Control transferred to Indo Borax; 64.26% stake sale completed, board and KMP overhauled

Change of control completed.

Tue 29 Sep 2026

Control Transfer

2,38,44,000 equity shares (64.26%) transferred to Indo Borax & Chemicals Limited on September 29, 2026

Former Promoter Stake

Sellers now hold 36,90,000 shares (9.95%) and have ceased to be promoter/promoter group

MD & CEO Appointment

Mr. Suresh Kalra appointed for 5 years, with 25+ years experience in chemicals sector

New CFO

Mr. Shashikant Bharuka appointed as Chief Financial Officer for 5 years

Board Reconstitution

3 new independent directors appointed: Mr. Amit Kumar Sharma, Ms. Anuradha Suneet Maheshwari, Mr. Dhananjay Tapasvi

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, 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 agreement.

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

New appointments (effective September 29, 2026)

• Mr. Suresh Kalra as additional Director, Managing Director and Chief Executive Officer, for 5 years (subject to members' approval). He has over 25 years of leadership experience in chemicals, previously CEO and Whole-time Director at Aquapharm Chemical Limited.
• Mr. Sunil Malhotra as 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 as 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. Shashikant Bharuka as Chief Financial Officer and Key Managerial Personnel for a term of 5 years.
• Independent directors: Mr. Amit Kumar Sharma, Ms. Anuradha Suneet Maheshwari and Mr. Dhananjay Tapasvi, each for 5 years, subject to members' approval.

Exits (September 29, 2026)

• Mr. Jogindersingh Gianchand Jaswal resigned as Managing Director, effective immediately on delivery of the 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 the closure of business on September 29, 2026.

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.

Other item

The Board approved execution of consultancy agreements with each of Mr. Jogindersingh Gianchand Jaswal, Mr. Ketan Ramani and Mr. Pritesh Vinodchandra Ramani, which keeps the outgoing team associated with the company in an advisory capacity.

What it means for investors

This is a completed change of control: a new controlling shareholder, a new managing team and an almost entirely new board are now in place. Several appointments still require shareholder approval. The board meeting was held on September 29, 2026 from 04:00 P.M. to 5:15 P.M.

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