Independent Director Shruti Mimani resigns after relatives acquire about 4% stake

Mrs. Shruti Mimani has resigned as Independent Director with immediate effect from September 28, 2026.

Tue 29 Sep 2026

Director Name

Mrs. Shruti Mimani

Resignation Date

September 28, 2026

Relatives' Share Acquisition

1,63,544 equity shares on September 23, 2026

Shareholding Percentage

approximately 4% of total voting share capital

Appointment Date

May 30, 2023

What was shared

The company intimated BSE that Mrs. Shruti Mimani (Independent Director) tendered her resignation with immediate effect, by letter dated September 28, 2026. The resignation was received on September 28, 2026 and takes effect the same date.

Why she resigned

• Her relatives acquired an aggregate of 1,63,544 equity shares of the company on September 23, 2026.
• This represents approximately 4% of the total voting share capital.
• Per her letter, the resultant holding exceeds the permissible limit for relatives of an independent director, so she no longer meets the eligibility and independence requirements under the Companies Act, 2013 and applicable SEBI Regulations.
• She confirmed there is no other material reason for her resignation.

Acquirers named in her letter

• Mr. Sushil Bahety – 48,544 equity shares
• Mr. Ankit Bahety – 15,000 equity shares
• Mrs. Padma Bahety – 50,000 equity shares
• Ankit Bahety HUF – 50,000 equity shares

Her board record

• Appointed as Independent Director on May 30, 2023.
• Committee roles: Audit Committee, Nomination & Remuneration Committee and Stakeholders' Relationship Committee.
• Listed entities she has resigned from in the past three years: Nil.
• Other listed directorship: Elpro International Limited.

What it means for investors

The stated cause is a technical eligibility issue arising from share purchases by her relatives, not a disagreement with the company. Since she held committee positions, investors may watch for the company's board and committee reconstitution. The company said it will make the required updates with the Registrar of Companies, stock exchange(s) and other authorities.

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