Arunis Abode Limited, a company listed on the Bombay Stock Exchange (BSE), has made a significant change to its management team. On February 7, 2025, the Board of Directors held a meeting in which they approved key decisions regarding the resignation and appointment of top executives.

Resignation of Mrs. Dhara Desai

The first notable change came in the form of Mrs. Dhara Desai's resignation as the Managing Director of Arunis Abode Limited. In a letter dated February 5, 2025, Mrs. Desai communicated her decision to step down, citing recent developments related to the takeover of the company, which triggered a review in accordance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Her resignation was formally accepted by the Board, and she was relieved of her duties from the same date. In her letter, Mrs. Desai clarified that there were no material reasons for her resignation other than the ongoing developments surrounding the takeover. This marks the end of her leadership at the company, leaving behind a significant shift in its executive structure.

Appointment of Mr. Yagnik Tank as Managing Director

In response to the vacancy created by Mrs. Desai's resignation, the Board of Directors swiftly acted and appointed Mr. Yagnik Tank as the new Managing Director of the company. Mr. Tank, who has been appointed as an Additional Director first, will serve in this pivotal role, pending the approval of the company's shareholders.

Mr. Tank brings with him over 19 years of extensive experience in the port, shipping, and infrastructure sectors, making him a highly qualified choice for the role. He holds a Diploma in Textile Engineering from Dr. S & S. S. Gandhi College of Engineering, Surat, Gujarat, and a diploma in shipping and logistics management. Mr. Tank has previously contributed to the growth and development of major companies in the sector, including Adani Hazira Port Limited and Adani Petronet (Dahej) Port Private Limited in Gujarat, as well as the Essar Group.

His vast experience and proven track record in cargo operations are expected to add significant value to Arunis Abode Limited as it navigates through this period of change and corporate restructuring.

Compliance with SEBI Regulations

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Arunis Abode Limited has issued a detailed disclosure outlining the reasons for the management change, the dates of the resignation and appointment, and the profiles of the individuals involved. The company also confirmed that Mr. Tank has not been debarred from holding the office of Director by SEBI or any other regulatory authority.

The Board’s decisions are aligned with the corporate governance standards set by SEBI and BSE, ensuring that the changes in leadership are handled with transparency and in full compliance with SEBI Circular No CIR/CFD/CMD/4/2015.

Conclusion

This management reshuffle at Arunis Abode Limited marks a turning point in the company’s leadership, with Mr. Yagnik Tank set to take the helm as the new Managing Director. His vast experience in the port and shipping sectors positions him well to guide the company through its ongoing changes, including the takeover process.

The company’s commitment to regulatory compliance and good corporate governance remains strong, and the shareholders' approval will be sought to formalize Mr. Tank's appointment.

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