Indong Tea Company has appointed Rajesh Garg as its managing director for a five-year term starting September 28, 2026. The board also approved Hariram Garg’s voluntary stepping down from the role due to health issues, with Garg continuing as chairman and executive director.

The appointments were approved at a board meeting held on August 28, 2026. The changes are subject to shareholder approval and the recommendation of the Nomination and Remuneration Committee.

Leadership Changes

Hariram Garg will step down as managing director on September 28, 2026, citing health-related issues. He confirmed there are no other material reasons for the change. From October 1, 2026, he will serve as chairman and executive director.

Rajesh Garg, currently a non-executive non-independent director, will take over as managing director. His term runs until September 27, 2031. The company stated that Garg is not debarred from holding office under any SEBI order.

Independent Director Re-appointment

The board also approved the re-appointment of Akhil Kumar Manglik as a non-executive independent director. His new five-year term begins on February 4, 2027, following the completion of his first term on February 3, 2027.

Board Composition Details

Hariram Garg is the father of Rajesh Garg and father-in-law of Smt. Rama Garg, a non-executive women director. Rajesh Garg is the uncle of Madanlal Garg, another non-executive director.

Indong Tea Company Limited has filed a revised disclosure with the Bombay Stock Exchange regarding a significant increase in the promoter’s shareholding through an off-market transfer. The filing corrects an earlier report that misidentified the direction and parties involved in the transaction.

Promoter Hariram Garg received 4,18,488 equity shares from immediate relatives within the promoter group by way of gift. The transaction took place on July 13, 2026, and was classified as an inter-se transfer under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Transaction Details

The revised filing, submitted on August 12, 2026, corrects an earlier disclosure made on July 16, 2026. The transfer significantly increased Garg’s direct voting power in the company.

Garg’s holding rose from 20,52,173 shares, representing 10.566% of the total voting capital, to 24,70,661 shares, or 12.72%. The company’s total equity share capital remains unchanged at ₹19,42,10,480, divided into 1,94,21,048 equity shares of ₹10 each.

What the Numbers Show

The acquisition of nearly 4.2 lakh shares by Hariram Garg indicates a consolidation of ownership within the promoter group rather than a dilution of control. Since the transfer was an inter-se gift from immediate relatives, the effective promoter group holding remains stable, though the direct attribution shifts to Garg.

The company stated that no encumbrances, warrants, or convertible securities were involved in the transaction. The revised disclosure was issued in response to a query from the exchange received on August 12, 2026.