Shanti Overseas (India) Limited has informed the Exchange regarding Appointment of Mr Ashish Kumar Naik (DIN-10955244) as Non- Executive Director of the company w.e.f. May 07, 2025.
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Shanti Overseas held a board meeting on May 7, 2025, with several key decisions. The board appointed Mr. Digvijay D Singh (a chartered accountant with 10+ years in audit, taxation and financial advisory) as an Additional Non-Executive Independent Director for a 5-year term, and Mr. Ashish Kumar Naik (a B.Com graduate and Relationship Manager at Mahindra) as a Non-Executive Non-Independent Director, both subject to shareholder approval. The board accepted the resignation of Ms. Ramita Otwani as Company Secretary and Compliance Officer, effective April 29, 2025. The company also sold its entire stake in wholly owned subsidiary SOIL Consultech Private Limited for Rs. 1,00,000 to promoter group members Karuna Kacholia and Ayush Kacholia (Rs. 50,000 each), treated as a related party transaction. Additionally, seven members of the Kacholia promoter family, including Ayush Kacholia (5.80% stake), were approved for reclassification from 'Promoter' to 'Public' category. A postal ballot was also approved covering the regularization of Manish Dubey as Managing Director and other director appointments.
The announcements contain mixed signals: the loss of a KMP (Company Secretary) and the exit of key promoter group members may raise governance and continuity concerns, while the sale of a wholly owned subsidiary to promoter group entities (now exiting as promoters) as a related party transaction warrants shareholder attention. The induction of new independent and non-independent directors is positive for board composition, but the simultaneous promoter reclassification signals a change in ownership control that investors should monitor.