Classic Filaments Limited has announced the outcome of its board meeting held on March 21, 2026, revealing a complete leadership transformation following the successful completion of an open offer. The board meeting, which commenced at 04:00 PM and concluded at 06:45 PM, addressed multiple resignations and appointments in compliance with Regulation 30 of SEBI LODR Regulations.

Mass Resignations Effective March 22, 2026

The company witnessed the resignation of its entire existing leadership team, with all resignations taking effect from the close of business hours on March 22, 2026. The departing leadership cited the successful completion of the open offer by Mr. Sumit Bansal, Mr. Vikkas Bansal, Mr. Tarun Jain and Mr. Varun Jindal and consequent change in control and management as the primary reason for their resignations.

New Leadership Appointments Effective March 21, 2026

Simultaneously, the company appointed a completely new leadership team, with all appointments taking effect from March 21, 2026. The new appointments represent a strategic transformation in the company's governance structure following the change in control.

Executive Leadership Profile

Vikkas Bansal, appointed as Chairman and Managing Director, brings over twenty-five years of extensive experience in the die casting industry and various other businesses. His expertise encompasses industrial processes, material sciences, and production efficiencies. Under his leadership, several ventures have demonstrated resilience, adaptability, and modernization while maintaining competitiveness in evolving market conditions.

Tarun Jain, the new Executive Director, holds a certificate in fashion design and clothing technology from the National Institute of Fashion Technology, New Delhi. He brings over twenty years of experience in the clothing and garments industry as a businessman, with expertise spanning the entire spectrum of apparel and fashion, along with entrepreneurial skills and deep understanding of garment business trends.

Independent Directors' Expertise

The three independent directors bring specialized professional expertise to strengthen the board's governance capabilities. Maneesh Gupta is a Fellow member of the Institute of Company Secretaries of India with more than 32 years of post-qualification experience. His expertise includes company law, SEBI Regulations, securities law, foreign exchange laws, corporate restructuring, takeovers, and stock exchange listings.

Sushil Aggrawal serves as a practicing advocate at the High Court of Delhi, NCLT, and NCLAT with 22 years in the legal profession, including more than 12 years in real estate. As a qualified Company Secretary, he handles corporate restructuring, company incorporation, mergers and acquisitions, and represents companies before various courts and regulatory authorities.

Sathi Kundu, appointed as Woman Independent Director, holds degrees in Arts and Law from the University of Calcutta with more than 15 years of legal field experience. Her litigation and petition handling experience is expected to enhance organizational transparency.

Key Managerial Personnel

Ms. Priyanka has been appointed as Chief Financial Officer, bringing a graduate degree in Commerce and more than 5 years of experience in Finance and Management to her new role.

Regulatory Compliance and Documentation

All appointed directors have affirmed their eligibility under Section 164 of the Companies Act, 2013, and confirmed they are not debarred by SEBI or any other authority from holding directorial positions. The appointments follow the successful completion of an open offer that led to the change in control and management of the company. Detailed disclosures as required under SEBI LODR Regulations have been submitted to BSE Limited along with comprehensive annexures covering each resignation and appointment. The independent directors have confirmed that there are no material reasons for their predecessors' resignations other than those mentioned in their resignation letters.

Classic filaments Limited has announced the resignation of five directors and key managerial personnel following the successful completion of an open offer, marking a significant transition in the company's leadership structure. The resignations were formally communicated to BSE Limited on March 21, 2026, in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Complete Board Exodus Details

The company witnessed mass resignations of its entire leadership team, all effective from the close of business hours on March 22, 2026. The departing leadership cited the successful completion of the open offer and consequent change in control as the primary reason for their resignations.

Director and CFO Resignation Details

Mr. Bharat Patel formally submitted his resignation from the dual position of Director and Chief Financial Officer, effective from the close of business hours on March 22, 2026. In his resignation letter, he confirmed that the resignation was consequent to the change in control following the successful open offer made by Mr. Sumit Bansal, Mr. Vikkas Bansal, Mr. Tarun Jain, and Mr. Varun Jindal.

Patel confirmed that there are no material reasons for his resignation other than the change in control of the company and stated he has no claim against the company for loss of office except as may be payable in accordance with the terms of his appointment. He also committed to extending necessary cooperation for smooth transition if required.

Managing Director Resignation Confirmation

Mr. Jayanti Gaudani formally submitted his resignation from the position of Managing Director, effective from the close of business hours on March 22, 2026. In his resignation letter, he confirmed that the resignation was consequent to the change in control following the successful open offer made by the same group of acquirers.

Gaudani confirmed that there are no material reasons for his resignation other than the change in control of the company and stated he has no claim against the company for loss of office except as may be payable in accordance with the terms of his appointment.

Regulatory Compliance and Disclosures

The company has filed comprehensive disclosures with BSE Limited under Regulation 30 of SEBI Listing Regulations, providing detailed annexures for each director's resignation. All resigning directors confirmed they hold no other directorships or key managerial positions in any other listed companies.

The independent directors, Mr. Bhavesh Dholiya and Mrs. Arunaben Kachchhi, specifically confirmed that there are no material reasons for their resignations other than those mentioned in their resignation letters. The resignations represent a complete leadership transition following the successful open offer and change in management control of Classic Filaments Limited.