Revision in Outcome of Board Meeting held on 27th May, 2025 pursuant to BSE mail dated 29th May, 2025
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Awaiting price reaction for this filing.
Following a change in control via a Share Purchase Agreement dated 21 March 2025, the company has undergone a major board overhaul. Three new directors were appointed: Mrs. Praveen Kumari Singh (Independent Woman Director), Mr. Arvinder Singh Pasricha (Non-Executive Non-Independent Director), and Mr. Vinay Kumar Singh (Whole Time Director). Simultaneously, three directors resigned including Mr. Deep Ashda Lalvani (WTD), Mrs. Tanya Halina Advani, and Mr. Suneil Chawla (Independent Director). Mr. Ashda Lalvani also stepped down as CFO, with Mr. Vinay Kumar Singh taking over the CFO role in addition to his directorship. The existing promoter group has been reclassified as public shareholders, while Thrive Future Habitats Infra Private Limited and the Pasricha family (Arvinder Singh Pasricha, Aman Pasricha Balsara, Zinnia Pasricha) have been reclassified as the new promoter group. New Secretarial Auditor (5-year term) and Internal Auditor were also appointed.
This represents a complete change of control at the company with the new promoter group taking over the board. Shareholders should expect a strategic shift under new management, and the open offer process means there may be an exit opportunity at the prescribed offer price. The stock could see heightened volatility as new management sets its direction.