Afloat Enterprises Limited announced significant changes to its senior management structure following a board meeting held on October 14, 2026. The company accepted the immediate resignation of Anshu Aggarwal from her roles as Chief Executive Officer (CEO) and Chief Financial Officer (CFO), citing personal reasons. Concurrently, the board appointed Ashish Kumar as the new CEO and Key Managerial Personnel (KMP).

The leadership transition also saw the departure of Pawan Kumar Mittal, who resigned as a Non-Executive Non-Independent Director. His cessation is effective immediately, and he confirmed no other material reasons for his exit beyond those stated in his resignation letter. These changes were disclosed to BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Leadership Appointments

To fill the vacancies created by the resignations, the board approved two key appointments effective October 14, 2026. Ashish Kumar has been appointed as the Chief Executive Officer and KMP. He brings approximately seven years of professional experience in finance and audit, with expertise in internal controls, risk assessment, and management advisory.

Seema Kushwaha has been appointed as the Company Secretary and Compliance Officer. She is a qualified Company Secretary from the Institute of Company Secretaries of India (ICSI), having qualified in 2024, and holds a Bachelor of Commerce degree. Her profile highlights experience in corporate law, regulatory compliance, and secretarial practices.

Board Composition Changes

The resignation of Pawan Kumar Mittal also results in his cessation from membership in three key board committees: the Audit Committee, the Nomination and Remuneration Committee, and the Stakeholders Grievances Committee. The company stated that necessary forms will be submitted to the Registrar of Companies to reflect these statutory changes.

Governance Implications

The simultaneous exit of the CEO and CFO, coupled with the appointment of a new CEO with an audit background, suggests a potential shift in operational oversight priorities. The disclosure does not specify if Aggarwal’s CFO role has been filled or if it will be held by another existing officer. The company remains listed on BSE, having formerly operated as Adishakti Loha and Ispat Limited.

Afloat Enterprises Limited appointed M/s. Rohit Bhatia & Associates as its new Secretarial Auditor for a five-year term commencing from the financial year 2026-27. The appointment was approved by shareholders at the 11th Annual General Meeting held on September 30, 2026.

The move follows the resignation of the previous auditor, M/s G Aakash & Associates, who cited preoccupation with other professional assignments. This created a casual vacancy in the office of the Secretarial Auditor, which the board sought to fill in accordance with the Companies Act, 2013.

Appointment details and term

The new auditor will hold office for the first term of five consecutive years, running from the conclusion of the 11th AGM until the conclusion of the 16th AGM. The firm is registered with Firm Registration No. S2021HR836700 and Peer Review No. 7194/2025.

Profile of the new auditor

M/s. Rohit Bhatia & Associates is a corporate legal and secretarial advisory firm based in Faridabad and Delhi. The firm provides services in corporate law, secretarial compliance, corporate governance, and regulatory matters. It advises startups, SMEs, growing enterprises, investors, and multinational businesses on company law, RBI and FEMA compliances, intellectual property, business registrations, and corporate restructuring.

The company disclosed that there are no relationships between the directors of Afloat Enterprises and the newly appointed auditors. The appointment was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.