Former Defence Secretary Giridhar Aramane appointed Additional Non-Executive Director; Rajesh Bhandari joins Advisory Board; Milan Shah…

Board changes announced on September 24, 2026.

Thu 24 Sep 2026

New Non-Executive Director Appointed

Mr. Giridhar Aramane, retired 1988-batch IAS officer and former Defence Secretary of India (2022–2024), appointed Additional Director…

Advisory Board Appointment

Air Vice Marshal Rajesh Bhandari VSM (Veteran), retired IAF officer, appointed as Member of the Advisory Board / Advisor to the Board…

Director Resignation

Mr. Milan Bhupendra Shah, Non-Executive Director, resigned due to pre-occupation, effective close of business hours on September 24, 2026

Giridhar Aramane Experience

Over 30 years of experience across defence, infrastructure, finance and public administration; B.Tech. Civil Engineering, M.Tech.…

What was decided

The Board of Directors met on September 24, 2026 and approved three governance changes.

New Non-Executive Director

• Mr. Giridhar Aramane (DIN: 00483130) appointed as an Additional Director in the Non-Executive category with effect from September 24, 2026, subject to shareholder approval.
• He is a retired 1988-batch IAS officer who served as Defence Secretary of India (2022–2024) and as Secretary, Ministry of Road Transport & Highways.
• He holds a B.Tech. in Civil Engineering, an M.Tech. from IIT Madras and an M.A. in Economics, with over 30 years of experience across defence, infrastructure, finance and public administration.
• He is not related to any Director of the company, is not debarred by SEBI or any authority, and holds no shares in the company.

Advisory Board appointment

• Air Vice Marshal Rajesh Bhandari VSM (Veteran) appointed as an Advisor to the Board with effect from September 24, 2026.
• He is a retired Indian Air Force officer, commissioned in 1990, who served at Air Headquarters and was appointed Assistant Chief of Air Staff in September 2023, and was awarded the Vishisht Seva Medal.
• The role is advisory only. He will not be a Director or Key Managerial Personnel, will not participate in Board decision-making and will have no voting rights.
• The engagement continues until the Board decides to discontinue it, is subject to periodic review, and can be ended by either side by mutual understanding. He holds no shares in the company.

Resignation noted

• Mr. Milan Bhupendra Shah (DIN: 08163535) resigned as Non-Executive Director with effect from close of business hours on September 24, 2026.
• The stated reason is pre-occupation in other activities. He confirmed in his resignation letter that this is the sole reason and that there are no other material reasons.
• He holds no directorship in any other listed entity.

How investors may read it

The company operates in a space where senior defence and public-administration backgrounds are relevant, and the two new entrants bring such experience. The Non-Executive Director appointment still requires shareholder approval to become permanent. The departing director was non-executive and left citing personal pre-occupation, with an explicit confirmation of no other material reasons. The meeting commenced at 03:30 p.m. and concluded at 04:00 p.m.

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