Chairman & Managing Director tenders resignation after open offer changes management and control

Board noted the resignation of Mr. Nikhil G. Tanwani as Chairman, 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

Stated Reason

completion of the Open Offer under SEBI SAST Regulations, 2011

What happened

Baba Arts Limited informed the exchanges that its Board of Directors, at a meeting held on Friday, 9th October, 2026 that 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, with effect from close of business hours on 9th October, 2026.

The resignation letter

The letter attached to the disclosure tenders his resignation from the office of Managing Director and Director of the Company with immediate effect. It 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.

The stated reason

The resignation is tendered consequent upon the successful completion of the Open Offer conducted by M/s Skybridge Interactive LLP, described in the letter as the Acquirer, in accordance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Pursuant to that process, the management and control of the Company has changed hands to the incoming Acquirer / Persons Acting in Concert. The Board's disclosure also links the change to the Change of Management and Control of the Company.

No other reason stated

He has confirmed that, apart from the reason mentioned above, there is no other reason for his resignation as Managing Director and Director. The Board's disclosure records that he confirmed there are no other material reasons involved.

What shareholders may note

• The departure of the Chairman and Managing Director is tied to a completed change of management and control, following the Open Offer by the Acquirer.
• The exchange disclosure describes him as Chairman of the Company, while the resignation letter is tendered from the offices of Managing Director and Director.
• The Board noted the resignation with effect from close of business hours on 9th October, 2026, while the letter tenders it with immediate effect.
• The letter records his gratitude to the Board, the shareholders and the management team, and his confidence that the Company will continue to grow under the leadership of the incoming management.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.