Gayatri Projects Limited reconstituted its board on 13 September 2025 following the withdrawal of insolvency proceedings against the company by the National Company Law Tribunal (NCLT). The infrastructure developer, which had been under the Corporate Insolvency Resolution Process (CIRP) since 15 November 2022, received the NCLT order allowing the withdrawal on 12 September 2025. Consequently, the Board was suspended during this period, with powers vested in the Resolution Professional until the order was received.

The reconstitution involved the resignation of Mrs. T. Indira Reddy as Chairperson and Director, and Mr. J. Brij Mohan Reddy as Executive Vice Chairman and Director. In their place, the Board appointed Mr. T. Sandeep Kumar Reddy as Chairman and Managing Director, Ms. T. Sarita Reddy as Executive Director, and Mr. N. Seshagiri Rao as Chief Financial Officer. Additionally, three individuals—Mr. P. V. Narayana Rao, Mr. C. V. Rayudu, and Mr. Srinivas Iduri—were appointed as Independent Directors.

The company informed BSE Limited that the resignation letters of Mrs. T. Indira Reddy and Mr. J. Brij Mohan Reddy were not submitted to the exchange within the prescribed seven days due to lapses in compliance during the CIRP. Gayatri Projects stated that the omission was unintentional and attributed it to the multiple legal compliances required post-CIRP withdrawal. The company attempted to submit the letters on 23 September 2025.

Board Changes and Appointments

The following changes were effective immediately upon the reconstitution of the Board on 13 September 2025:

Regulatory Filing Details

In its correspondence dated 1 July 2026, Gayatri Projects addressed a query from BSE regarding the delay in submitting the resignation letters. The company clarified that an email sent by the exchange on 22 April 2026 to an ID managed by the Resolution Professional was not accessed by the company, causing a further delay in response. The company requested the exchange to condone the delay and take the submissions on record.

The resignations were formally intimated to the exchange under Regulation 30 of the SEBI (LODR) Regulations, 2015. Mrs. T. Indira Reddy cited personal and health grounds for her resignation, while Mr. J. Brij Mohan Reddy cited personal reasons. Both directors confirmed there were no other material reasons for their departure.

Promoters of Gayatri Projects increased their shareholding through an off-market acquisition on June 16, 2026. T.V. Sandeep Kumar Reddy, Chairman & Managing Director, and Mrs. T. Indira Reddy, a member of the promoter group, purchased a total of 2,000,000 equity shares for ₹20,500,000. This transaction raises the promoters' stake in the infrastructure company, signaling confidence in its long-term prospects.

The acquisition was conducted off-market, as disclosed in a regulatory filing submitted to the exchanges. T.V. Sandeep Kumar Reddy acquired 1,450,000 shares for ₹14,862,500, increasing his total holding to 101,450,000 shares, which represents 21.85% of the company's paid-up share capital. Mrs. T. Indira Reddy purchased 550,000 shares for ₹5,637,500, raising her stake to 7,409,085 shares, or 1.60% of the total equity.

The company intimated the exchange regarding this transaction on June 18, 2026. The disclosure was made in compliance with the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. Shashank Jain, Company Secretary and Compliance Officer, authenticated the filing.

Shareholding Details

The following table outlines the changes in shareholding for the promoters following the acquisition:

The shares were acquired directly from the counterparty on June 16, 2026. No trading activity was reported on the stock exchanges or in derivatives segments by the promoters during this transaction.