AGM approves MD change: Hariram Garg steps down, Rajesh Garg appointed Managing Director for 5 years

At the 36th AGM (28 Sep 2026), all resolutions passed.

Wed 30 Sep 2026

AGM Date

28 Sep 2026

Hariram Garg Role Change

Stepped down as Managing Director from 28 Sep 2026; continues as Chairman & Executive Director from 1 Oct 2026

Rajesh Garg Appointment

Appointed Managing Director for 5 years, 28 Sep 2026 to 27 Sep 2031

Akhil Kumar Manglik Re-appointment

Re-appointed Independent Director for 5 years from 4 Feb 2027

Agarwal Kejriwal & Co

Re-appointed Statutory Auditor for 5 consecutive years

What happened

Based on the Scrutinizer's Report, all resolutions at the 36th Annual General Meeting, held on 28 September 2026 through video conferencing, were passed with requisite majority.

Leadership change

• Hariram Garg voluntarily stepped down from the office of Managing Director with effect from 28 September 2026 due to health-related issues. In his intimation letter he confirmed there are no other material reasons. He continues as Chairman & Executive Director from 1 October 2026.
• Rajesh Garg, presently a Non-Executive Non-Independent Director, was appointed Managing Director for a term of 5 years, from 28 September 2026 to 27 September 2031. He is the son of Hariram Garg and has more than 20 years of experience in the tea industry and corporate management.

Other approvals

• Re-appointment of Madanlal Garg, retiring by rotation; founder promoter director with more than 40 years of experience in tea cultivation and manufacture.
• Re-appointment of Rama Garg, retiring by rotation; she has more than 25 years of experience in the tea business.
• Re-appointment of Akhil Kumar Manglik as Non-Executive Independent Director for a further 5 consecutive years from 4 February 2027 to 3 February 2032, after his first term ends on 3 February 2027. He is a practising Chartered Accountant with over 35 years of experience.
• Re-appointment of M/s Agarwal Kejriwal & Co as Statutory Auditor for a further 5 consecutive years, from the conclusion of the 36th AGM until the conclusion of the 41st AGM (2031).

How to read it

The executive leadership passes from the founder to the next generation within the same promoter family, with the founder staying on the board in an executive chairman role. The board notes that none of the directors is debarred from holding office by any SEBI or other order. Day-to-day operations and the tea business itself are unchanged by these resolutions.

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