AGM special resolutions for Executive Director roles not passed; both continue as Non-Executive Directors
Special resolutions to make Mr. Mohan Bhandari and Ms. Kavita Bhansali Executive Directors were not passed at the 39th AGM (26 September 2026).
By ScoutQuest · · 2 min read
- AGM
- 39th AGM held on 26 September 2026
- Resolution Outcome
- Special resolutions to make Mr. Mohan Bhandari and Ms. Kavita Bhansali Executive Directors were not passed
- Current Designations
- Bhandari: Non-Executive Non-Independent Director & CEO; Bhansali: Non-Executive Non-Independent Director
The update in short
The company has written to the stock exchange about the designation of two of its directors. After its Board Meeting on 13 August 2026, it had informed the exchanges about the appointment of Mr. Mohan Bhandari as an Executive Director and the reappointment of Ms. Kavita Bhansali as an Executive Director, and the designation on the BSE Portal was changed accordingly.
What changed
- Both special resolutions placed before shareholders at the 39th Annual General Meeting held on 26 September 2026 were not passed by the requisite majority required for passing a special resolution.
- Because of this, the two do not hold the Executive Director designation.
Where they stand now
- Mr. Mohan Bhandari continues only as Non-Executive Non-Independent Director & CEO of the company.
- Ms. Kavita Bhansali continues only as Non-Executive Non-Independent Director of the company.
What the terms mean
- An Executive Director is normally a whole-time director who is part of the day-to-day management of the company.
- Non-Executive means the person sits on the board but is not a whole-time employee of the company.
- Non-Independent means the person is not classified as an independent director.
So Mr. Bhandari's board position is non-executive while he continues as the company's CEO, and Ms. Bhansali continues as a non-executive director.
Why shareholder approval mattered here
A special resolution needs a higher level of shareholder support than an ordinary resolution. The resolutions proposing the Executive Director designations did not receive that support at the Annual General Meeting, so those designations could not take effect.
What investors can take away
The letter updates the board roles of the two directors and states that both continue only in the non-executive capacities mentioned. Investors who track board composition and who holds executive charge can note the corrected designations as the company has stated them.
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