Insilco Limited, a company currently under voluntary liquidation since June 25, 2021, has seen Sonia Prashar cease to be an Independent Director effective August 3, 2026. The departure follows the completion of her second consecutive five-year tenure in the role, marking the end of her statutory eligibility for reappointment. This change occurs while the company remains in liquidation, highlighting ongoing governance transitions during its winding-down process.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Schedule III and Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015. Insilco Limited submitted the intimation to the Bombay Stock Exchange Limited on August 4, 2026. The filing confirms that Prashar’s exit is due solely to the completion of her maximum allowable tenure, with no other reasons for change cited.

Director Tenure Details

The following table outlines the key details of the director's cessation:

Priya Singhal, Company Secretary and Compliance Officer of Insilco Limited, signed the disclosure. The Board of Directors and management expressed deep gratitude for Prashar’s valuable contribution and guidance during her association with the company. No new director was appointed in this filing, and no relationships between directors were disclosed as part of this change.

Governance Context

The exit of an Independent Director from a company under voluntary liquidation is a procedural step rather than a strategic shift. Insilco Limited has been in voluntary liquidation since June 25, 2021, meaning its primary focus is on asset realization and creditor settlement rather than operational growth or long-term strategy. The Board’s acknowledgment of Prashar’s service underscores standard corporate governance practices even during liquidation.

What the Numbers Show

While no financial metrics are associated with this personnel change, the timing of the departure—more than five years after the initiation of voluntary liquidation—suggests that the liquidation process is ongoing. The completion of a full second tenure indicates continuity in oversight despite the company’s non-operational status. Investors and stakeholders should note that governance changes in liquidated entities typically reflect regulatory compliance rather than business performance shifts.

Insilco Limited has appointed Manmohan Juneja as Chairman of the Board, effective August 4, 2026. The Board of Directors approved the appointment during its meeting on July 28, 2026, pursuant to Article 99 of the Articles of Association. This development supersedes Juneja’s earlier designation as an Additional Director in the category of Non-Executive Independent Director. Insilco Limited remains under voluntary liquidation, a status it has held since June 25, 2021.

The Board meeting, originally scheduled for July 24, 2026, was rescheduled due to a lack of quorum. In addition to the leadership appointment, the Board considered the un-audited financial results for the quarter ended June 30, 2026 (Q1FY26). The trading window for dealing in the company’s securities was closed from July 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. It will remain closed until 48 hours after the declaration of the Q1FY26 results.

Manmohan Juneja brings approximately 37 years of experience in corporate law, regulation, and insolvency. He is a Fellow Chartered Accountant (Membership No. 087296) and holds a B.Com with a Gold Medal. His professional background includes significant roles in the Ministry of Corporate Affairs (MCA), where he administered the Companies Act and Limited Liability Partnership Act. He has served as an Official Liquidator attached to the High Court and conducted investigations under the Competition Act.

Juneja’s extensive experience includes handling cases under the Insolvency and Bankruptcy Code (IBC) from law-making to implementation at senior levels in the MCA. He has performed quasi-judicial functions for adjudications such as compounding of offences and mergers. Additionally, he appeared as an authorized Petitioner for the Union of India in numerous public interest petitions before the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT).

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015. Juneja is not related to any existing director of Insilco Limited and does not hold any shares in the company. He is not debarred from holding the office of director by virtue of any SEBI order or other authority.