Two independent directors appointed; CFO resigns and successor named

Board meeting outcome (9th October, 2026): two independent director appointments and a change of Chief Financial Officer.

Fri 9 Oct 2026

Independent Directors Appointed

Ms. Rupal Pandey and Mr. Siddharth Salunke appointed Additional Non-Executive Independent Directors

Appointment Term

5 (Five) years up to 8th October, 2031

CFO Change Effective Date

9th October, 2026

Two independent directors added

The board approved the appointment of Ms. Rupal Pandey (DIN: 11989839) and Mr. Siddharth Salunke (DIN: 11956419) as Additional Non-Executive Independent Directors of the Company. Both appointments are for 5 (Five) years, commencing from 9th October, 2026 up to 8th October, 2031, and are subject to the approval of the members of the Company.

The board also noted the declarations of independence received from both, confirming that they meet the criteria of independence prescribed under the applicable provisions of the Companies Act, 2013 and the Listing Regulations, and declarations that they are not debarred from holding the office of Director by any order of SEBI or any other such authority.

• Ms. Rupal Pandey is a qualified Company Secretary and law professional with experience in secretarial, legal, compliance and regulatory matters, corporate governance, Board and shareholder processes, statutory updates, due diligence, private placement, rights issue and preferential allotment.
• Mr. Siddharth Salunke is a legal professional with experience in corporate and commercial laws, regulatory compliance and legal advisory, including corporate governance, contractual documentation, statutory compliances and legal due diligence.

Change at the CFO's desk

Mr. Deepak Kumbhar has resigned from the position of Chief Financial Officer and Key Managerial Personnel of the Company due to other professional commitments, with effect from 9th October, 2026. The resignation letter received from him was enclosed with the update.

Mr. David Machado has been appointed as Chief Financial Officer, designated as Key Managerial Personnel, with effect from 9th October, 2026. He is a finance professional with experience at leading global organisations including ISS and CBRE, and has worked as a Business Controller managing finance functions for blue-chip banking clients, including Standard Chartered Bank and IDFC FIRST Bank. His experience covers financial controls, compliance, profitability analysis, cost management, cash flow, budgeting and financial accountability.

What the update sets out

• The two director appointments carry a fixed term of 5 (Five) years, running from 9th October, 2026 to 8th October, 2031.
• Both new directors are non-executive and independent, and each has confirmed no relationship with other directors and no directorship or committee membership in other listed entities.
• The CFO resignation and the new CFO appointment both take effect on 9th October, 2026, the same date as the board meeting.
• The board meeting commenced at 5:00 p.m. and concluded at 5:15 p.m.

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