Bridge Securities clarifies director appointments were not approved
- Bridge Securities clarified that director appointments for Komal Jain and Savitri Kumari were not approved
- Initial filing on September 26, 2026, erroneously stated the items were approved due to oversight
- The Board deliberated on the proposals but did not grant approval, so no appointments took effect
- Revised outcome submitted to BSE on September 28, 2026, supersedes the previous intimation
*this image is generated using AI for illustrative purposes only.
Bridge Securities Limited has revised its earlier disclosure regarding the board meeting held on September 26, 2026. The company clarified that the proposed appointments of Ms. Komal Jain and Ms. Savitri Kumari as Additional Non-Executive and Independent Directors were not approved by the Board of Directors.
This revision supersedes the initial outcome submitted to stock exchanges on September 26, 2026, which had inadvertently stated that these agenda items were "considered and approved." The company attributed the error to an inadvertent oversight in the original filing.
Revised board outcome
The Board of Directors met at the registered office in Ahmedabad on Saturday, September 26, 2026, from 4:00 pm to 4:40 pm. While the Board considered and deliberated upon the appointment proposals, no approval was granted. Consequently, no appointment of Ms. Komal Jain or Ms. Savitri Kumari has taken effect.
The Managing Director, Harshad Amrutlal Panchal, signed the revised outcome intimation under Regulation 30(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, requesting stock exchanges to update their records accordingly.
Original proposal details
The initial filing had outlined the profiles of the two proposed directors, which remain relevant context for the deliberation process:
- Ms. Komal Jain (DIN: 11125948): Proposed for appointment effective September 26, 2026. She brings over eight years of experience in corporate governance, secretarial practice, and regulatory compliance. Her qualifications include Company Secretary (ICSI), LLB, M. Com, and B. Com. She currently serves as Company Secretary of Anvi Publishing Limited, with experience handling SEBI, FEMA, RBI, and corporate law compliances.
- Ms. Savitri Kumari (DIN: 07829284): Proposed for appointment effective September 26, 2026. She is an Associate Member of the Institute of Company Secretaries of India with practical experience in corporate governance. She qualified the Independent Director Online Proficiency Self-Assessment Test and is registered with the Independent Director Databank.
Governance and compliance status
The clarification confirms that neither appointee was related to any existing director of the company. The initial disclosure complied with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023. The revised communication ensures that public records accurately reflect the non-approval status of these directorial positions.
Historical Stock Returns for Bridge Securities
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -3.88% | -10.68% | -17.08% | -58.19% | -50.18% | 0.0% |
Will SEBI initiate a formal inquiry or impose penalties on Bridge Securities for the inadvertent disclosure error under Regulation 30(6)?
How will the rejection of these independent director appointments impact the company's compliance with minimum board diversity and independence norms?
What is the current timeline for Bridge Securities to identify and propose alternative candidates for the vacant non-executive director positions?
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