Change in Management and Control - Transfer of Shareholdings of Promoters - Appointment of New Directors and Key Managerial Personnel and Resignation of existing Key Managerial Personnel.
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Sita Enterprises is undergoing a full change of control. Around 21.8 lakh promoter shares held by Ashok Kumar Tulsyan, Ashok Tulsyan HUF, SAAS Commerce LLP and Bombay Mercantile & Leasing Company have been transferred to Mr. Jitendra Rasiklal Sanghvi under a Share Purchase Agreement dated 24 December 2024. Following this, the existing CFO Mr. Vasantkumar Vora and Company Secretary Ms. Shweta Mehta have resigned, with both resignation letters explicitly citing the change in management as the reason. The new management has appointed Chartered Accountant Mr. Harsh Jitendra Gandhi as both Executive Director and CFO, and former banker Mr. Kirit Gordhandas Thakker (23 years in banking, ex-Chief General Manager) as Executive Director. Ms. Anushree Rakesh Singh joins as Non-Executive Independent Director and Ms. Monika Jain as the new Company Secretary and Compliance Officer, all effective 1 September 2025. Another board meeting is scheduled for 4 September 2025 to consider further matters on the transfer of control.
This is effectively a takeover – the existing promoter group is exiting and a new controlling shareholder is installing his own leadership team across finance, board and compliance. Short-term share price may react to the control change; shareholders should watch the 4 September board meeting for further strategic disclosures from the new management.