Zenith Exports Limited has informed the Exchange regarding Cessation of Mr. Abhishek Bafna DIN-10064801 as Other of the company w.e.f. July 17, 2025.
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Mr. Abhishek Bafna, who was appointed as a Non-Executive Independent Director by the Board on May 30, 2025 for a 5-year term, has ceased to hold office with immediate effect from July 17, 2025. His appointment required shareholder approval through a postal ballot, but the special resolution failed to get the required majority. Out of 51,04,788 votes polled (94.60% of outstanding shares), only 66.12% voted in favor and 33.88% voted against. Since a special resolution needs at least 75% approval under the Companies Act, the appointment did not go through, and he had to step down from the position of Additional Director (Independent Director category).
Shareholders have effectively rejected the Board's choice of independent director, which is a notable governance signal. This could raise questions about board nomination processes and may lead to short-term uncertainty about board composition, though it does not directly impact the company's operations or financials.