Resignation of CFO.
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Sita Enterprises Ltd announced sweeping board and management changes effective 1 September 2025, triggered by a change in control under a Share Purchase Agreement dated 24 December 2024. The CFO, Mr. Vasantkumar Shantilal Vora, and the Company Secretary & Compliance Officer, Ms. Shweta Mehta, both resigned citing the management change. The Board appointed Mr. Harsh Jitendra Gandhi (a Chartered Accountant qualified in 2024) as the new CFO and Executive Director, and Ms. Monika Jain as the new Company Secretary. Two additional directors were also appointed: Mr. Kirit Gordhandas Thakker (a former banking General Manager with 23+ years of experience) as Executive Director, and Ms. Anushree Rakesh Singh as Non-Executive Independent Director. Promoter shareholdings (totalling about 2 lakh shares) were transferred to acquirer Mr. Jitendra Rasiklal Sanghvi. Another board meeting is scheduled for 4 September 2025 to formalise the transfer of control and call the AGM.
This represents a complete management transition at Sita Enterprises following a takeover by Mr. Jitendra Rasiklal Sanghvi. Shareholders should brace for short-term governance uncertainty as new KMPs settle in, but the incoming team brings credible finance and banking expertise that could reshape the company's strategy. Existing investors should watch the 4 September board meeting for further clarity on the new owner's plans.