Board appoints promoter's son Soumil Garg as Whole-time Director; Ramesh Kumar Sharma resigns

Board approved appointment of Shri Soumil Garg, son of Promoter & MD Balram Garg, as Additional Director and Whole-time Director for 5 consecutive years from October 01, 2026, subject to shareholder approval.

Wed 30 Sep 2026

Appointment

Shri Soumil Garg appointed as Additional Director and Whole-time Director for 5 consecutive years from October 01, 2026

Relation to Promoter

Son of Promoter & MD Balram Garg

Approval Status

Subject to shareholder approval

Resignation

Whole-time Director Ramesh Kumar Sharma resigned effective October 01, 2026 after 19 years

Senior Management Appointment

Kumar Deoratan Singh appointed Chief Technical Officer; Pawandeep Kaur appointed President (Business Development)

Board-level change

The Board, at its meeting on September 30, 2026, approved the appointment of Shri Soumil Garg as an Additional Director from October 01, 2026, and also as Whole-time Director for 5 consecutive years from the same date. He is the son of Shri Balram Garg, Promoter & Managing Director. His appointment needs members' approval at the next general meeting or postal ballot, or within 3 months of appointment, whichever is earlier. He will be liable to retire by rotation.

His profile: MA International Business (Regents University London) and BBA (Swiss Business School); entered the jewellery business after completing his Master's in 2019, with a seven-year tenure covering product design, procurement and evaluation of customer and market trends.

Resignation from the Board

• Shri Ramesh Kumar Sharma resigned as Director with effect from October 01, 2026, and ceases to be Whole-time Director.
• He also ceases to be Chairman/member of the Stakeholders Relationship, Risk Management, CSR and Management & Finance Committees, and ceased to be Nodal Officer.
• In his letter he cited medical advice as the reason, confirmed there is no other reason, and noted an association of more than 19 years. His last working day was September 30, 2026.

Senior management changes (all effective October 01, 2026)

• Shri Kumar Deoratan Singh appointed Chief Technical Officer; a technology and ERP leader with 20+ years of experience.
• Ms. Pawandeep Kaur appointed President (Business Development); 13 years of experience across hospitality, media and aviation.
• Shri Vivek Jain resigned as Chief Information Officer, stating he is moving out of the country.
• Shri Kuldeep Singh resigned as President (Accounts & Audit), citing personal reasons and shifting out of Delhi.

Committee reconstitutions (effective October 01, 2026)

• Soumil Garg inducted into the Stakeholders Relationship Committee and the Management & Finance Committee.
• Vishan Deo inducted into the Risk Management Committee and the CSR Committee.
• Balram Garg designated Chairperson of the CSR Committee.
• Vishan Deo, Executive Director (Finance) & CFO, appointed Nodal Officer for IEPF-related claims.

What it means for investors

This is a leadership and governance reshuffle rather than a business or financial announcement. Investors may note the entry of a promoter family member into an executive board role alongside the exit of a long-serving Whole-time Director and two senior executives on the same date. The Whole-time Director appointment still requires shareholder approval.

The Board meeting commenced at 3.30 P.M. and concluded at 4:10 P.M.

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