Aarvee Denims & Exports Limited has informed the Exchange about change in Management
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The Board of Aarvee Denims & Exports approved the transfer of the remaining 78,72,515 equity shares to the Acquirer, completing the Share Purchase Agreement (SPA) signed on September 5, 2024. With the takeover complete, the entire old management team has stepped down — Vinod Arora (CMD), Ashish Shah (MD), Kalpesh Shah (Executive Director), and Hiten Parikh (Independent Director) all resigned effective July 5, 2025. The new acquirer-side management has taken charge: Jaimin Kailash Gupta, founder of Stitched Textiles Limited (a men's apparel retailer), has been appointed Chairman and Managing Director for 3 years. Tarachand Agrawal (Gupta's uncle) joins as Whole-time Director, Jignesh Parmar as new CFO, while Nipun Arora has been redesignated to Non-Executive Director.
This is a full change of control at Aarvee Denims following a concluded acquisition — old promoters have exited and new owners with apparel retail experience (Stitched Textiles) are now in charge. Shareholders should expect a possible shift in business strategy under the new management and watch for related-party transactions, since the incoming CMD and Whole-time Director are related.