Annapurna Swadisht Appoints Ritesh Shaw as MD & CEO; Board Approves ₹350 Crore Borrowing Limit
Annapurna Swadisht Limited's Board approved the appointment of Ritesh Shaw as Managing Director and CEO, effective August 29, 2026. The Board also approved enhancing borrowing powers and creating charges on assets up to ₹350 Crores, subject to shareholder approval. Resignations of Shreeram Bagla (MD) and Rohit Singhania (CEO) were accepted.
The appointment of a new Managing Director and CEO, alongside an increased borrowing limit, are significant strategic and operational developments for the company. These changes can influence future business direction and financial strategy, warranting a medium impact assessment.
The announcement involves significant management changes and financial approvals, including an increase in borrowing limits. While these are material events, the overall impact is neutral as there are no immediate financial results or performance indicators provided. The changes are procedural and related to leadership transitions and financial capacity.
Annapurna Swadisht Limited announced significant leadership changes and financial decisions following a Board of Directors meeting held on August 29, 2026.
The Board accepted the resignation of Mr. Shreeram Bagla as Managing Director and Director, effective August 29, 2026. Mr. Bagla is stepping down to devote more time to social and charitable activities.
In a key managerial shift, Mr. Ritesh Shaw's designation has been changed from Whole-Time Director to Managing Director, effective August 29, 2026. Additionally, Mr. Shaw has been appointed as the Chief Executive Officer of the Company, also effective August 29, 2026. His existing terms of appointment, including tenure and remuneration, remain unchanged except for the new designations.
Furthermore, the Board accepted the resignation of Mr. Rohit Singhania as Chief Executive Officer, effective August 29, 2026. Mr. Singhania will continue to focus on sales and business development activities for the company.
In financial matters, the Board approved an enhancement of borrowing powers up to ₹350 Crores, subject to shareholder approval at the upcoming Annual General Meeting (AGM). Similarly, authorization for the creation of a charge on the company's assets was approved up to ₹350 Crores, also pending shareholder consent at the AGM.
The Board also approved the re-constitution of the Audit Committee and the Stakeholders' Relationship Committee, effective August 29, 2026, following the changes in board composition. Mr. Chandan Ghosh will chair the Audit Committee, while Mr. Harish Ramanna Navarathna will chair the Stakeholders' Relationship Committee. Both committees will include Mr. Ritesh Shaw.
CS Md. Shahnawaz has been appointed as the Scrutinizer for the e-voting process for the upcoming AGM.
The 5th Annual General Meeting (AGM) of the Company is scheduled to be held on Wednesday, September 30, 2026, at 3:00 P.M. via two-way Video Conference or other Audio-Visual Means. The cut-off date for e-voting is September 23, 2026.
A plain-language summary of a public exchange filing by Annapurna Swadisht Limited. Read the original for the full detail.