Global Surfaces has announced significant board changes following its meeting held on March 30, 2026. The company approved the appointment of Rakesh Grover as Additional Director while accepting the resignation of Ashish Kumar Kachawa from his directorial positions.

Board Meeting Outcomes

The board meeting, which commenced at 08:46 P.M. and concluded at 09:00 P.M. on March 30, 2026, addressed key governance matters. The company has informed both BSE and NSE about these developments under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

New Director Appointment

Rakesh Grover (DIN: 09673773) has been appointed as Additional Director under the category of Non-Executive Independent Director, effective from March 30, 2026. His appointment is for a term of two consecutive years, subject to shareholder approval. The company has confirmed that Grover is not debarred from holding the office of Independent Director by SEBI or any other authority.

Grover brings over 37 years of banking and financial services experience to the board. He superannuated as Chief General Manager from Punjab National Bank and previously served as Chief Executive of PNB Hong Kong. His expertise spans regulatory compliance, risk management, treasury management, and stressed asset resolution.

Director Resignation

Ashish Kumar Kachawa (DIN: 02530233) has resigned from his position as Non-Executive, Non-Independent Director, effective from the closure of business hours on March 30, 2026. Additionally, he has also resigned from the board of Global Surfaces FZE, a material subsidiary of the company, effective from the same date.

In his resignation letter, Kachawa cited increased professional engagements and commitments requiring substantial time and travel as the reason for his departure. He stated that these commitments made it difficult to devote adequate time to effectively discharge his directorial duties.

Professional Background

Grover holds an MBA (Finance) from FMS, Delhi University, and is ACWA and CAIIB qualified. He also possesses a Diploma in Treasury, Investment & Risk Management from the Indian Institute of Banking, Mumbai. His career highlights include serving as CGM – Recovery Division at Punjab National Bank, where he played a key role in improving asset quality and recovery outcomes.

He has also served as Nominee Director on the boards of Everest Bank Ltd., Nepal and Asset Reconstruction Company (India) Ltd., demonstrating his governance experience across different financial institutions.

Global Surfaces Limited has completed comprehensive regulatory compliance procedures following the inter-se transfer of 8,45,906 equity shares among promoter group members. The company officially submitted intimation documentation to stock exchanges on March 24, 2026, under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, involving the transfer from Vatsankit Shah Trust to Vatsankit Shah pursuant to trust dissolution.

Official Company Intimation and Stock Exchange Filing

Global Surfaces Limited submitted official intimation letters to BSE Limited and National Stock Exchange of India Limited on March 24, 2026, under Regulation 30 read with Schedule III of SEBI LODR Regulations. The filing was signed by Company Secretary and Compliance Officer Dharam Singh Rathore, confirming receipt of the acquirer's report under Regulation 10(6) of SEBI SAST Regulations regarding the off-market inter-se transfer among promoter group members.

Trust Dissolution and Asset Distribution Structure

The share acquisition was executed through trust dissolution and asset distribution mechanism, with Vatsankit Shah Trust created for the benefit of Vatsankit Shah during his minority. Mayank Shah and Sweta Shah served as trustees, with the trust currently holding 8,45,906 equity shares representing 2.00% of Global Surfaces Limited. Following Vatsankit Shah attaining majority and in accordance with trust deed terms, the trust assets are being transferred to the sole beneficiary.

Comprehensive Shareholding Analysis and Compliance

The detailed disclosure documentation reveals complete shareholding transition with precise regulatory compliance. The transaction constitutes an inter-se transfer among persons belonging to the promoter group, qualifying for exemption under Regulation 10(1)(a)(ii) of SEBI SAST Regulations. The aggregate shareholding of promoter and promoter group remains unchanged before and after the transaction.

Regulatory Framework and Stock Exchange Listings

Global Surfaces Limited maintains its dual listing status on BSE Limited with Scrip Code 543829 and National Stock Exchange of India Limited with Symbol GSLSU. The company's ISIN code INE0JSX01015 remains unchanged, with total paid-up equity share capital of 4,23,81,818 equity shares of Rs. 10 each. The transaction represents internal reorganization within the promoter group structure, with no impact on overall promoter shareholding or company operations.

The company continues operations from its registered office at PA-10-006 Engineering and Related Industries SEZ, Mahindra World City, Sanganer, Jaipur, Rajasthan 302037, maintaining ISO 9001:2015 and ISO 14001:2004 certifications across its quartz and natural stone divisions.