Maha Rashtra Apex Corporation Limited has approved the reclassification of T Satish U Pai from the promoter category to the public category. The board of directors granted the approval during its meeting held on June 08, 2026, following a request received from the shareholder. This reclassification is subject to the permission of BSE Limited and NSE Limited under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The board determined that T Satish U Pai meets the necessary conditions for reclassification, including holding less than 1% of the total voting rights and not being involved in the day-to-day management of the company. Consequently, the approval of shareholders via an ordinary or special resolution was not required. The outgoing promoter confirmed compliance with all regulatory provisions, including not being a wilful defaulter or a fugitive economic offender.

Shareholding Details

The following table outlines the shareholding details of the promoter seeking reclassification:

Conditions for Reclassification

As part of the reclassification process, T Satish U Pai has confirmed adherence to specific conditions mandated under Regulation 31A. These include not holding more than 10% of the fully paid-up equity share capital and voting rights of the company and not exercising control over its affairs, directly or indirectly. Additionally, the outgoing promoter will not be represented on the board of directors or act as key managerial personnel.

The company has authorized the company secretary or other designated officers to sign, execute, and submit all necessary documents and returns to the stock exchanges and regulatory authorities to facilitate this change.

Maha Rashtra Apex Corporation Limited underwent a significant restructuring of its board and key managerial personnel on May 26, 2026, following the resignation of its Managing Director and two Independent Directors. The board approved the appointment of Mr. Cyrus Khambata as the new Managing Director for a term of five years, subject to shareholder approval, effective immediately. Simultaneously, Mr. Jamsheed Minoo Panday was appointed as Executive Director, while Mr. Kudi Bhoja Shetty was redesignated from Non-Executive Non-Independent Director to Independent Director for a five-year period, also subject to shareholder approval.

Resignations and Approvals

The board accepted the resignations of Mr. Aspi Nariman Katgara from the position of Managing Director and Director, Mrs. Vidya M More, and Mr. Nagarajan Sivarama Krishnan from their positions as Independent Directors. All resignations were effective from the close of business hours on May 26, 2026. Mr. Katgara and Mr. Krishnan cited age and health-related issues for their inability to devote time to the company, while Mrs. More cited preoccupation. The resignations were confirmed to have no material reasons other than those stated.

Key Managerial Personnel Changes

In addition to the board changes, the company saw a shift in its compliance leadership. Mr. Jamsheed Minoo Panday resigned from the post of Company Secretary and Compliance Officer effective May 26, 2026, due to preoccupation and other commitments. He was succeeded by Mr. Arvind Ganesh Mallya, who was appointed as the new Company Secretary and Compliance Officer on the same date. Mr. Panday retains his position as Chief Financial Officer and joins the board as Executive Director.

Board and KMP Changes Summary