Nivaka Fashions Limited announced the resignation of Mitesh Ajit Thakkar from the positions of Chief Financial Officer (CFO) and Executive Director, effective October 7, 2026. The departure was communicated to stock exchanges in compliance with SEBI listing regulations.

Resignation details

Thakkar cited pre-occupancy of work and evolving professional commitments as the primary reasons for his exit. In his resignation letter addressed to the Board of Directors, he stated that these factors prevented him from devoting the necessary time to discharge his duties effectively. He expressed gratitude to the Board, management, and finance team for their support during his tenure.

The resignation letter was received and accepted on the same day, October 7, 2026. Bhavin Shantilal Jain, Managing Director of Nivaka Fashions, signed the intimation to BSE Limited and Metropolitan Stock Exchange of India Limited.

Regulatory disclosures

The company filed a detailed disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing confirmed the cessation date and provided standard details required for key managerial personnel changes.

No new appointment or replacement information was disclosed in this specific filing. The company did not provide financial data or operational metrics in this intimation.

Nivaka Fashions Ltd has disclosed the voting results of its 43rd Annual General Meeting (AGM) held on September 28, 2026. The company confirmed that all ordinary and special resolutions put to vote were passed with requisite majorities.

The meeting, conducted via Video Conferencing or Other Audio-Visual Means (OAVM), was presided over by Mr. Bhavin Shantilal Jain, Managing Director and Chairman. The remote e-voting period remained open from 9:00 am on September 25, 2026, to 5:00 pm on September 27, 2026. Voting rights were reckoned as on the cut-off date of September 18, 2026.

Key resolution outcomes

The scrutinizer's report, prepared by Ms. Neha Anup Poddar, detailed the voting patterns for each resolution. Notably, Resolution No. 3 regarding the re-appointment of Mr. Priyesh Shantilal Jain as a Director liable to retire by rotation saw a significant volume of invalid votes, though the resolution still passed with a near-unanimous majority among valid votes cast.

Governance changes ratified

The voting results confirm the governance changes previously announced. Maark & Associates (FRN-145153W) was approved as Statutory Auditor for a term of 5 years, succeeding M/s. ADV & Associates. Ms. Neha Anup Poddar was appointed as Secretarial Auditor until the ensuing AGM.

In board appointments, Mrs. Meenakshi Saini (DIN: 07455823) was appointed as an Independent Director. She holds qualifications in Commerce and Law, including a B.Com, MBA (Finance), LL.B., and LL.M. (Corporate Law). Mr. Bhavin Shantilal Jain (DIN: 00741604) was re-appointed as Chairman and Managing Director effective September 30, 2026. Mr. Dinesh Jamnadas Shah ceased to be an Independent Director effective September 29, 2026, upon completion of his second consecutive term.

What the Numbers Show

A distinct pattern emerges in the invalid votes across specific resolutions. While most resolutions had nil or negligible invalid votes, Resolutions No. 3, 5, and 7 recorded substantial invalid vote counts. Specifically, Resolution No. 5 (Related Party Transactions) and Resolution No. 7 (CMD Re-appointment) both saw 25,144,792 invalid votes from just 2 members. This suggests that a single shareholder or entity holding approximately 25 million shares may have submitted ballots that were technically non-compliant or ambiguous for these specific items, despite voting in favor on other matters. In contrast, Resolution No. 3 recorded 14,379,478 invalid votes from one member. Despite these high volumes of invalid votes, the percentage of valid votes in favor remained above 99.99% for all resolutions, indicating no substantive opposition from the compliant voting base.