ISIndiqube Spaces544454Routine director change

Ishwar Subramanian appointed Independent Director; Muralikrishnan resigns; up to ₹35 crore SaiEdge investment approved

Board of Indiqube Spaces took on record the resignation of Mr. Avalur Gopalaratnam Muralikrishnan as Independent Director, effective close of business on October 19, 2026.

By ScoutQuest · Mon 19 Oct 2026, 6:34 PM IST · 3 min read

Resignation effective date

close of business on October 19, 2026

New Independent Director appointment effective

October 19, 2026

Investment approved

up to ₹35 crore in SaiEdge Realty Private Limited, for up to 49% of its share capital on a fully diluted basis

The Board of Directors met on October 19, 2026, from 03:52 P.M. to 05:06 P.M. and approved a change in the board, a committee reshuffle and one investment proposal.

Change in independent directorship

• Mr. Avalur Gopalaratnam Muralikrishnan (DIN: 00013305) resigned as Independent Director with effect from the close of business hours on October 19, 2026.
• Mr. Ishwar Subramanian (DIN: 01473535) was appointed Additional Director in the capacity of Independent Director with effect from October 19, 2026, on the recommendation of the Nomination and Remuneration Committee.
• He holds office up to the date of the ensuing General Meeting or a period of three months from the date of appointment, whichever is earlier.
• The Board has recommended his appointment as Independent Director for a term of five consecutive years, from October 19, 2026 to October 18, 2031, not liable to retire by rotation, subject to approval of shareholders through postal ballot.

Who the new director is

Mr. Ishwar Subramanian is a Chartered Accountant and holds a Bachelor of Commerce degree from Shri Ram College of Commerce, Delhi, with executive programmes at Stanford, Harvard, Oxford and Michigan. He has over four decades of experience in senior leadership roles in multinational companies, as a private equity investor, technology entrepreneur, consultant and board member. He was Chief Executive Officer of Akzo Nobel Coatings India Asia, and earlier Chief Financial Officer of 3M India Limited and Courtaulds Coatings and Sealants India. He co-founded Forum Synergies, an India-focused private equity fund, and MSupply, a B2B marketplace for construction materials, currently leads Cerebral Consultancy Services, and is an Independent Director and Chairman of the Audit Committee of V-Guard Industries Limited.

Audit Committee reconstitution (with effect from October 19, 2026)

• Mr. Ishwar Subramanian, Independent Director, Chairperson
• Ms. Sachi Krishna, Independent Director, Member
• Mr. Rishi Das, Chairman, Executive Director and CEO, Member

Investment in SaiEdge

• Approval for an investment of up to ₹35 crore, in one or more tranches, in SaiEdge Realty Private Limited, by way of subscription to its equity shares and/or convertible securities, for up to 49% of its share capital on a fully diluted basis, subject to execution of definitive agreements.
• Consideration is cash; the price of the securities and the number of shares and convertible securities will be determined on execution of the definitive agreements.
• SaiEdge was incorporated on July 28, 2026, has a paid-up share capital of ₹1,00,000, has not yet commenced business operations and has no turnover. Its line of business is development of commercial office space.
• The proposed investment is not a related party transaction at present, and none of the promoters, promoter group entities, group companies, directors or key managerial personnel, or their relatives, has any interest in SaiEdge. On completion of the investment, SaiEdge will become a related party, and future transactions with it, including the proposed lease, will be undertaken on an arm's length basis, subject to prior approval of the Audit Committee and other applicable approvals.
• The Company intends to take on lease the commercial office spaces developed by SaiEdge, on completion.

What this means for a retail investor

• The board composition changes, with one independent director leaving and another with senior finance and board experience joining the same day; the Board has proposed a five-year term that shareholders will vote on through postal ballot.
• The SaiEdge proposal is a 49% minority stake for up to ₹35 crore in a newly incorporated commercial office space developer, tied to a plan to lease the space once developed. The money is committed in tranches and the price and share count are to be fixed when definitive agreements are executed.

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