Change in management control: 64.26% stake transferred to Indo Borax & Chemicals, board revamped

Control of the company has changed hands.

Tue 29 Sep 2026

Stake Transferred

2,38,44,000 equity shares (64.26% of paid-up equity capital)

Acquiring Entity

Indo Borax & Chemicals Limited

Transaction Date

September 29, 2026

SPA Date

August 20, 2026

Sellers' Remaining Stake

36,90,000 shares (9.95%)

What happened

The share purchase agreement signed on August 20, 2026 has been completed. On September 29, 2026 the Sellers — Mr. Ketan Vinodchandra Ramani, Mr. Pritesh Vinodchandra Ramani and Mr. Jogindersingh Gianchand Jaswal — transferred 2,38,44,000 equity shares, being 64.26% of the total paid-up equity share capital, to Indo Borax & Chemicals Limited (the Purchaser). Zenrock Chemicals Private Limited was also a party to the SPA.

After the transaction the Sellers collectively hold 36,90,000 equity shares, or 9.95% of the voting share capital, and they along with the other promoter group members have ceased to be promoter/promoter group of the company.

New leadership

• Mr. Suresh Kalra as additional director, Managing Director and Chief Executive Officer, for 5 years, subject to shareholder approval. He has over 25 years of leadership experience in chemicals, previously CEO and Whole-time Director at Aquapharm Chemical Limited and Managing Director – India / President – Asia at Huber group Germany.
• Mr. Sunil Malhotra as Whole-time Director (executive, non-independent) for 5 years, liable to retire by rotation. He has 38 years of experience as an entrepreneur and investor.
• Mr. Harsh Malhotra as executive, non-independent additional director for 5 years, liable to retire by rotation. He is the son of Mr. Sunil Malhotra.
• Mr. Shashikant Bharuka as Chief Financial Officer and Key Managerial Personnel for a term of 5 years.

New independent directors, each for 5 years and subject to shareholder approval: Mr. Amit Kumar Sharma, Ms. Anuradha Suneet Maheshwari and Mr. Dhananjay Tapasvi.

Exits on the same day

• Mr. Jogindersingh Gianchand Jaswal resigned as Managing Director, effective immediately on delivery of his resignation letter.
• Mr. Ketan Ramani and Mr. Pritesh Vinodchandra Ramani resigned as executive directors.
• Mr. Samir Gadhiya resigned as Chief Financial Officer.
• Independent directors Mr. Parth Shah, Ms. Krutika Arunkumar Negandhi and Mr. Satish Kumar resigned with effect from close of business on September 29, 2026.

All the appointments are stated to be pursuant to the board reorganization being undertaken in accordance with the SPA.

Committees reconstituted

• Audit Committee: Mr. Dhananjay Tapasvi (Chairman), Mr. Suresh Kalra, Mr. Amit Kumar Sharma.
• Nomination and Remuneration Committee: Mr. Dhananjay Tapasvi (Chairman), Mr. Amit Kumar Sharma, Ms. Anuradha Suneet Maheshwari.
• Stakeholders Relationship Committee: Ms. Anuradha Suneet Maheshwari (Chairperson), Mr. Suresh Kalra, Mr. Harsh Malhotra.
• Corporate Social Responsibility Committee: Mr. Suresh Kalra (Chairperson), Ms. Anuradha Suneet Maheshwari, Mr. Sunil Malhotra, Mr. Harsh Malhotra.

Continuity arrangement

The board also approved execution of consultancy agreements with Mr. Jogindersingh Gianchand Jaswal, Mr. Ketan Ramani and Mr. Pritesh Vinodchandra Ramani — the three outgoing promoters — suggesting their involvement continues in an advisory capacity.

What investors may watch

This is a full change of control: a new controlling shareholder, a new management team and a new board have taken charge on the same day. The appointments of the directors are subject to approval by the members of the company. The reader may note that the incoming Purchaser is itself a listed chemicals company, and that the outgoing sellers retain a 9.95% holding.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.