Board Overhaul: 4 New Directors Appointed, 4 Directors Plus CFO and CEO Resign After Promoter Change
Complete board rejig at the Sept 28, 2026 board meeting.
By ScoutQuest · · 2 min read
- Board Meeting Date
- September 28, 2026
- New Directors Appointed
- Bhupesh Kothari, Saroj Kumar Choudhury, Manas Ranjan Palo, Iranee Tripathy
- Directors Resigned
- Manoj S. Kasliwal, Sharda M. Kasliwal, Aman Sanghvi, Neeraj Goenka
- CEO Resigned
- Deepti Dubey
- CFO Resigned
- Rajendra Kumar Mungar
What happened
The Board met on September 28, 2026 and approved a sweeping change in its composition, along with exits of the CFO and CEO. The meeting ran from 03:00 P.M. to 04:45 P.M.
New appointments (all w.e.f. September 28, 2026)
- Mr. Bhupesh Kothari – Additional Director, Non-Executive & Non-Independent. Commerce graduate with over 25 years of experience in the agro-business sector; also a Director of Hargo Enterprises Limited.
- Mr. Saroj Kumar Choudhury – Additional Director, Non-Executive & Non-Independent. MBA with more than 25 years of professional experience.
- Mr. Manas Ranjan Palo – Additional Director in the Independent category. Engineering graduate from OUAT, Bhubaneswar, with over 24 years in e-learning and software development in India and 2 years in the UK. Recommended for a first term of 5 consecutive years from September 28, 2026 to September 27, 2031.
- Ms. Iranee Tripathy – Additional Director in the Independent category. B.A. (2023), currently pursuing the Company Secretary course from ICSI and LL.B. from Madhusudan Law University, Cuttack. Recommended for a first term of 5 consecutive years to September 27, 2031.
All four hold office only up to the next General Meeting. The two Independent Director appointments require a Special Resolution by shareholders; the other two need member approval as well. None of them are related to existing Directors or Key Managerial Personnel, and none are debarred by any SEBI or other order.
Exits
All the resignations were tendered in accordance with the terms of the Share Purchase Agreement dated 14.02.2025 executed with the Acquirers, in connection with the change in the Promoters of the Company.
- Mr. Manoj Sumatikumar Kasliwal – Non-Executive Director
- Mrs. Sharda Manoj Kasliwal – Non-Executive Director
- Mr. Aman Sanghvi – Independent Director
- Mr. Neeraj Goenka – Independent Director
- Mr. Rajendra Kumar Mungar – Chief Financial Officer
- Ms. Deepti Dubey – Chief Executive Officer
The director and KMP resignations noted as effective from closure of working hours on September 28, 2026; for the two Independent Directors the resignation takes effect as per Section 168(2) of the Companies Act, 2013 and the date specified in their notices. Both Independent Directors confirmed there are no material reasons for resignation other than those stated in their resignation letters.
How to read this
This is the board-level consequence of an agreed change of control: the outgoing promoter group's nominees and the senior management step aside and the incoming Acquirers' nominees come in. Investors typically watch such transitions for the new leadership's background, the composition of the reconstituted board, and whether shareholders ratify the appointments at the forthcoming General Meeting. Note that the CFO and CEO positions have both been vacated at the same time.
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More numbers
- Independent Director first term (Manas Ranjan Palo)five (5) consecutive years
- Independent Director first term (Iranee Tripathy)five (5) consecutive years
- Bhupesh Kothari – experience in agro-businessover 25 years
- Saroj Kumar Choudhury – professional experiencemore than 25 years
- Manas Ranjan Palo – experience in e-learning/software in Indiaover 24 years
- Manas Ranjan Palo – professional experience in UK2 years
- New Additional Directors appointed4
- Directors and KMPs whose resignations were noted6
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