Midwest Gold (now operating as Midwest Energy Limited) has executed a comprehensive leadership overhaul, with four directors and its chief financial officer stepping down simultaneously. The changes, approved by the Board of Directors on July 28, 2026, mark a significant shift in the company’s governance structure and senior management team. Shareholders must now vote on a related-party consultancy agreement involving one of the departing executives, which could impact ongoing renewable energy initiatives.

The Board noted the resignations of Mr. Deepak Kukreti (Whole-time Director), Mr. Kothamasu Sri Surya Pratap (Non-Executive Independent Director), Mrs. Rajyalakshmi Ankireddy (Non-Executive-Non Independent Director), and Mr. Sasikanth Rao (Non-Executive Director). All four directors cited personal reasons and other professional commitments for their departure, effective July 28, 2026. Concurrently, Mr. Palepu Ramakrishna Venkatachala resigned from the office of Chief Financial Officer, effective July 29, 2026, also citing personal reasons.

To fill these vacancies, the Board appointed Mr. Dinabandhu Mohapatra as an Additional Director (Non-Executive, Independent Director) for a first term of five consecutive years, effective July 28, 2026. Mr. Mohapatra, a former Managing Director & CEO of Bank of India, brings over three decades of banking experience. Mrs. Kollareddy Ranganayakamma was appointed as an Additional Director (Non-Executive Director) effective July 28, 2026. She is the mother of Mrs. Soumya Kukreti, a Director and Promoter of the Company. Both appointments are subject to shareholder approval.

Ms. Rama Devi Dasari was appointed as the new Chief Financial Officer, effective July 29, 2026. A qualified Chartered Accountant with an LL.B. degree and an IIM Ahmedabad certification, Ms. Dasari brings nearly 20 years of experience, including roles at Satyam Computer Services Ltd., UltraTech Cement Ltd., and Broadridge Financial Solutions.

Leadership Changes Summary

Related-Party Consultancy Approval

The Board also approved a related-party transaction involving Mr. Deepak Kukreti, who is the spouse of Director and Promoter Mrs. Soumya Kukreti. The company will engage Mr. Kukreti to provide professional consultancy services related to renewable energy, wind energy, clean energy, and allied business initiatives. The consultancy fees will not exceed ₹12,50,000 per month plus applicable Goods and Services Tax (GST). This transaction requires shareholder approval via a Special Resolution through Postal Ballot. The scope of services, tenure, and payment terms will be finalized by the Board and/or the Audit Committee.

Governance Implications

The simultaneous resignation of multiple board members, including two independent directors and the whole-time director, alongside the CFO, suggests a strategic realignment within Midwest Energy Limited. The appointment of Dinabandhu Mohapatra, a seasoned banker, signals a potential focus on financial discipline and corporate governance. Meanwhile, the retention of Deepak Kukreti in a consultancy role highlights the company’s continued reliance on his expertise for its renewable energy transition, despite his exit from the executive board. Shareholders will play a critical role in validating these structural changes through the upcoming postal ballot.

Midwest Gold has received approval for a share sub-division at a ratio of 1:10, marking a significant corporate development for the company.

Share Sub-Division Details

The company has secured the necessary approval to proceed with the sub-division of its shares at a 1:10 ratio. Under this arrangement, each existing share of the company will be split into 10 shares, effectively adjusting the share structure accordingly.

Key Takeaway

• Midwest Gold has obtained approval for a 1:10 share sub-division, representing a notable corporate restructuring action for the company.