Independent Director ceases office on completion of second term
RR Financial Consultants has informed the exchange that Mr. Aditya Chandra has ceased to be a Non-Executive Independent Director.
- Director Name
- Mr. Aditya Chandra
- Position
- Non-Executive Independent Director
- Cessation Date
- 19th September 2026
- Reason
- Completion of second term
- Disclosure Date
- 28th September 2026
What was shared
RR Financial Consultants informed the Bombay Stock Exchange, under Regulation 30 of SEBI LODR, of a change in its board composition.
- Mr. Aditya Chandra ceased to hold office as a Non-Executive Independent Director.
- Effective date of cessation: 19th September 2026.
- Reason stated: completion of his second term as an Independent Director.
Why this happens
Under the Companies Act, 2013, an Independent Director can serve a maximum of two consecutive terms of up to five years each. Once the second term ends, the director automatically stops holding office. So this is a scheduled, rule-driven exit rather than a resignation over any disagreement with the management or the board.
On the timing of the disclosure
The cessation took effect on 19th September 2026, while the intimation to the exchange is dated 28th September 2026. The company explained that the delay was due to a change in its Secretarial Department and the time needed to complete internal verification of records and documentation relating to the completion of the tenure. It stated that it regrets the delay, has strengthened internal processes, and will take measures to prevent a recurrence.
What it means for investors
- There is no financial transaction, payout or business change involved in this update.
- The exit does not, by itself, signal any concern about the company's operations or accounts, since the stated reason is tenure completion.
- A point some investors watch is whether the board continues to meet the required composition of independent directors after such an exit, and who is appointed in due course.
- The self-reported delay in disclosure is a process lapse the company has acknowledged and said it has addressed.
The letter was signed by Rajat Prasad, Managing Director.
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