Board overhaul after change in control: 4 directors and CFO resign, 5 directors and new CFO appointed

Big board reshuffle at the Sep 29, 2026 board meeting, tied to the change in control under the Share Purchase Agreement dated June 26, 2026.

Tue 29 Sep 2026

Board Meeting Date

September 29, 2026

Directors Resigned

Non-Executive Director Nilesh Kothari, CFO Ankur Patel, and 3 Independent Directors (Jetani, Jain, Tripathi)

Directors Appointed

Tushar Kudalkar (Whole Time Director), Umesh Bhadreswara (Executive Director), Parimal Joshi, Pranab Shah, Soumya Ranjan Kanhu Charan…

Appointment Term

5 years from September 29, 2026

Trigger

Change in control under Share Purchase Agreement dated June 26, 2026 - transfer to Alpit Pravinchandra Gor and Riddhi Infocom Solutions LLP

What happened

The Board met on September 29, 2026 (5:00 p.m. to 5.30 p.m.) and approved a set of resignations and appointments arising from the change in control of the company.

The promoter and promoter group shareholding is being transferred to Mr. Alpit Pravinchandra Gor and Riddhi Infocom Solutions LLP under the Share Purchase Agreement dated June 26, 2026, resulting in cessation of control of the existing promoter.

Exits (from close of business hours on September 29, 2026)

• Mr. Nilesh Hasmukhbhai Kothari, Non-Executive Non-Independent Director — cited the change in control
• Mr. Ankur Vasudevbhai Patel, Chief Financial Officer and KMP — cited the change in control
• Mr. Hardikkumar Dhirubhai Jetani, Independent Director — cited other professional engagements
• Mr. Jigar Nemichand Jain, Independent Director — cited other professional engagements
• Mr. Harinarayan Ramanand Tripathi, Independent Director — cited other professional commitments

All three Independent Directors confirmed there were no other material reasons. Between them they held the chairmanship/membership of the Audit, Nomination & Remuneration and Stakeholders Relationship Committees.

New appointments

• Mr. Tushar Pramod Kudalkar — Additional Director, Whole Time Director and Whole Time KMP, for five years from September 29, 2026
• Mr. Umesh Arvindbhai Bhadreswara — Additional Director, Executive Director and Whole Time KMP, for five years from September 29, 2026
• Mr. Parimal Rajendrabhai Joshi — Additional Director (Non-Executive, Independent), term of five years
• Mr. Pranab Mahendra Shah — Additional Director (Non-Executive, Independent), term of five years
• Mr. Soumya Ranjan Kanhu Charan Pradhan — Additional Director (Non-Executive, Independent)
• Mr. Mahendra Bansidhar Sharma — Chief Financial Officer and KMP

The appointments were made on the recommendation of the Nomination & Remuneration Committee and are subject to shareholder approval. The company confirmed the Independent Directors meet the independence criteria, that none of the directors is debarred from holding office, and that none is related to any other director of the company.

What investors may note

A simultaneous change of one non-executive director, all three independent directors and the CFO is a complete refresh of the board and senior finance role, driven by the incoming owners. The company stated that board composition continues to comply with the Companies Act, 2013 and SEBI Listing Regulations, and that board committees have been re-constituted with effect from September 29, 2026. Investors typically watch such transitions for the new management's track record and the direction they set for the business.

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