Resignation of Managing Director of the Company Board Meeting Dated May 30, 2026

Shashank Traders Ltd held a board meeting on May 30, 2026 that approved multiple significant changes alongside its FY26 audited results. The company reported total revenue of just Rs 97 lakh for FY26 (down sharply from Rs 484 lakh in FY25) and a net loss of Rs 62.39 lakh, against Rs 3.49 lakh loss the year before. The statutory auditor issued an unmodified opinion but flagged serious red flags: both bank accounts have been inoperative for a long time, all business receipts and payments have been routed through the MD's personal loan account, and the company has had no business revenue for an extended period. The board accepted the resignation of Chairman-cum-Managing Director Mr. Praveen Jaswant Rai Jain, CFO Mr. Nipun Praveen Jain, and Company Secretary Ms. Renu Lahoti effective May 30, 2026, citing personal reasons and a change in management and control. New appointments from June 1, 2026 include Mr. Om Prakash Lohia as CFO, Ms. Biswashree Pati as CS & Compliance Officer, and Mr. Pranay Ganeriwala as Chief Experience Officer. Mr. Pramod Kumar Shah was inducted as an Additional Independent Director for a 5-year term. The board also approved a proposed change in the company's name (subject to regulatory approvals), appointed new secretarial and internal auditors for FY27, and set up a new corporate office in Kolkata. All board committees were reconstituted to include the new independent director.