Managing Director Resigns; Ajit Kochar Appointed MD, New Audit Committee Chairman Named

Board took note of resignation of Mr. Jitendra Kochar, Managing Director, tendered at the 33rd AGM held on 17th September, 2026.

Thu 1 Oct 2026

Outgoing MD

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

New MD Appointed

Mr. Ajit Kochar appointed Managing Director, subject to shareholder ratification at the ensuing general meeting

New Audit Committee Chairman

Mr. Dinesh Agarwal welcomed as new Chairman of the Audit Committee

Board Meeting Date

1st October, 2026

Property Monetisation Discussion

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

What the Board decided

The Board of Directors met on 1st October, 2026, from 11.30 A.M. to 12.05 P.M. and considered the following.

• The Board took note of the resignation of Mr. Jitendra Kochar, Managing Director, who tendered his resignation from the office in the 33rd AGM held on 17th September, 2026.
• All matters raised by the MD in his letter — consequential, administrative, regulatory, statutory and financial matters arising therefrom — were discussed.
• The Board welcomed Mr. Dinesh Agarwal as the new Chairman of the Audit Committee.
• The Board discussed options for monetisation and optimal utilisation of the Company's immovable properties, including 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.
• The Board, considering it crucial, appointed Mr. Ajit Kochar as the Managing Director, subject to ratification by shareholders in the ensuing general meeting.

How investors may read it

A change at the top of the management is a leadership transition that investors usually watch closely, particularly where the outgoing MD's letter raised matters that the Board felt needed discussion. The appointment of a new Managing Director provides continuity, though it still needs shareholder ratification at the ensuing general meeting.

The property monetisation discussion is at a discussion stage only; no transaction has been approved or executed as per this intimation.

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