Chairman and Managing Director resigns after change of management and control

Board noted the resignation of Mr. Nikhil G. Tanwani as Chairman of the Company, effective close of business hours on 9th October, 2026.

Fri 9 Oct 2026

Resignation effective date

close of business hours on 9th October, 2026

Acquirer

M/s Skybridge Interactive LLP

Board meeting date

Friday, 9th October, 2026

Change of guard at the top

• The Board of Directors, at its meeting held on Friday, 9th October, 2026, which commenced at 1.30 p.m. and concluded at 3.45 p.m., noted the resignation of Mr. Nikhil G. Tanwani as Chairman of the Company.
• The resignation takes effect from close of business hours on 9th October, 2026.
• The resignation letter attached to the disclosure tenders his resignation from the office of Managing Director and Director of the Company with immediate effect.

Why he stepped down

• The letter states the resignation is tendered consequent upon the successful completion of the Open Offer process conducted by M/s Skybridge Interactive LLP, described as "the Acquirer", in accordance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
• Pursuant to that Open Offer, the management and control of the Company has changed hands to the incoming Acquirer / Persons Acting in Concert.
• Mr. Tanwani has confirmed that apart from this reason, there is no other material reason for his resignation.

Two offices, one letter

• The letter states that the resignation from the office of Managing Director shall simultaneously operate as resignation from the office of Director of the Company, in terms of the applicable provisions of the Companies Act, 2013.
• His appointment as Managing Director was governed by Section 196, 197, 198 and 203 read with Schedule V of the Companies Act, 2013 and the terms of an agreement entered into between the Company and him.
• In the letter he records his gratitude to the Board, the shareholders and the management team, and says he is confident the Company will continue to grow under the leadership of the incoming management.

How to read this

• This is a top-leadership exit that accompanies, rather than precedes, a change of control. The change of management and control is stated as arising from the completion of the Open Offer, and the Chairman and Managing Director is stepping down as part of that transition.
• For a retail investor, the main takeaway is that the Company is now under new management and control, with the incoming Acquirer / Persons Acting in Concert in charge. What the new management does with the business, and any further changes to the board or key personnel, are the developments to follow.
• The disclosure is a resignation intimation under Regulation 30 of the Listing Regulations, with the resignation letter enclosed; it does not set out any commercial or financial terms.

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