Appointment of Mr. Kantheti Phanindra Varma (DIN: 07211933) as a director of the company
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At an Extraordinary General Meeting held on December 31, 2025 (called by shareholder requisitionists under Section 100(4) of the Companies Act), three directors — Ms. Asha Mitta, Mr. Anil, and Ms. Hannah Priyadarshini — were removed from the board. In their place, three new directors were appointed: Mr. Kantheti Phanindra Varma (former Oracle NetSuite executive), Mr. Madhu Mohan Avalur (serial entrepreneur and investor), and Mr. Venkata Satya Subrahmanyam Mukkavalli (supply chain and finance professional). The stated reason for the change was that shareholders had lost confidence in the existing board. All changes are effective December 31, 2025, and the new directors are liable to retire by rotation.
This is a significant governance shake-up driven by dissatisfied shareholders rather than the board itself, which signals active investor activism. The complete replacement of three board seats in a single meeting may create short-term uncertainty but could be seen as a positive reset if the new directors bring stronger business expertise.