Submission of Intimation on resignation of Independent Directors
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SMT Engineering Ltd has informed BSE that all three of its Independent Directors — Mr. Yogesh Arvind Bhai Bhuva, Mr. Deepak Vyas, and Ms. Mitwa Nayan Shah — have resigned from the Board with effect from October 3, 2025. All three cited 'other professional commitments' as the reason and confirmed there are no other material reasons behind their exit. Mr. Yogesh was also the Chairman of the Audit Committee, while all three served on the Audit, Nomination & Remuneration, and Stakeholders Relationship Committees. The board will need to appoint new independent directors to fill these positions and maintain SEBI's minimum board composition requirements.
The simultaneous exit of all three independent directors on the same day raises governance concerns, as the company must now quickly appoint replacements to meet SEBI's listing rules on board composition and independent director representation. Shareholders should watch for announcements of new independent director appointments, as a prolonged vacancy could affect audit committee functioning and overall board oversight.