The Board of Directors of the Company at their meeting held on 31-03-2025 (1) rescinded its decision to appoint Mr. Manoj Lodha as Executive Director & Chief Financial Officer upon his ....
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On March 31, 2025, the Board cancelled its earlier plan to appoint Mr. Manoj Lodha as Executive Director & CFO after he withdrew his consent citing unforeseen circumstances. Separately, the Board accepted Mr. Sachin Mehta's request to withdraw his prior resignation as CFO, meaning he will continue as Joint Managing Director & CFO from April 1, 2025. Mr. Sachin Mehta is a relative (family member) of Mr. Hemal Mehta, the Chairman & Managing Director. The net result is that the company's board composition remains unchanged, with no new external CFO or Executive Director joining.
Stability for shareholders as leadership stays the same, with a promoter-family member continuing to hold both the JMD and CFO roles. The failed external CFO appointment may raise minor governance questions, but the quick reversal avoided a leadership vacuum.