Resignation of Mr. Nipun Praveen Jain Chief Financial officer of the Company at its Board Meeting held on May 30,2026.
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Shashank Traders Ltd held a board meeting on May 30, 2026, resulting in a sweeping change of management. Chairman cum Managing Director Mr. Praveen Jaswant Rai Jain, CFO Mr. Nipun Praveen Jain, and Company Secretary Ms. Renu Lahoti all resigned effective the same day, citing personal reasons. The board immediately appointed Mr. Pramod Kumar Shah as an Additional Independent Director, Mr. Om Prakash Lohia as the new CFO, Ms. Biswashree Pati as Company Secretary & Compliance Officer, and Mr. Pranay Ganeriwala as Chief Experience Officer, all effective June 1, 2026. The board also approved a proposal to change the company's name and set up a new corporate office in Kolkata. The audited FY26 results showed a net loss of Rs. 22.39 lakh, with no revenue from operations, and the auditor flagged that both bank accounts are inoperative and all business transactions have historically been routed through the outgoing MD's personal loan account.
This is effectively a complete change of control and management — investors should note that the outgoing MD's loan account has been the de facto treasury of the company for years, raising governance and going-concern concerns. A new professional team is being put in place, and a name change is on the cards, which may signal a pivot to new business lines. Existing shareholders should watch closely for further announcements on the new business direction and any follow-up disclosures.