Spacenet Enterprises India Limited has informed the Exchange regarding Cessation of Mr. Prathipati Parthasarathi (DIN: 00004936) as Non- Executive Independent Director of the company w.e.f. April 29, 2026.
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Spacenet Enterprises India Limited announced that Mr. Prathipati Parthasarathi has ceased to be an Independent Director with effect from April 29, 2026, upon completion of his five-year term that began on April 30, 2021. The company had proposed his reappointment as an Independent Director through a postal ballot, but the shareholders voted against it. The director also held a position on the board of String Metaverse Limited. The company has confirmed this is a routine cessation due to term completion and not a resignation.
The rejection of the reappointment by shareholders could signal governance concerns or dissatisfaction with the director's performance, which may be viewed negatively by investors. This leaves the board with one less independent perspective, potentially affecting board composition and decision-making balance.