Outcome of the Board Meeting held today
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The Board of Directors met on October 3, 2025 and approved several key items. First, it ordered an internal investigation through Independent Director Mr. Nikshit Hemendra Shah into governance concerns related to the conduct of the Company Secretary and actions of a specific group of shareholders, including possible breaches of data security and shareholder rights. Second, Mr. Prashanth Mitta vacated office as Non-executive Director after shareholders did not approve his reappointment at the September 30 AGM. Third, Mr. Anil was appointed as an Additional Non-executive Director (5-year term) and Mrs. Hannah Priyadarshini as a Whole-time Director (5-year term), with both appointments subject to shareholder approval. Notably, Mr. Anil and Mrs. Hannah Priyadarshini are spouses. Board committees were also reconstituted with immediate effect.
The internal investigation signals governance turbulence that may create short-term uncertainty for shareholders, though it also reflects proactive oversight by the Board. The appointment of a married couple as directors could raise concerns about board independence and concentration of influence, warranting shareholder attention at the next approval vote.