Second term of Independent Director concludes; Kalpesh Bafna ceases to be an Independent Director
Shradha AI Technologies has told the exchanges that the second term of Mr. Kalpesh Bafna (DIN: 07484027) as an Independent Director concluded on September 30, 2026.
- Director Name & DIN
- Mr. Kalpesh Bafna (DIN: 07484027)
- Cessation Date
- with effect from the close of business hours on September 30, 2026
- Role Ceased
- Independent Director; also ceased to be a member/chairman, as applicable, of the Committees of the Board of Directors
- Reason for Cessation
- completion of the maximum permissible tenure of an Independent Director under the Companies Act, 2013 and the rules made thereunder
- Term Concluded
- second term as an Independent Director concluded on September 30, 2026
What the company informed the exchanges
- The second term of Mr. Kalpesh Bafna (DIN: 07484027) as an Independent Director of the company concluded on September 30, 2026.
- He has ceased to be an Independent Director with effect from the close of business hours on September 30, 2026.
- Consequent to the completion of his tenure, he has also ceased to be a member/chairman, as applicable, of the Committees of the Board of Directors, with effect from the same date.
Why the change happened
The update states that the cessation is pursuant to completion of the maximum permissible tenure of an Independent Director under the provisions of the Companies Act, 2013 and the rules made thereunder. In other words, this is a tenure-based exit at the end of a second term, not a resignation or a removal.
Details given in the Annexure
- Reason for change: cessation from the position of Directorship upon completion of the second term as an Independent Director of the company.
- Date of appointment/cessation: effective from the close of business hours on September 30, 2026.
- Brief profile and disclosure of relationships between directors: shown as Not Applicable, these being fields that apply to an appointment.
What an Independent Director does, in simple terms
An Independent Director is a board member who is not part of the promoter group or the company's management. Such directors are meant to bring outside oversight to board decisions and to sit on board committees such as audit and nomination committees. Company law caps how long an independent director can serve, so that the same person does not remain in that oversight role indefinitely. When the cap is reached, the director steps down and the seat falls vacant.
What this communication tells investors
- The company has disclosed a management change to the stock exchanges.
- The change is the vacancy of one independent directorship, arising from the completion of the maximum permitted tenure.
- The same person has also stepped off the Committees of the Board of Directors, as applicable, from the same date.
- The Annexure confirms the reason and the effective date of the cessation.
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