Please find attached intimation with respect to appointment and re-appointment of Directors and Managing Director respectively.
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The Board approved Q1 FY26 unaudited results showing a net loss of ₹275.76 lakhs, slightly wider than the ₹252.01 lakhs loss in Q1 FY25, with total income rising to ₹361.97 lakhs from ₹225.74 lakhs year-on-year. Sanlam Emerging Markets (Mauritius) Limited (SEMML) has completed a ₹105 crore preferential allotment of 38.88 lakh equity shares at ₹270 each, giving it a 23% stake and co-promoter status with joint control alongside existing promoter Shriram Credit Company (SCCL, 48.17%). A new Shareholders' Agreement and amended Articles of Association give SEMML reserved-matter rights over board composition, key appointments, budgets, and major transactions. Three directors resigned on the same day (independent directors Marc Scott Irizarry and Prem Haroomal Samtani, plus Dhruv Lalit Mehta), while three new directors were appointed, including a Sanlam nominee (Pragadasan Shanmugam) and two independent directors. MD & CEO Kartik Jain was re-appointed for three years (Jan 2026–Jan 2029), Mr. Eapen was named new Board Chairman replacing Mr. Vaidyanathan, and a Postal Ballot will seek shareholder approval for these changes.
SEMML's entry as co-promoter signals a strategic shift with shared control and veto rights on key decisions, which could influence future direction but also dilute existing promoter influence. The simultaneous exit of three directors alongside a wider quarterly loss may concern shareholders about governance stability during this transition.