Baazar Style Retail restructures board, settles Cupid litigation
- Baazar Style Retail reconstituted its NRC with Saurabh Mittal as chairman
- Harish Chander Khurana appointed as independent director for five years
- Shreyans Surana additionally designated as chairman while retaining MD role
- Company to withdraw ₹28.18 crore civil suit against Cupid Limited
- Settlement aims for amicable resolution of outstanding commercial matters
*this image is generated using AI for illustrative purposes only.
Baazar Style Retail has announced significant governance changes and a legal settlement following its adjourned board meeting on September 2, 2026. The company reconstituted its Nomination and Remuneration Committee (NRC), appointed a new independent director, and designated its managing director as chairman. Additionally, the firm agreed to withdraw pending civil suits against Cupid Limited to pursue an amicable resolution.
Board appointments at a glance
The board approved the appointment of Harish Chander Khurana as an additional director in the category of non-executive independent director for a five-year term, subject to shareholder approval. He brings over 35 years of experience in banking operations and risk management, having retired from Bank of India in September 2022.
Simultaneously, Shreyans Surana, the existing managing director, was additionally designated as the chairman of the company effective September 2, 2026. He will continue to hold the office of managing director while serving as chairman. Consequently, Rohit Kedia, who previously served as chairman and whole-time director, will continue solely as whole-time director.
| Appointee | Role | Term/Status |
|---|---|---|
| Harish Chander Khurana | Independent Director | Five years (subject to shareholder approval) |
| Shreyans Surana | Chairman & Managing Director | Effective September 2, 2026 |
| Rohit Kedia | Whole-Time Director | Continues in role |
NRC reconstitution
The board reconstituted the Nomination and Remuneration Committee to comply with regulatory requirements. The new composition, effective September 2, 2026, includes three non-executive independent directors:
| Name | Position in Committee |
|---|---|
| Mr. Saurabh Mittal | Chairman |
| Mr. Rishabh Narendra Jain | Member |
| Dr. Dhanpat Ram Agarwal | Member |
Litigation settlement with Cupid Limited
In a separate resolution, the board approved the withdrawal of two civil cases filed by Baazar Style Retail against Cupid Limited & Ors. before the Civil Judge (Senior Division), Alipore Court. The cases, T.S. 1020 of 2026 and T.S. 1015 of 2026, involved claims for declaration and injunctions against defamatory allegations.
The company stated it is engaging constructively with Cupid Limited toward an amicable resolution that serves the commercial interests of all stakeholders. In one of the suits, Baazar Style Retail had claimed a decree for ₹28.18 crore. The filing noted no immediate adverse financial implications from the withdrawal, apart from legal and incidental expenses.
Historical Stock Returns for Baazar Style Retail
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.39% | -0.40% | +43.98% | +36.66% | +16.69% | 0.0% |
How might the appointment of a banking veteran as an independent director influence Baazar Style Retail's future capital structure and risk management strategies?
What specific terms or conditions are likely to be included in the amicable settlement with Cupid Limited to ensure long-term commercial stability?
Could the consolidation of Chairman and Managing Director roles under Shreyans Surana lead to increased executive accountability or potential governance conflicts?
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