Gravity (India) Independent Director resigns effective June 10, 2026

1 min read     Updated on 10 Jun 2026, 08:33 PM
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Ms. Komal Hardikkumar Patel resigned as Independent Director of Gravity (India) Limited effective June 10, 2026, due to personal reasons. She has ceased to be a member of the company's various committees. The Board acknowledged her contributions and confirmed no other material reasons for her resignation.

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Ms. Komal Hardikkumar Patel has resigned as an Independent Director of Gravity (India) Limited effective June 10, 2026, due to personal reasons. Consequently, she has ceased to be a member of the various committees of the company. The resignation was submitted via a letter dated June 10, 2026, and took effect at the close of business hours on the same day.

The Board of Directors acknowledged the resignation and placed on record its appreciation for the valuable contribution and guidance provided by Ms. Patel during her tenure. The company confirmed that there are no other material reasons for her resignation beyond those stated in her letter.

The disclosure was made in compliance with Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The details were also submitted in accordance with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Ms. Patel confirmed that she does not hold any directorships in other listed entities or positions on board committees of listed companies. She also verified that there are no material reasons for her resignation other than the personal reasons cited.

Sr. No. Particulars Description
1 Name Ms. Komal Hardikkumar Patel
2 Designation Independent Director
3 Reason for Change Resignation from post of Independent Director of company due to personal reasons.
4 Date of Cessation Cessation with effect from close of business hours on June 10, 2026
8 Directorship in Listed Companies Nil
8 Committee Position(s) in Listed Companies Nil

Historical Stock Returns for Gravity

1 Day5 Days1 Month6 Months1 Year5 Years
+0.83%-7.67%-32.99%+0.09%+83.11%+391.03%

Who will Gravity (India) Limited appoint to fill the vacancy left by Ms. Patel, and how will this impact board composition?

Will the resignation affect the company's corporate governance ratings or compliance with SEBI requirements for independent directors?

What is the timeline for finding a replacement, and how might the interim period affect committee decision-making?

Gravity India rights issue fails minimum subscription

1 min read     Updated on 25 May 2026, 07:41 PM
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Gravity (India) Limited's rights issue for 6,90,14,950 equity shares failed to achieve the 90% minimum subscription required under SEBI ICDR Regulations. The company has instructed MUFG Intime India Private Limited to initiate refunds and unblock ASBA funds for applicants. Consequently, the allotment of equity shares under the issue has been called off.

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Gravity (India) Limited failed to secure the minimum subscription for its proposed rights issue, triggering a full refund for applicants and the cancellation of the allotment process. The company aimed to raise ₹69,01,49,500 by issuing 6,90,14,950 equity shares at a price of ₹10 per share. The rights issue opened on April 27, 2026, and closed on May 25, 2026, offering eligible shareholders 23 rights shares for every 3 shares held on the record date.

The Rights Issue Committee of Gravity (India) Limited met on May 25, 2026, to review the subscription status. The company confirmed that it did not achieve the minimum subscription of 90% of the issue size as mandated by Regulation 86(2) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. As a result, the company cannot proceed with the allotment of equity shares.

Refund Process Initiated

Following the failure to meet the regulatory threshold, Gravity (India) Limited has instructed its registrar, MUFG Intime India Private Limited, to process refunds. The company will coordinate with respective banks to unblock funds lying in the ASBA accounts of applicants who subscribed to the issue.

Rights Issue Details

Parameter Details
Total Equity Shares Offered 6,90,14,950
Face Value ₹10.00 per share
Issue Price ₹10.00 per share
Total Issue Size ₹69,01,49,500
Ratio 23 Rights Shares for every 3 Equity Shares held
Issue Open Date April 27, 2026
Issue Close Date May 25, 2026

The board meeting regarding this outcome commenced at 05:00 P.M. and concluded at 05:30 P.M. on May 25, 2026.

Historical Stock Returns for Gravity

1 Day5 Days1 Month6 Months1 Year5 Years
+0.83%-7.67%-32.99%+0.09%+83.11%+391.03%

How will Gravity (India) Limited address its capital requirements following the failure of this rights issue?

What impact will this failed capital raising effort have on the company's current expansion plans or debt obligations?

Will the company consider alternative financing methods, such as private placement or debt instruments, in the near future?

More News on Gravity

1 Year Returns:+83.11%