Aarvee Denims & Exports Limited has informed the Exchange regarding Outcome of the Board meeting held on July 05, 2025.
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Aarvee Denims & Exports has completed a change-of-control deal with the transfer of the remaining 78,72,515 equity shares to the Acquirer and Persons Acting in Concert (PAC), in line with the Share Purchase Agreement (SPA) dated September 5, 2024 and SEBI Takeover Regulations. All SPA formalities, including handover of ERP software, original accounts, and fixed-asset documents, are now complete. Following the takeover, the entire old management has stepped down – Chairman & MD Vinod Arora, MD Ashish Shah, Executive Director Kalpesh Shah, and Independent Director Hiten Parikh have all resigned effective July 5, 2025. In their place, Jaimin Kailash Gupta (founder of Stitched Textiles, 8 years in textiles) has been appointed as the new Chairman & MD, Tarachand Agrawal (20+ years in textiles) as Whole-Time Director, and Jignesh M Parmar (Chartered Accountant, ex-EY) as CFO, all for 3-year terms subject to shareholder approval. Nipun Arora has been redesignated from Whole-Time Director to Non-Executive Director.
The company has effectively changed hands – new promoter/acquirer group is now in full control with its own management team, signaling a likely shift in business strategy. Shareholders should brace for short-term stock volatility on the change of control, with the new leadership's textile-retail background potentially reshaping the company's direction.