Resignation of CFO Mahipal Sanghvi
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Shanti Guru Industries (formerly RCL Retail, BSE SME) saw major board changes at its August 25, 2025 meeting. CFO Mahipal Sanghavi resigned citing personal preoccupations and was immediately replaced by Shripal Sanghavi, a promoter and family member of existing promoter directors. Independent Director Jayaraman Madhu Suthan also resigned before his term ended, citing pre-occupation. The company appointed two new directors: Sarika SSangavi (promoter) as Non-Executive Director and Santosh Choudannanavar (a commerce graduate with 10 years of retail/finance experience) as Independent Director for 5 years. All board committees were reconstituted. Separately, the company announced a strategic shift — it is setting up a food products (soya chunks, vermicelli) manufacturing facility in Krishnagiri district and will sell its 150-cent freehold land at Madhavaram to raise working capital, citing margin pressure in retail.
Replacing an independent CFO with a promoter-family member is a negative governance signal for minority shareholders, as it reduces financial oversight independence. The pivot away from retail toward food manufacturing, funded partly by a land sale, is a significant business change that will need close monitoring. The 15th AGM is set for September 26, 2025, where shareholders will vote on the new director appointments.