Appointment of Mr. Sunil Sehgal (DIN: 02561520) as an Independent Director in the category of Non-Executive, Non-Independent.
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The Board approved the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2025, with consolidated revenue from operations at around Rs. 1,006 crore and standalone revenue at about Rs. 6.9 crore for the quarter. Mr. Sunil Sehgal was appointed as an Additional Non-Executive, Non-Independent Director (subject to shareholder approval), bringing 36 years of corporate experience across textile, engineering, chemical and pharmaceutical sectors. Company Secretary Arun S. Agarwal resigned citing organisational reshuffling and was replaced by Amit A. Chavan, while Executive Director Virat Dantwala stepped down to pursue other opportunities. The Board also approved winding up two Singapore subsidiaries – Global Comtrade PTE (business restructuring, turnover was just 0.38% of consolidated) and Veritas Global PTE (declared financially non-viable, negative net worth of Rs. 38.18 lakh). The statutory auditor issued an unmodified limited review report but drew specific attention to the ongoing Dighi Port integrated manufacturing complex being financially supported by the company, with future funding planned through 'appropriate means'.
The simultaneous exit of the Executive Director and Company Secretary, combined with the closure of loss-making Singapore subsidiaries, signals an active restructuring phase. Investors should watch for clarity on the funding plan for the Dighi Port project, which the auditor flagged as a notable item needing future capital support, though the overall limited review opinion remains clean.