Board approves CEO-to-CFO transition, auditor and independent director re-appointments, AGM proposals

Board meeting (October 06, 2026) approved: Mr. Jitendrakumar S Soni resigns as CFO, continues as Joint MD; Mr. Jenik D Soni resigns as CEO and is appointed CFO.

Tue 6 Oct 2026

Board Meeting Date

October 06, 2026

CFO Change

Mr. Jitendrakumar S Soni resigns as CFO, continues as Joint MD

CEO/CFO Change

Mr. Jenik D Soni resigns as CEO and is appointed CFO

The Board of Directors met on October 06, 2026 and transacted a set of items, a number of which now go to shareholders at the 18th Annual General Meeting (AGM).

How the roles change

• Mr. Jitendrakumar S Soni has resigned from the office of Chief Financial Officer (CFO) with effect from October 06, 2026. The stated reason is realignment of roles and responsibilities within the senior management team. In his letter he said he intends to focus his time and efforts on the broader strategic, operational and business responsibilities of his position as Joint Managing Director, and that he will continue his association with the company in that capacity.
• Mr. Jenik Dineshkumar Soni has resigned from the office of Chief Executive Officer (CEO) with effect from October 06, 2026, citing organizational restructuring to align executive responsibilities with the company's current requirements. His appointment as Chief Financial Officer (CFO) of the company is effective October 06, 2026, to fill the vacancy in that office. He has a qualification in Business Administration and was CEO of the company since 5 years. He is related to the promoter and directors of the company, being the son of Mr. Dineshkumar S Soni, Managing Director.

Changes that need shareholder approval

• The Board approved the re-appointment of M/s Shivam Soni & Co., Chartered Accountants (FRN: 152477W), as statutory auditor for a second term of 5 (five) consecutive years, from the conclusion of the 18th AGM in 2026 till the conclusion of the 23rd AGM in 2031, subject to approval of the members and other statutory requirements. The reason given is completion of the firm's first term of five years at the upcoming AGM.
• The Board has proposed the re-appointment of Mr. Saurabh Govindbhai Patel as a Non-Executive Independent Director for another 5 (five) years with effect from 30th December, 2026, on the recommendation of the Nomination & Remuneration Committee, subject to approval of the shareholders at the forthcoming AGM. He has done B.Com and has an experience of more than 20 Years in the Banking and finance field.
• A proposal for increasing the remuneration of Mr. Saremal Soni, Chairman and Managing Director, Mr. Dineshkumar Soni, Managing Director and Mr. Jitendrakumar Soni, Joint Managing Director, which is subject to approval of members at the AGM.
• A related party transaction proposal for approval of members at the AGM.

Other items approved

• Revised Draft Director Report, along with its annexures, for the year ended March 31, 2026, and the Revised Notice calling the 18th AGM and other related matters.
• Shifting of the registered office to "Ashapuri Corporate House", 2/F Ravish Aprt., Near Jalaram Chass Wala, Navrangpura Bus Stand Road to Swastik Cross Road, Navrangpura, Ahmedabad, Gujarat, India-380009.
• Appointment of M/s. Mukesh H. Shah & Co., Company Secretaries, Ahmedabad as the Scrutinizer to scrutinize remote e-voting and voting at the 18th AGM.

What a shareholder sees here

The exchange headline is focused on the CFO change. Within the update, the company describes it as an internal realignment: the person leaving the CFO post stays on as Joint Managing Director, and the outgoing CEO moves into the CFO role, so both continue in senior positions. The auditor and Independent Director re-appointments, the remuneration increase and the related-party transaction are proposals placed for member approval at the AGM, and the registered office is being shifted within Ahmedabad. The meeting was held at around 06:00 p.m. IST and closed at around 8:00 p.m. IST.

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