Board approves new MD, CFO and Company Secretary; three directors resign in change of management

Board meeting on October 05, 2026 approved a management overhaul after RBI approval for change in shareholding and management.

Mon 5 Oct 2026

New MD appointed

Nishad Jitendra Shah as Additional Director & Managing Director (promoter) till September 01, 2031

New CFO appointed

Mit Gandhi as CFO with effect from October 05, 2026

New CS & Compliance Officer

Shivam Jayeshkumar Prajapati as CS & Compliance Officer

Resignations w.e.f. October 05, 2026

Sagar Mal Nahata (MD, Director & CFO) and Sujit Kumar Panda (Director) due to change of management

RBI approval for change in shareholding and management

RBI approval dated September 24, 2026

What the company told the exchanges

The Board of Directors met on Monday, October 05, 2026 at the registered office. The meeting commenced at 10:00 am and concluded at 10:45 am. The Board approved a set of appointments, resignations and committee changes.

The appointments were made after the company received approval from the Reserve Bank of India dated September 24, 2026 in relation to the proposed change in shareholding and management of the company. The two promoter-category appointments are being proposed and approved pursuant to that RBI approval.

Who is coming in

• Mr. Nishad Jitendra Shah (DIN: 00357197) as Additional Director and Managing Director under the Chairman and promoter category, with effect from October 05, 2026 till September 01, 2031, subject to approval of the shareholders. He holds 44,27,548 equity shares in the company. The update describes him as a commerce graduate from Gujarat University with a Post Graduate Diploma in Business Administration specialising in Banking and Management from the United Kingdom, and over 23 years of experience in banking, financial services and corporate management, including stints at Citigroup, Barclays Bank PLC, State Bank of India (UK) and Axis Bank Limited.

• Mrs. Rajshree Nishad Shah (DIN: 01267034) as Additional Director in the Non-Executive, Non-Independent (Women) category under the promoter category, with effect from October 05, 2026 till September 01, 2031. She holds 32,56,753 equity shares. She is the spouse of Mr. Nishad Jitendra Shah, is a Bachelor of Commerce graduate from Gujarat University and has over 10 years of professional experience.

• Mr. Amar Chokshi (DIN: 11702952) as Additional Director in the Non-Executive, Independent category for a term of 5 years with effect from October 05, 2026, subject to approval of the shareholders. His shareholding is NIL and he is not related to any director on the Board. He is a Chartered Accountant with over 15 years of experience.

• Mr. Shivam Jayeshkumar Prajapati (Membership No. A81760) as Company Secretary and Compliance Officer, a Whole Time Key Managerial Personnel, with effect from October 05, 2026. His shareholding is NIL.

• Mr. Mit Gandhi as Chief Financial Officer with effect from October 05, 2026, on the recommendations of the Nomination & Remuneration Committee and the Audit Committee. His shareholding is NIL. He is a Chartered Accountant with over 15 years of experience.

Who is leaving

• Mr. Sagar Mal Nahata (DIN: 00307611) has resigned from the office of Managing Director and Director, and also from the office of Chief Financial Officer, with effect from the close of business hours of October 05, 2026, due to change of management.
• Mr. Sujit Kumar Panda (DIN: 06873319) has resigned from the office of Director with effect from the close of business hours of October 05, 2026, due to change of management.
• Mrs. Basanti Roy (DIN: 10530177) has resigned from the office of Independent Director with effect from the close of business hours of October 05, 2026, due to personal reasons. She will also cease to be a member of the Audit Committee, the Nomination and Remuneration Committee and the Stakeholders Relationship Committee.
• Each of the resigning directors has confirmed that there are no other material reasons other than those mentioned in the resignation letter.

Committees reconstituted

• Audit Committee: Mr. Amar Chokshi (Chairperson, Non-Executive Independent Director), Mr. Ajay Pratap Singh (Member, Non-Executive Independent Director) and Mrs. Rajshree Nishad Shah (Member, Non-Executive Director).
• Nomination & Remuneration Committee: the same three members, in the same roles.

How to read it

• This is a change at the very top of the company: a new Managing Director, a new Chief Financial Officer, a new Company Secretary and a new Independent Director come in alongside the exit of the earlier Managing Director, Director and Chief Financial Officer, one more Director, and one Independent Director.
• The two management-linked resignations are attributed to the change of management, while the Independent Director's exit is on personal grounds. The company is a financial sector entity and the incoming appointments follow the RBI approval for the change in shareholding and management.
• The appointments of Mr. Nishad Jitendra Shah and Mr. Amar Chokshi are subject to approval of the shareholders, so they are being placed before shareholders for confirmation.
• Both incoming promoter-category directors already hold shares in the company (44,27,548 and 32,56,753 equity shares respectively), disclosed along with the affirmation that they are not debarred from holding the office of director by SEBI or any other authority.
• Two of the three members of the reconstituted Audit Committee and Nomination & Remuneration Committee, including the Chairperson in both, are Non-Executive Independent Directors.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.