Board appoints new Managing Director and CFO; outgoing MD-CFO resigns

Outcome of Board Meeting held on 8 October 2026.

Thu 8 Oct 2026

MD Appointment

Mr. Satish Sahadev Kalmaste appointed Managing Director w.e.f. 8 October 2026

MD Term

five consecutive years (8 October 2026 to 7 October 2031)

Resignation

Mr. Ketanbhai Shivabhai Gosai has resigned as Managing Director and CFO w.e.f. 8 October 2026

Two board positions change hands on the same day

The Company's Board met on 8 October 2026 and approved a leadership transition covering both the Managing Director and Chief Financial Officer positions.

• Mr. Satish Sahadev Kalmaste [DIN: 10937141] has been appointed Managing Director of the Company w.e.f. 8 October 2026 for a period of five consecutive years, starting 8 October 2026 to 7 October 2031, subject to the approval of regulatory/statutory authorities and the shareholders of the Company at the General Meeting.
• The same person has been appointed Chief Financial Officer (CFO) of the Company w.e.f. 8 October 2026.
• Mr. Ketanbhai Shivabhai Gosai [DIN: 11543634] has resigned from the post of Managing Director and Chief Financial Officer (CFO) of the Company with effect from 8 October 2026, due to pre-occupation with other professional commitments. He has confirmed that there is no material reason for his resignation other than mentioned in his resignation letter.
• The Board also approved the reconstitution of various committees of the Board of Directors.

Who is the incoming Managing Director and CFO

• He holds a Bachelor of Commerce (B. Com) degree from Mumbai University.
• He has over 11 years of experience in Accounts, Finance and Income Tax.
• He is not related to any Director or KMP and Promoters of the Company.
• Number of shares held: NIL.
• He is not debarred from holding the office of director by virtue of any SEBI order or any other such authority.
• He holds directorships in three unlisted entities: ZINGAT STUDIOS PRIVATELIMITED, NEOTT MEDIA PRIVATATE LIMITED and HITZ MUSIC LIMITED.

What the outgoing officer's disclosure says

• The resignation is effective from close of business hours on 8 October 2026, and the stated reason is pre-occupation with other professional commitments.
• He has confirmed there is no material reason for his resignation other than those mentioned.
• Names of listed entities in which the resigning director holds directorships: NIL.

Points a retail investor may want to track

• The Managing Director appointment is subject to approvals, including that of shareholders at the General Meeting, and runs for a fixed term of 8 October 2026 to 7 October 2031.
• One person now holds both the Managing Director and CFO roles, the same combination that the outgoing officer held.
• The exit and the new appointments are effective from the same date, so the handover takes place immediately.
• The meeting started at 03:30 PM and concluded at 04:00 PM.

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