AFAbans Financial Services543712Leadership appointment or

CEO resigns with immediate effect; Whole-Time Director appointed; Hong Kong subsidiary approved

CEO Mr. Chintan Natwarlal Mehta resigned as Whole-Time Director & CEO with immediate effect, confirming no material reasons.

By ScoutQuest · Wed 11 Nov 2026, 10:01 PM IST · 2 min read

CEO resignation

Mr. Chintan Natwarlal Mehta resigned as Whole-Time Director & CEO with immediate effect

New Whole-Time Director

Mr. Mayank Mahesh Mundhra appointed Additional Director (Whole-Time) from November 11, 2026

Hong Kong subsidiary

100% held subsidiary/step-down subsidiary approved in Hong Kong

Leadership change

• Mr. Chintan Natwarlal Mehta resigned from the position of Whole-Time Director and Chief Executive Officer with immediate effect on November 11, 2026. He consequently ceased to be a member of all committees of the Board and an authorised person under Regulation 30(5).
• In his resignation letter he confirmed that there are no material reasons for his resignation.
• Mr. Mayank Mahesh Mundhra (DIN: 12015417) has been appointed an Additional Director in the capacity of Whole-Time Director with effect from November 11, 2026. Prior to this, he was a Senior Management Personnel of the Company.
• The appointment is liable to retire by rotation and is subject to the approval of shareholders at the next general meeting or within a period of three months from the date of appointment, whichever is earlier.
• His background: a Master of Management Studies (MMS) in Finance and a Bachelor's degree in Engineering (EXTC) from the University of Mumbai, a Financial Risk Manager (FRM) certification from GARP, and over 14 years of experience. He is not related to any of the Directors of the Company.

Overseas entity

• The Board approved the incorporation of a subsidiary/step-down subsidiary of the Company, proposed to be set up in Hong Kong. The entity is yet to be incorporated.
• Proposed line of business: bullion trading into international markets, along with trading in securities/commodities/commodity derivatives.
• Nature of consideration is cash, and the shareholding/control of the listed entity in the proposed entity is 100%.
• The cost of subscription/price at which shares are subscribed will be as per the constitutional documents of the proposed entity.

Revised KMP list

• Mr. Abhishek Bansal, Chairman & Managing Director.
• Mr. Mayank Mahesh Mundhra, Additional Director (Whole-Time).
• Ms. Bhagavi Halapeti, Company Secretary & Compliance Officer.
• Mr. Raghunathan Mudaliar, Chief Financial Officer.

The Company also stated that the trading window for dealing in its securities remains closed until 48 hours from this announcement.

What investors can take away

• Three separate items were decided at one Board meeting: a CEO exit with immediate effect, an internal appointment to the Whole-Time Director role on the same day, and a proposed overseas entity.
• The new director's position carries a shareholder approval requirement within the stated window.
• The Hong Kong entity is at the proposal stage and is yet to be incorporated; the disclosed business plan is bullion trading and trading in securities/commodities.

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