Simandhar Impex Limited has undergone a change in management control after Farmico International Private Limited acquired a majority stake. The acquirer completed the purchase of 22,81,615 equity shares, representing 74.64% of the paid-up equity share capital, on May 21, 2026. This transaction was executed in accordance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Change in Management Control

Effective June 6, 2026, the acquirer assumed management control of the company following the appointment of its nominees to the Board. Mr. Lalit Naresh Nagdev and Mr. Amit Suresh Ninawe were appointed as Additional Executive Directors (Professional Category). Consequently, Farmico International Private Limited and Mr. Chandraprakash Wadhvani, the person in control of the acquirer, are now classified as Promoters of the company.

Board Appointments

The newly appointed directors bring extensive financial and regulatory experience to the Board. Their appointments were disclosed under Regulation 30 and Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Disclosures

The company confirmed that neither of the newly appointed directors is related to any existing Directors, Key Managerial Personnel, or Promoters. Furthermore, both individuals are not debarred from holding the office of Director by any SEBI order or other authority, as per BSE Circular no. LIST/COMP/14/2018-19 dated June 20, 2018.

Simandhar Impex Limited has appointed Mr. Lalit Naresh Nagdev and Mr. Amit Suresh Ninawe as Additional Executive Directors from the Professional Category, effective June 6, 2026, subject to shareholder approval. The appointments were approved by the Board of Directors following a recommendation by the Nomination and Remuneration Committee. This move is part of the company's management transition following a recent change in control, where Farmico International Private Limited acquired a 74.64% stake.

Director Profiles and Expertise

Mr. Lalit Naresh Nagdev is a qualified Chartered Accountant with over 9 years of experience in finance, banking, audit, and taxation across India and international markets, including the UAE. His background includes overseeing financial compliance, regulatory coordination, ERP implementation, and internal control systems. Previously, he worked with Axis Bank Ltd. in the SME Credit Department, focusing on credit appraisal and risk assessment.

Mr. Amit Suresh Ninawe brings over 13 years of experience in finance, accounting, taxation, and project finance. A qualified Chartered Accountant, he previously served as Senior Credit Manager with ICICI Bank Ltd., gaining expertise in credit appraisal, risk assessment, and portfolio monitoring. His skills include financial planning, treasury management, and statutory compliance.

Governance and Compliance

The Board confirmed that neither appointee is related to any existing Directors, Key Managerial Personnel, or Promoters of the company. Furthermore, both individuals are not debarred from holding the office of Director by any SEBI order or other authority. The appointments comply with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.