Craftroot Retail Limited's board accepted the resignations of four directors, including its Managing Director and three independent directors, effective May 28, 2026. The departures follow a change in management at the company and the completion of tenures for the independent directors.

The board meeting, convened on May 28, 2026, took note of the resignations submitted by Mr. Raghvendra Kulkarni, Mrs. Sonal Gandhi, Mr. Vipul Jana, and Mr. Divyakant Gandhi. The disclosures were made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Resignation Details

Mr. Raghvendra Kulkarni resigned from the positions of Managing Director, Director, and Chief Financial Officer (CFO) due to a change in management. His resignation is effective from the close of business on May 28, 2026.

The three independent directors—Mrs. Sonal Gandhi, Mr. Vipul Jana, and Mr. Divyakant Gandhi—stepped down following the completion of their tenures. Consequently, they have ceased to be members of the Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship Committee.

Summary of Director Exits

The company confirmed that all necessary filings with relevant statutory authorities will be completed to give effect to these resignations.

Nirbhay Colours India Limited has completed its open offer process, with seven acquirers successfully acquiring a significant stake in the company through a structured acquisition program that concluded on March 12, 2026.

Open Offer Details and Structure

The open offer was initiated by a consortium of seven acquirers led by Mr. Dakshesh Rameshchandra Shah, along with Mr. Dhruvin Shah, Mrs. Sheetal Shah, Mrs. Anar Jayeshbhai Patel, Ms. Sanskruti Jayeshbhai Patel, Mr. Jayesh Patel, and M/s. Seher Retail Private Limited. The offer was managed by Wealth Mine Networks Limited and processed through BSE Limited's designated acquisition window.

Acquisition Results and Shareholding Pattern

The open offer achieved partial success with actual acceptance falling short of the proposed targets. While the acquirers had proposed to acquire 14,19,700 shares, they successfully obtained 10,15,800 shares, representing 71.55% of the offered quantity.

Post-Offer Shareholding Structure

Following the completion of the open offer, the acquirer group's total shareholding in Nirbhay Colours India Limited has increased substantially. The group's combined holding now stands at 19,75,900 shares, representing 56.45% of the company's fully diluted equity share capital.

Transaction Mechanics and Compliance

The open offer was conducted in full compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. All 10,15,800 equity shares that were validly tendered and accepted were in dematerialized form, ensuring smooth settlement of the transaction.

The acquirers had initially held 2,85,800 shares (8.17%) before the agreements and public announcement. Through separate agreements, they acquired an additional 6,74,300 shares (19.27%), followed by the open offer acquisition of 10,15,800 shares.

Regulatory Framework and Process

The transaction was executed through BSE Limited's stock exchange mechanism using a separate acquisition window, as mandated by SEBI regulations. The detailed public statement was published on December 20, 2025, across multiple newspapers including Financial Express (English and Gujarati editions), Jansatta (Hindi), and Navshakti (Marathi).

The post-offer advertisement confirms that the acquirers accept full responsibility for the information contained in the disclosure and for meeting all obligations under SEBI (SAST) Regulations, 2011. The transaction represents a significant consolidation of ownership in Nirbhay Colours India Limited, with the acquirer group now holding majority control of the company.