Independent Director Shruti Mimani Resigns With Immediate Effect After Relatives Buy ~4% Stake

Independent Director Mrs. Shruti Mimani has resigned with immediate effect (letter dated September 28, 2026).

Mon 28 Sep 2026

Director Resignation Date

September 28, 2026

Relative Acquisition Date

September 23, 2026

Shares Acquired by Relatives

1,63,544 equity shares

Percentage of Voting Capital

approximately 4% of total voting share capital

Reason for Resignation

Loss of eligibility as Independent Director due to relatives' shareholding exceeding permissible limits

What happened

Mrs. Shruti Mimani has resigned from the office of Independent Director with immediate effect, through a resignation letter dated September 28, 2026.

Why she resigned

• Her relatives acquired an aggregate of 1,63,544 equity shares of the company on September 23, 2026.
• This is approximately 4% of the total voting share capital.
• The holding exceeds the permissible limit for relatives of an Independent Director, so she no longer meets the independence and eligibility requirements under the Companies Act, 2013 and applicable SEBI Regulations.

Break-up of the acquisition stated in her letter

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

Her statement

She confirms the resignation is solely on account of this change in circumstances affecting her eligibility, and that she has no other material reason for resigning from the Board. She thanked the Board and management for their support during her tenure.

What next

The company says it will complete the necessary statutory and regulatory compliances and updates with the Registrar of Companies, the Stock Exchange(s) and other authorities.

How to read it

This is a board composition change driven by an eligibility technicality rather than any dispute over the company's affairs. Investors may watch for the appointment of a replacement Independent Director to keep board composition requirements intact.

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