Board proposes 2 new independent directors and securities premium set-off against losses

Management Changes View source PDF Explain this filing

SMARTWORKS · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reactionminutes from the announcement price · days from the prior close

-1.8%Reaction day

₹550.00

prior close

₹554.00

announcement price

After-mkt

timing

Nifty Microcap 250market-0.4%-1.4% vs market

Diversified Commercial Services peers, median of 71sector-0.2%-1.6% vs sector

On the reaction day the stock moved 1.4 pts less than Nifty Microcap 250 and 1.6 pts less than its Diversified Commercial Services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

-1.2

10m

-1.1

15m

-1.2

30m

+0.5

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-1.8-0.4-1.4-0.2-1.6

Next day

-1.3+0.2-1.5-0.2-1.0

-1.6-0.1-1.6-0.4-1.2

-2.2+0.2-2.4+0.2-2.4

-1.8+0.5-2.3-0.5-1.3

-4.1-0.4-3.7-0.1-4.0

-3.3-0.4-2.8-0.9-2.4

15d

-4.5-2.5-2.1-2.5-2.1

-2.5+0.3-2.8-2.7+0.1

-19.1-9.4-9.7-8.4-10.7

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UpDownMarket · Nifty Microcap 250Sector · Diversified Commercial Services peers, median of 71Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Smartworks board recommends appointing Mr. Dilip Deshmukh (retired judge, former Company Law Board chairman) and Mr. Rajeev Agarwal (former SEBI Whole Time Member) as Non-Executive Independent Directors for 5-year terms. It also approved using about Rs 798 crore in Securities Premium to set off accumulated losses of about Rs 386 crore. No change to share capital or shareholding, no payout to shareholders. Needs member approval by special resolution and NCLT sanction.

Likely market impact

New independent directors add legal and regulatory expertise. Writing off losses through securities premium is a cosmetic book entry with no cash impact. Subject to approvals.