SAI Swami Metals Announces Resignation of Three Independent Directors and New Appointments

Team Finance Saathi

    27/Dec/2024

What's covered under the Article:

  1. Resignation of three Independent Directors from SAI Swami Metals effective December 27, 2024.
  2. Appointment of three new Independent Directors with immediate effect.
  3. Detailed disclosure filed with SEBI and the stock exchanges per regulatory requirements.

In a major update from SAI Swami Metals and Alloys Ltd., the Board of Directors met on December 27, 2024, and accepted the resignations of three Non-Executive Independent Directors. These include Mr. Devang Kishor Buddhdev (DIN: 10145848), Mr. Himansu Bhanubhai Chalisazar (DIN: 00527586), and Mr. Nilesh Pravinkumar Kapadia (DIN: 10128053), all of whom tendered their resignations citing pre-occupation elsewhere, making it impossible for them to devote adequate time to the company’s affairs.

In compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has disclosed the resignation details and confirmed that there are no material reasons for the resignations other than those stated. The official resignation letters were submitted and accepted on the same day, with the directors expressing their gratitude for the opportunity to work with the company.

Following these resignations, the Board of Directors approved the appointment of three new Independent Directors, as recommended by the Nomination and Remuneration Committee. The newly appointed directors are:

  1. Ms. Shah Kriya (DIN: 10714962), an Associate member of the Institute of Company Secretaries of India and a Graduate in Commerce from Gujarat University.
  2. Ms. Twinkle Bipinchandra Gajjar (DIN: 10886216), a Graduate in Business Administration from Gujarat University.
  3. Ms. Patel Vaibhavi Chamanbhai (DIN: 10886214), a Post-Graduate in Commerce from Gujarat University and currently pursuing Company Secretary qualification.

These appointments are effective from December 27, 2024 and align with the company’s effort to enhance corporate governance. The newly appointed directors have affirmed that they are not debarred from holding the office of director by any authority.

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