Founder Hariram Garg steps down as MD on health grounds; Sunil Garg appointed MD for 5 years
At the 40th AGM, shareholders approved leadership changes.
- Founder MD Step-down
- Mr. Hariram Garg stepped down as Managing Director effective 28 September 2026 due to health issues; continues as Chairman & Non-Executive…
- New MD Appointment
- Mr. Sunil Garg appointed Managing Director for 5 years from 28-09-2026 to 27-09-2031
- Director Re-appointment
- Mrs. Rama Garg re-appointed as director retiring by rotation
- Independent Director Re-appointment
- Mr. Akhil Kumar Manglik re-appointed as Non-Executive Independent Director for 5 years from 06-09-2026 to 05-09-2031
What happened
Based on the Scrutinizer's Report dated 29 September 2026 on e-voting at the 40th Annual General Meeting held on Monday, 28 September 2026 at 2.00 P.M. through video conferencing, all resolutions were passed with requisite majority.
The changes approved
- Mr. Hariram Garg (founder) voluntarily stepped down from the office of Managing Director with effect from 28 September 2026 due to health-related issues, and continues as Chairman & Non-Executive Director. His intimation letter confirms there are no material reasons other than his health condition.
- Mr. Sunil Garg, previously a Non-Executive Non-Independent Director, was appointed Managing Director for a term of 5 years, from 28 September 2026 to 27 September 2031.
- Mrs. Rama Garg was re-appointed as a director liable to retire by rotation.
- Mr. Akhil Kumar Manglik was re-appointed as a Non-Executive Independent Director for a further period of 5 consecutive years, from 06 September 2026 to 05 September 2031.
Backgrounds
- Mr. Hariram Garg is an engineer from BITS Pilani with more than 40 years of experience in tea cultivation and manufacture.
- Mr. Sunil Garg is a commerce graduate from Calcutta University with over 25 years' experience in marketing and distribution of agricultural inputs for the tea industry, and is involved in developing the company's international trade.
- Mrs. Rama Garg has more than 25 years of experience in the tea business.
- Mr. Akhil Kumar Manglik is a practising Chartered Accountant with over 35 years' experience in wealth management, family office, legacy planning and keyman insurance.
Family relationships disclosed
Mr. Sunil Garg is the son of Mr. Hariram Garg, father of Mr. Raunak Garg (Chief Financial Officer) and brother-in-law of Mrs. Rama Garg. Mrs. Rama Garg is the daughter-in-law of Mr. Hariram Garg.
How to read it
This is a promoter-family succession at the executive level rather than an outside hire. The founder remains on the board in a non-executive Chairman role, which suggests continuity of guidance, while day-to-day executive leadership passes to the next generation. The company confirmed that none of the directors concerned is debarred from holding office by any SEBI or other authority order.
Also from Asian Tea & Exports
Proceedings of 40th AGM: MD change and director re-appointments put to vote
28 Sep 2026
More numbers
- Sunil Garg's term as Managing Director5 (Five) years
- Akhil Kumar Manglik re-appointment term5 (Five) consecutive years
- Hariram Garg experience in tea businessmore than 40 years
- Sunil Garg experienceover 25 years'
- Rama Garg experience in tea businessmore than 25 years
- Akhil Kumar Manglik professional experienceover 35 years'
- AGM number40th Annual General Meeting
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