Board Notes MD's Resignation, Appoints New Managing Director and Audit Committee Chairman

Leadership change at the top.

Thu 1 Oct 2026

Outgoing MD

Mr. Jitendra Kochar resigned as Managing Director, tendered at 33rd AGM on 17th September, 2026

New MD Appointment

Mr. Ajit Kochar appointed as Managing Director, subject to shareholder ratification

Audit Committee Chairman

Mr. Dinesh Agarwal welcomed as new Chairman of Audit Committee

Board Meeting Date

1st October, 2026, 11.30 A.M. to 12.05 P.M.

Property Monetisation

Board discussed options for sale, development/redevelopment, joint development of immovable properties

What the Board decided

• The Board took note of the resignation of Mr. Jitendra Kochar, Managing Director, who tendered his resignation from the office at the 33rd AGM held on 17th September, 2026.
• All matters raised by the MD in his letter — consequential, administrative, regulatory, statutory and financial — were discussed.
• Mr. Dinesh Agarwal was welcomed as the new Chairman of the Audit Committee.
• Mr. Ajit Kochar was appointed as Managing Director, subject to ratification by shareholders in the ensuing general meeting.

Property plans

The Board discussed options for monetisation and optimal utilisation of the Company's immovable properties. The options mentioned include sale, development/redevelopment, joint development or other commercially viable arrangements, with a view to unlocking the value of such properties and improving utilisation of the Company's resources. This was a discussion item at this stage.

Meeting details

The Board Meeting was held on Thursday, 1st October, 2026 and ran from 11.30 A.M. to 12.05 P.M.

How investors may read it

A change in the Managing Director is a key leadership transition, and the reference to matters raised by the outgoing MD in his letter may draw attention. At the same time, a successor has been named immediately, subject to shareholder ratification, and the Audit Committee has a new Chairman. The property monetisation discussion signals the Board is exploring ways to unlock value from assets the Company already owns.

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