Board approves alteration in IPO objects; CFO resigns, successor named
Jivial Industries Ltd's board met on 22nd October, 2026, from 03:00 PM to around 03:35 PM.
By ScoutQuest · · 2 min read
- Board meeting date
- 22nd October, 2026
- Board meeting duration
- 03:00 PM to around 03:35 PM
- CFO resignation and successor appointment effective date
- 22nd October, 2026
What the board approved
Jivial Industries Ltd held a board meeting on 22nd October, 2026 that commenced at 03:00 PM and closed at around 03:35 PM. The board considered and approved an alteration in the objects of the Initial Public Offer for which amount was raised, and approved the draft Postal Ballot Notice for obtaining shareholders' approval for that alteration.
- Mr. Gaurang Radheshyam Shah, Practicing Company Secretary, proprietor of M/s G R Shah & Associates, Ahmedabad, was appointed scrutiniser for conducting the postal ballot/e-voting process.
- The board acknowledged the resignation of Ms. Dhara Jatin Vekariya from the position of Chief Financial Officer, with effect from 22nd October, 2026.
- Mr. Shubham Pravinbhai Sagpariya was appointed Chief Financial Officer with effect from 22nd October, 2026, to fill the casual vacancy caused by her resignation.
Why the IPO object change matters
Money raised in an Initial Public Offer is meant to be spent on the purposes set out for that offer. An alteration in those objects means the use of that money is being re-directed, and the board is putting the change to shareholders through a postal ballot rather than deciding it on its own.
This is why the second item on the agenda — the draft Postal Ballot Notice — is tied to the first: the alteration is being taken to shareholders for their approval, and a scrutiniser has been named to run that voting process.
CFO change
The resignation and the new appointment are both effective 22nd October, 2026, so the transition happens on a single day. The update describes the appointment as filling the casual vacancy created by the outgoing CFO's resignation. The stated profile of Mr. Sagpariya is a background in accounting and financial management, with experience in handling accounts, taxation, budgeting and financial reporting.
What to keep an eye on
- The postal ballot process: the notice, the voting window and the outcome, since the alteration in the IPO objects is being placed before shareholders.
- The revised objects once they are set out for shareholders, which show where the IPO money is now proposed to be directed.
Taken together, the update carries two distinct threads for a retail investor: a proposed change in what the IPO proceeds are used for, and a change of the person running the company's finance function. Both relate directly to the company's finances, which is why they are worth reading in full rather than skimming.
Also from Jivial Industries
CFO appointed: Shubham Pravinbhai Sagpariya takes charge, filling vacancy after Dhara Jatin Vekariya's resignation
22 Oct 2026
CFO Ms. Dhara Jatin Vekariya resigns with effect from 22nd October 2026
22 Oct 2026
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