Quasar India Limited Announces Board Changes

In a recent disclosure to the BSE under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Quasar India Limited has informed about the resignation of two key members from its board. These resignations, effective 29th November 2024, are part of significant changes in the company's leadership.

1. Resignation of Mr. Vishal Babubhai Makwana

The first announcement is the resignation of Mr. Vishal Babubhai Makwana, who served as the Managing Director and Chief Financial Officer of the company. Mr. Makwana stepped down due to pre-occupation elsewhere, as stated in his resignation letter. He has confirmed that there are no other material reasons for his resignation apart from what is mentioned in the letter.

This resignation brings a change in the company's top leadership, as Mr. Vishal Babubhai Makwana had been an integral part of Quasar India’s financial management and operational strategies. His exit is effective from 29th November, 2024.

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In the disclosure provided to BSE, Quasar India has also confirmed that Mr. Makwana does not hold any directorships in other listed entities, and there are no memberships of board committees in other companies. The company attached his resignation letter, which includes a statement confirming that there are no material reasons for his resignation.

2. Resignation of Ms. Shital Vishal Makwana

The second significant resignation is that of Ms. Shital Vishal Makwana, who served as a Non-Executive Director at Quasar India Limited. Like Mr. Vishal Babubhai Makwana, Ms. Shital Vishal Makwana has resigned due to pre-occupation elsewhere, and her resignation is also effective from 29th November, 2024.

Similar to Mr. Makwana, Ms. Makwana has stated that there are no material reasons for her resignation beyond those mentioned in her resignation letter. The company also confirmed that Ms. Makwana does not hold any other directorships or memberships on board committees in listed entities.

Details and Disclosure Requirements

The resignations of both Mr. Vishal Babubhai Makwana and Ms. Shital Vishal Makwana have been disclosed in compliance with SEBI regulations. Annexure A of the letter outlines the necessary details, such as their resignation dates, reasons for the resignation, and confirmation that the reasons are not material apart from those provided. The company ensured full transparency regarding the resignation process and their confirmation that the resignations are not a result of any conflicts or disagreements with the company’s operations.

This disclosure is crucial for maintaining corporate governance and ensuring that SEBI regulations regarding timely and accurate information dissemination to the public and stakeholders are adhered to.

Quasar India has thus officially communicated these leadership changes, and it will be important to watch how these resignations affect the company’s future strategic direction and operations.

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