Resignation of Mr. Narendra Kumar Pasari from the position of Managing Director w.ef. August 22,2025 due to personal reason and some other pre-occupation but will continue as Director(Promoter)
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Mr. Narendra Kumar Pasari has resigned as Managing Director effective August 22, 2025, citing personal reasons and pre-occupation, but will continue as a Director on the board. In the same board meeting, he was appointed as Executive Chairman (Whole-time Director) for a 3-year term until August 21, 2028, subject to shareholder approval at the 53rd AGM. His son, Mr. Naynesh Pasari, who was already serving as Whole-time Director, has been re-designated as the new Managing Director for his remaining term until August 9, 2026, also subject to AGM approval. The company confirmed there are no other material reasons behind the resignation.
This is a smooth promoter-family succession with no loss of board continuity — the outgoing MD stays on as Executive Chairman while his son takes operational charge as MD. For shareholders, it signals a generational handover within the promoter family rather than a destabilising exit, with all changes still pending approval at the AGM on September 29, 2025.