Appointment of Mr. Narendra Kumar Pasari as Whole-time Director designated as Executive Chairman of the Company and re-designation of Mr. Naynesh Pasari from Whole-time Director to Managing ....
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On August 22, 2025, the Board approved a top-level management reshuffle. Mr. Narendra Kumar Pasari stepped down as Managing Director citing personal reasons and pre-occupation, but was simultaneously appointed as Whole-time Director designated as Executive Chairman for a 3-year term (Aug 2025 – Aug 2028), subject to shareholder approval. His son, Mr. Naynesh Pasari, currently a Whole-time Director, was re-designated as Managing Director for his remaining term ending August 9, 2026. The 53rd AGM is scheduled for September 29, 2025, where these appointments will be placed before shareholders for approval. Both individuals are part of the promoter family and have been on the Board since 1974 and more recently, respectively.
This is essentially a succession move within the promoter family — control of the company remains fully with the Pasari family, so there is no real change in ownership or strategic direction. Shareholders should note that the Managing Director role (younger generation) and Executive Chairman role (senior promoter) are now formally split, which may indicate gradual handover of day-to-day operations to the next generation.