Managing Director resigns; Board approves Gaurang Shah as Additional Director (Managing Director)
Board meeting on 21st October, 2026 approved two connected changes.
By ScoutQuest · · 2 min read
- MD resignation effective date
- 21st October, 2026
- New MD appointed
- Mr. Gaurang Shah (DIN: 05164763) as Additional Director (Managing Director)
- Appointment term
- 5 Years, subject to shareholder approval
A single board meeting on 21st October, 2026 produced a change at the top of the company: the Managing Director stepped down and a replacement was approved the same day.
What the Board approved
- The resignation of Mr. Prashant Sudhir Khairnar (DIN: 11434708) from the position of Managing Director, with effect from 21st October, 2026, on account of a change in professional commitments.
- The appointment of Mr. Gaurang Shah (DIN: 05164763) as Additional Director (Managing Director), with effect from 21st October, 2026, for a term of 5 Years.
Outgoing Managing Director
The resignation is limited to the Managing Director role. Mr. Khairnar continues as a Director of the company unless separately determined. His resignation letter, dated 21st October, 2026, repeats the stated reason of a change in professional commitments.
Incoming Managing Director
Mr. Gaurang Shah is a qualified Company Secretary with approximately 15 years of experience in corporate governance, corporate compliance and regulatory matters, having worked with companies across different industry sectors. The update states he is not debarred from holding the office of Director by virtue of any SEBI or other authority order, and that there is no relationship between the directors of the company.
The appointment is as an Additional Director (Managing Director) and is subject to the approval of the shareholders and other applicable statutory approvals.
How to read this
- A Managing Director change is a leadership transition. Here the vacancy and the replacement were decided at the same meeting, with the outgoing person staying on the Board as a Director.
- The new Managing Director takes charge immediately, but the appointment still needs shareholder approval to become final in that role.
- The stated reason for the exit is a change in professional commitments, and the update makes no reference to any dispute.
What shareholders will watch next is the shareholder approval for the new Managing Director's appointment.
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Managing Director change: Prashant Sudhir Khairnar resigns from MD post, Gaurang Shah appointed
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Managing Director changes: Khairnar resigns, Gaurav Shah appointed Additional Director (Managing Director)
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Board meeting on 21 October 2026 to consider MD resignation and new MD appointment
16 Oct 2026
More numbers
- Term of appointment of Mr. Gaurang Shah as Managing Director5 Years
- Experience of Mr. Gaurang Shah in corporate governance and complianceapproximately 15 years
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