Control changes hands: 64.26% stake transferred to Indo Borax, entire board and KMP reconstituted

Change of control completed.

Tue 29 Sep 2026

Stake Transferred

2,38,44,000 equity shares (64.26% of paid-up capital) to Indo Borax & Chemicals Ltd

Transaction Date

September 29, 2026

Share Purchase Agreement Date

August 20, 2026

Sellers' Remaining Stake

36,90,000 shares (9.95%)

New MD & CEO

Suresh Kalra for 5 years

What happened

The sale flagged in August has now 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, constituting 64.26% of the total paid-up equity share capital, to Indo Borax & Chemicals Limited under the share purchase agreement dated August 20, 2026. 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 each of them, along with other members of the promoter group, has ceased to be a member of the promoter/promoter group.

New leadership

• Mr. Suresh Kalra appointed additional Director (Managing Director and Chief Executive Officer) for 5 years from September 29, 2026, subject to members' approval. He has over 25 years of leadership experience in chemicals, previously CEO and Whole-time Director at Aquapharm Chemical Limited and earlier MD – India and President – Asia at Huber group Germany.
• Mr. Sunil Malhotra appointed additional director (executive, non-independent) and Whole-time Director for 5 years, liable to retire by rotation. He has 38 years of entrepreneurial experience.
• Mr. Harsh Malhotra appointed additional director (executive, non-independent) for 5 years, liable to retire by rotation. He is the son of Mr. Sunil Malhotra and spent nearly ten years at Amazon.
• Mr. Amit Kumar Sharma, Ms. Anuradha Suneet Maheshwari and Mr. Dhananjay Tapasvi appointed as additional non-executive independent directors, each for 5 years, subject to members' approval.
• Mr. Shashikant Bharuka appointed Chief Financial Officer and Key Managerial Personnel for a term of 5 years.

Exits

• Mr. Jogindersingh Gianchand Jaswal resigned as Managing Director, effective immediately on delivery of his resignation letter, ceasing to be KMP and a member of all committees.
• Mr. Ketan Ramani and Mr. Pritesh Vinodchandra Ramani resigned as executive directors, effective immediately on delivery of their letters.
• Mr. Samir Gadhiya resigned as Chief Financial Officer, effective immediately on delivery of his letter.
• Independent directors Mr. Parth Shah, Ms. Krutika Arunkumar Negandhi and Mr. Satish Kumar resigned with effect from the closure of business on September 29, 2026.

Committees reconstituted

The Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee and Corporate Social Responsibility Committee were all reconstituted with effect from September 29, 2026. Mr. Dhananjay Tapasvi chairs the Audit and NRC committees, Ms. Anuradha Suneet Maheshwari chairs the Stakeholders Relationship Committee, and Mr. Suresh Kalra chairs the CSR Committee.

Consultancy agreements

The Board approved execution of consultancy agreements with each of Mr. Jogindersingh Gianchand Jaswal, Mr. Ketan Ramani and Mr. Pritesh Vinodchandra Ramani.

How investors may read it

This is a completed change of control: a new promoter, an entirely refreshed board and new key managerial personnel. The incoming management team brings chemicals-industry background, while continuity with the founders is retained through the consultancy agreements. The appointments of the additional directors are subject to approval by the members of the Company.

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.