Kalmaste appointed Managing Director and CFO; Gosai resigns from both posts

Board approved Mr. Satish Sahadev Kalmaste as Managing Director for five consecutive years (8 Oct 2026 to 7 Oct 2031) and as CFO, both w.e.f. 8 Oct 2026.

Thu 8 Oct 2026

MD Appointment Term

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

Effective Date

both w.e.f. 8 Oct 2026

MD/CFO Resignation

resigned as MD and CFO from close of business on 8 Oct 2026

What the Board approved

The Board of Directors met on Thursday, 8th October 2026 and approved the following items. The meeting started at 03:30 PM and concluded at 04:00 PM.

• Mr. Satish Sahadev Kalmaste [DIN: 10937141] has been appointed as Managing Director of the company with effect from 8th October 2026, for a period of five consecutive years — from 8th October 2026 to 7th October 2031. The appointment is subject to the approval of regulatory/statutory authorities and the shareholders of the company at the General Meeting.
• Mr. Satish Sahadev Kalmaste has also been appointed as Chief Financial Officer (CFO) of the company with effect from 8th October 2026. Both appointments are based on the recommendation of the Nomination and Remuneration Committee.
• Mr. Ketanbhai Shivabhai Gosai [DIN: 11543634] has resigned from the post of Managing Director and CFO of the company with effect from 8th October 2026. The stated reason is pre-occupation with other professional commitments, and he has confirmed that there is no material reason for his resignation other than what is mentioned in his resignation letter.
• The Board has approved the reconstitution of various committees of the Board of Directors.

Profile of the incoming Managing Director and CFO

Mr. Satish Sahadev Kalmaste holds a Bachelor of Commerce (B. Com) degree from Mumbai University and has over 11 years of experience in Accounts, Finance and Income Tax. He is not related to any Director or Key Managerial Personnel or Promoters of the company. He does not hold any shares in the company, and the disclosure states 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 Private Limited, Neott Media Privatate Limited and Hitz Music Limited.

What the outgoing MD and CFO disclosed

The resignation of Mr. Ketankumar Shivabhai Gosai as Managing Director and CFO is effective from close of business hours on 8th October 2026. His resignation letter is enclosed with the disclosure and carries the same stated reason, along with a confirmation that there are no other material reasons. The disclosure also states that he holds no directorships in listed entities.

How a retail investor can read this

• Both top executive roles — Managing Director and CFO — are being filled by one person, effective the same day the earlier holder of both posts stepped down. This is a management change that investors generally track closely, since these roles shape day-to-day operations and financial reporting.
• The Managing Director appointment is stated to be subject to shareholder approval at a General Meeting, so that approval is a step that is yet to take place.
• The disclosure gives the incoming appointee's qualification, experience, relationships with directors and promoters, and shareholding, which lets readers assess the background of the person taking charge.
• The resignation is attributed in the update to pre-occupation with other professional commitments, with a confirmation that there is no other material reason.

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