Magellanic Cloud accepted the resignation of Mr. Elisha Thatisetty as an independent director effective September 1, 2026.

The company disclosed the departure under Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. Mr. Thatisetty cited personal reasons and other professional commitments for his decision to step down from the board.

Resignation Details

Mr. Thatisetty tendered his resignation with effect from the closure of business hours on September 1, 2026. In his resignation letter, he confirmed that there are no other material reasons for his departure beyond those stated.

The Board of Directors acknowledged his contribution during his tenure. The company noted that he holds no directorships in other listed entities.

The information is available on the company website.

Magellanic Cloud Limited has completed the handover of 685 sites under Phase 1 of its deployment for Punjab & Sind Bank. The company achieved this milestone by the second week of August 2026, marking significant progress in its large-scale e-surveillance project.

Magellanic Cloud executed the deployment within a five-month window following the issuance of the purchase order on March 19, 2026. The 685 sites represent approximately 74% of the total 930-site scope defined in the contract.

Execution Milestones

The rapid completion underscores the company’s ability to manage geographically distributed infrastructure projects. Key metrics from the Phase 1 delivery include:

Strategic Positioning in BFSI

The deployment reinforces Magellanic Cloud’s capabilities in the banking, financial services, and insurance (BFSI) sector. The company is shifting focus from conventional surveillance to intelligent, connected security ecosystems leveraging AI and cloud computing.

Joseph Sudheer Reddy Thumma, Global CEO and Managing Director, stated that the engagement demonstrates the firm’s capacity to deliver technology infrastructure at scale. He noted that the future of institutional security involves AI-enabled infrastructure, positioning the company to participate in this transformation.

What the Numbers Show

The speed of execution is a notable operational indicator. Completing 74% of the total site count in just five months suggests a high initial deployment velocity. This rapid rollout phase precedes the remaining 245 sites, indicating that the most complex logistical hurdles may have been cleared early in the contract lifecycle.

Ongoing Support

Beyond the initial installation, Magellanic Cloud will provide operations and maintenance support for the deployed infrastructure. The company serves over 100 clients globally and holds CMMI Maturity Level 3 certification.