Control Changes Hands: 64.26% Stake Transferred to Indo Borax, Full Board and KMP Overhaul

Big change of control.

Tue 29 Sep 2026

Stake Transferred

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

Transfer Date

September 29, 2026

Buyer

Indo Borax & Chemicals Limited

New MD & CEO

Suresh Kalra (5 years)

New CFO

Shashikant Bharuka (5 years)

What happened

The share purchase agreement dated 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, constituting 64.26% of the total paid-up equity share capital, to the purchaser, Indo Borax & Chemicals Limited. Zenrock Chemicals Private Limited was also a party to the SPA.

After the sale, the sellers collectively hold 36,90,000 equity shares, or 9.95% of the voting share capital, and each of them along with other promoter group members has ceased to be part 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 member approval. He has over 25 years of leadership experience in the chemicals industry, including CEO and Whole-time Director at Aquapharm Chemical Limited and senior roles at Huber group, SI Group, Pidilite Industries, Valvoline Cummins and W.R. Grace.
• 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 experience as an entrepreneur and investor.
• 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 brings over a decade of global operational experience, including nearly ten years at Amazon.
• Three new independent directors for 5 years each: Mr. Amit Kumar Sharma, Ms. Anuradha Suneet Maheshwari and Mr. Dhananjay Tapasvi.
• 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.
• Mr. Ketan Ramani and Mr. Pritesh Vinodchandra Ramani resigned as executive directors, effective immediately.
• Mr. Samir Gadhiya resigned as Chief Financial Officer, effective immediately.
• Independent directors Mr. Parth Shah, Ms. Krutika Arunkumar Negandhi and Mr. Satish Kumar resigned with effect from the close 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. The Audit Committee is now chaired by Mr. Dhananjay Tapasvi with Mr. Suresh Kalra and Mr. Amit Kumar Sharma as members. The NRC comprises Mr. Dhananjay Tapasvi (Chairman), Mr. Amit Kumar Sharma and Ms. Anuradha Suneet Maheshwari. The Stakeholders Relationship Committee is chaired by Ms. Anuradha Suneet Maheshwari. The CSR Committee is chaired by Mr. Suresh Kalra.

Continuity arrangement

The board approved execution of consultancy agreements with each of Mr. Jogindersingh Gianchand Jaswal, Mr. Ketan Ramani and Mr. Pritesh Vinodchandra Ramani — the three exiting founders — so they can continue to be associated in an advisory capacity.

Why it matters for investors

A change in controlling shareholder of this size means the company's strategic direction, management team and board now sit with a new owner group. The founders retain a residual 9.95% holding but no longer form the promoter group. The new appointments as additional directors require approval by members at a general meeting.

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