Transfer of Promoters Shareholding.
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Sita Enterprises' board approved the transfer of approximately 21 lakh equity shares from four existing promoter group entities (Ashok Kumar Tulsyan, Ashok Tulsyan HUF, SAAS Commerce LLP, and Bombay Mercantile & Leasing Company) to Mr. Jitendra Rasiklal Sanghvi, under a Share Purchase Agreement dated December 24, 2024. This effectively changes control of the company. Following the transfer, the existing CFO (Mr. Vasantkumar Vora) and Company Secretary (Ms. Shweta Mehta) resigned, citing the change in management. In their place, Mr. Harsh Jitendra Gandhi was appointed as both Executive Director and CFO, Mr. Kirit Gordhandas Thakker as Executive Director, Ms. Anushree Rakesh Singh as Non-Executive Independent Director, and Ms. Monika Jain as Company Secretary & Compliance Officer, all effective September 1, 2025. A follow-up board meeting is scheduled for September 4, 2025, to consider formal transfer of control and convene the next AGM.
This represents a complete change of control and management at Sita Enterprises, with existing promoters exiting and a new acquirer (Mr. Jitendra Rasiklal Sanghvi) taking over along with his appointed team. Shareholders should expect significant board-level restructuring and potential shifts in business direction going forward.