Mr. Jenik D Soni resigns as CEO w.e.f. October 06, 2026; appointed CFO in senior role realignment

Mr. Jenik D Soni has resigned from the post of Chief Executive Officer (CEO) w.e.f. October 06, 2026, due to organisational restructuring.

Tue 6 Oct 2026

CEO resignation effective date

October 06, 2026

CFO appointment (Jenik D Soni) effective date

October 06, 2026

Statutory auditor reappointment term

second term of 5 (five) consecutive years

What changed at the top

• Mr. Jenik D Soni has resigned from the post of Chief Executive Officer (CEO) with effect from October 06, 2026. The stated reason is organisational restructuring to align executive responsibilities with the Company's current requirements.
• At the same board meeting, his appointment as Chief Financial Officer (CFO) was approved with effect from October 06, 2026, pursuant to the realignment of roles and responsibilities of the senior management and to fill the vacancy in the office of Chief Financial Officer.
• Mr. Jitendrakumar S Soni has resigned from the office of Chief Financial Officer with effect from October 06, 2026, due to realignment of roles and responsibilities within the senior management team. In his resignation letter he states that he intends to focus 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.

About the new CFO

• Mr. Jenik D Soni is related to the promoter and directors of the Company and is the son of Mr. Dineshkumar S Soni, Managing Director, as disclosed in the update.
• He has a qualification in Business Administration, a demonstrated history of working in the jewellery industry, and was CEO of the Company since 5 years.
• The Company states that his experience in finance, business strategy and corporate management, along with his understanding of the Company's operations and financial affairs, will strengthen its financial management and strategic oversight.

Other decisions at the same board meeting

• Reappointment of M/s Shivam Soni & Co., Chartered Accountants (FRN: 152477W), as statutory auditors 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, based on the recommendation of the Audit Committee and subject to approval of the members and other statutory requirements.
• Reappointment 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 and subject to shareholder approval at the forthcoming Annual General Meeting. He has done B.Com. and has more than 20 years of experience in the banking and finance field.
• A proposal to increase 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 the members at the AGM.
• A proposal for a related party transaction, to be placed for approval of the members at the AGM.
• Shifting of the registered office of the Company 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.
• The board also approved the Revised Draft Director Report along with annexures for the year ended March 31, 2026 and the Revised Notice calling the 18th AGM.

How a retail investor might read this

• The leadership changes are presented by the Company as an internal realignment of senior management roles rather than people leaving the organisation: the outgoing CFO states he continues as Joint Managing Director, and the outgoing CEO has been appointed CFO.
• A cluster of items — the auditor reappointment, the independent director reappointment, the remuneration increase and the related party transaction — are proposals that would come up for member approval at the AGM, so they are not final at this stage.
• The update also notes that the board meeting was held at around 06:00 p.m. IST and closed at around 8:00 p.m. IST.

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