Shanti Overseas (India) Limited has informed the Exchange regarding Appointment of Mr Mr. Digvijay D Singh (DIN-10943075) as Non- Executive Independent Director of the company w.e.f. May 07, 2025.
SHANTI · price
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At a board meeting on May 7, 2025, Shanti Overseas approved multiple changes. Mr. Digvijay D Singh was appointed as Non-Executive Independent Director for a 5-year term and Mr. Ashish Kumar Naik as Non-Executive Non-Independent Director, both subject to shareholder approval. Company Secretary and Compliance Officer Ms. Ramita Otwani resigned effective April 29, 2025. The company sold its entire stake in wholly-owned subsidiary SOIL Consultech Private Limited for Rs. 1 lakh to Karuna Kacholia and Ayush Kacholia, who are members of the promoter group being moved to the public category. The Kacholia family (including Ayush Kacholia holding 5.80%) has been reclassified from promoter to public shareholder status under SEBI's Regulation 31A. A postal ballot was also approved to regularize the appointment of Managing Director Manish Dubey.
The Company Secretary resignation leaves a key compliance position vacant and may be a short-term governance concern. The promoter reclassification reduces the formal promoter group significantly, while the sale of the wholly-owned subsidiary to outgoing promoters for a nominal Rs. 1 lakh (a related-party transaction) could draw shareholder scrutiny over pricing.