CFO resigns; two additional non-executive independent directors appointed

Ms. Rupal Pandey (DIN: 11989839) appointed as an Additional Non-Executive Independent Director for a period of 5 (Five) years, from 9th October, 2026 up to 8th October, 2031, subject to the approval of the members.

Fri 9 Oct 2026

Independent Directors Appointed

Ms. Rupal Pandey and Mr. Siddharth Salunke, each for 5 years, up to 8th October, 2031

CFO Resignation Effective Date

Mr. Deepak Kumbhar resigned as CFO and KMP with effect from 9th October, 2026

Incoming CFO Appointment

Mr. David Machado appointed as CFO and KMP with effect from 9th October, 2026

The company informed the exchanges about the decisions taken at its Board Meeting held on Friday, 9th October, 2026. The board meeting commenced at 5:00 p.m. and concluded at 5:15 p.m. The disclosure covers four board decisions: two independent director appointments, one CFO resignation and one CFO appointment.

Two new independent directors

• Ms. Rupal Pandey (DIN: 11989839) has been appointed as an Additional Non-Executive Independent Director with effect from 9th October, 2026, for a period of 5 (Five) years, up to 8th October, 2031.
• Mr. Siddharth Salunke (DIN: 11956419) has been appointed as an Additional Non-Executive Independent Director on the same terms: 5 (Five) years, from 9th October, 2026 up to 8th October, 2031.
• Both appointments are subject to the approval of the members of the company.

On their background, the update states that Ms. Rupal Pandey is a qualified Company Secretary and law professional with experience in secretarial, legal, compliance and regulatory matters, including corporate governance, board and shareholder processes, statutory updates, due diligence, private placement, rights issue, preferential allotment and liaison with statutory authorities, RTAs, depositories and auditors. Mr. Siddharth Salunke is described as a legal professional with experience in corporate and commercial laws, regulatory compliance and legal advisory matters, contractual documentation, statutory compliances and legal due diligence.

The company has received declarations from both confirming that they meet the criteria of independence under the Companies Act, 2013 and the Listing Regulations, and that they are not debarred from holding the office of Director by virtue of any order of SEBI or any other such authority. The Nomination and Remuneration Committee and the Board have also confirmed the same.

Change in the CFO position

• Mr. Deepak Kumbhar has resigned from the position of Chief Financial Officer and Key Managerial Personnel of the company, with effect from 9th October, 2026, due to other professional commitments.
• Mr. David Machado has been appointed as Chief Financial Officer, designated as Key Managerial Personnel, with effect from 9th October, 2026.

On the incoming CFO, the update states that Mr. David Machado is a finance professional with experience at leading global organisations including ISS and CBRE, has worked as a Business Controller managing finance functions for blue-chip banking clients including Standard Chartered Bank and IDFC FIRST Bank, and that his experience covers financial controls, compliance, profitability analysis, cost management, cash flow, budgeting and financial accountability.

How to read this

A CFO change is a key management change, and the board has filled the position on the same date as the resignation, so the transition is immediate. The resignation letter records that Mr. Kumbhar thanked the Board and management for support during his tenure.

The two independent director appointments, once approved by shareholders, expand the non-executive independent presence on the board for a fixed five-year term. Until the members' approval is received, the appointments hold as additional director appointments as described in the update.

The update also encloses the resignation letter received from the outgoing CFO and the disclosures made under Regulation 30 of the Listing Regulations, read with Part A of Schedule III.

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