parikh and Pooja Shah (Non-Executive Independent Directors). As a result, all four have also stepped down from the Board Committees they were part of. The filing was signed by Whole Time Director Kantilal Ladani on June 10, 2025.
Shareholders publicly rejecting four director appointments, including two independent directors, is a clear governance red flag and could raise concerns about board composition and minority shareholder confidence. The stock may see negative sentiment, and the company may face challenges meeting SEBI's minimum independent director requirements going forward.