Board Overhaul on Change in Control: CFO, One Non-Executive and Three Independent Directors Resign; New Board Appointed

Antariksh Industries has seen a near-complete board and KMP change after a change in control.

Tue 29 Sep 2026

Promoter Shareholding Transfer

Transfer to Mr. Alpit Pravinchandra Gor and Riddhi Infocom Solutions LLP under Share Purchase Agreement dated June 26, 2026

CFO Resignation

Mr. Ankur Vasudevbhai Patel resigned w.e.f. close of business on September 29, 2026, citing change in control

Non-Executive Director Resignation

Mr. Nilesh Hasmukhbhai Kothari resigned citing change in control

Independent Directors Resignation

Three Independent Directors resigned with effect from September 29, 2026: Mr. Hardikkumar Dhirubhai Jetani, Mr. Jigar Nemichand Jain, Mr.…

New CFO Appointment

Mr. Mahendra Bansidhar Sharma appointed as Chief Financial Officer and KMP

What happened

The Board met on September 29, 2026 (5:00 p.m. to 5:30 p.m.) and approved a large set of changes to the Board and Key Managerial Personnel, tied to a change in control of the company.

The existing Promoters and Promoter Group are transferring their shareholding to Mr. Alpit Pravinchandra Gor and Riddhi Infocom Solutions LLP under a Share Purchase Agreement dated June 26, 2026, resulting in cessation of control of the existing promoter.

Exits

• Mr. Ankur Vasudevbhai Patel, Chief Financial Officer and KMP, resigned with effect from close of business hours on September 29, 2026, citing the change in control.
• Mr. Nilesh Hasmukhbhai Kothari, Non-Executive Non-Independent Director, resigned for the same reason.
• Three Independent Directors resigned with effect from close of business hours on the same date: Mr. Hardikkumar Dhirubhai Jetani, Mr. Jigar Nemichand Jain and Mr. Harinarayan Ramanand Tripathi. Their letters cite other professional engagements, and each confirmed there are no other material reasons.

The outgoing independent directors held chair and member positions across the Audit, Nomination and Remuneration, and Stakeholders Relationship Committees.

New appointments

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

These director appointments are subject to approval of the shareholders. The company confirmed the independent directors meet the independence criteria, that none of the directors are debarred by SEBI or any other authority, and that none are related to other directors. Board committees have also been re-constituted with effect from September 29, 2026.

How investors may read it

A simultaneous change of the CFO, a non-executive director and the entire independent director group is a sizeable governance reset, but here it flows directly from a disclosed change in ownership and control. The incoming management team is new to the company, so future strategy and operating direction will depend on the new promoters and board. Shareholder approval for the appointments is still pending.

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