Ashima Limited intimated stock exchanges on September 11, 2026, regarding an inter-se promoter share transfer. Shefali Chintan Parikh will acquire 5,74,80,000 shares, representing 29.991% of the company’s total share capital, from the Navchintan Trust.

The transaction is structured as a distribution by the trust to its beneficiary and involves no monetary consideration. It is scheduled to take place on or after September 21, 2026. The move falls under Regulation 10(1)(a)(i) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, exempting the acquirer from making an open offer.

Shareholding Changes

The transfer significantly alters the individual promoter holdings while keeping the aggregate promoter group stake unchanged. Prior to the transaction, Shefali Chintan Parikh held 88,762 shares (0.05%). Post-transfer, her holding will rise to 5,75,68,762 shares, or 30.04% of the total equity.

Conversely, the Navchintan Trust’s stake will decrease from 11,17,95,678 shares (58.33%) to 5,43,15,678 shares (28.34%). Other promoter entities, including Chintan Navnitlal Parikh and three family trusts, maintain their existing stakes of 0.10%, 5.00%, 5.00%, and 5.00% respectively.

Regulatory Compliance

The volume-weighted average market price for Ashima Limited shares over the 60 trading days preceding the notice was ₹17.32. Since this is a non-consideration transfer, the declaration regarding acquisition price limits relative to the VWAP is not applicable. The acquirer has declared compliance with all disclosure requirements under Chapter V of the Takeover Regulations for the preceding three years.

Ashima Limited announced that Neeraj Golas ceased to be an Independent Director of the company with effect from August 11, 2026, after the close of business. The cessation follows the completion of his second and final term in the role, marking the end of his tenure on the Board. This change in directorship is a routine governance event resulting from the statutory limit on the number of terms an individual may serve as an independent director.

The company made the disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation was submitted to both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The filing also referenced compliance with SEBI Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated July 11, 2023, which mandates specific disclosures regarding changes in the board composition.

Harshil Shah, Company Secretary and Compliance Officer of Ashima Limited, signed the communication dated August 11, 2026. The disclosure confirms that Mr. Golas, identified by DIN 06566069, has formally exited the board. No new director was appointed simultaneously in this filing, and no brief profile or relationship disclosures were included as they were marked not applicable.

Key Details of Cessation

The filing adhered to the requirements set out in BSE Circular No. LIST/COMP/14/2018-19 and NSE Circular No. NSE/CML/2018/24 dated June 20, 2018, although specific details under these circulars were marked as not applicable in the annexure. The company’s registered office remains at 1st Floor, "Aditya", Near Khadayata Colony, Ellisbridge, Ahmedabad.

Governance Implications

The departure of an independent director upon the expiry of their maximum allowable tenure is a standard corporate governance procedure under Indian securities laws. Independent directors are permitted to serve for two consecutive terms of three years each, after which they must step down. They may be reappointed only after a cooling-off period of three financial years. This transition ensures the independence and fresh perspective required of the board’s non-executive members.

Investors should note that the company has not disclosed any immediate successor in this specific intimation. The Board will likely address the vacancy through subsequent appointments in accordance with its composition norms.