Onida Electronics appoints Gunjan Srivastava as Managing Director
Onida Electronics Ltd has restructured its top leadership with the appointment of Gunjan Srivastava as Chief Executive Officer and Additional & Managing Director, effective July 04, 2026. The Board also appointed Jayesh Gandhi as an Additional Director (Independent Director) and Manish Desai as Chief Financial Officer and Whole-time Director. Kaval Mirchandani's designation was changed from Managing Director to Whole-time Director, while Shirish Suvagia resigned as Whole Time Director and CFO. Additionally, the Board approved the grant of 12,50,000 Employee Stock Options to eligible employees under the MIRC Electronics Employee Stock Option Plan, 2023.
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Onida Electronics Ltd has restructured its top leadership with the appointment of Gunjan Srivastava as Chief Executive Officer and Additional & Managing Director, effective July 04, 2026. The Board of Directors also approved the grant of 12,50,000 Employee Stock Options to eligible employees under the MIRC Electronics Employee Stock Option Plan, 2023. These leadership changes and the ESOP grant are subject to the approval of the Members of the Company.
Board Approvals and Key Appointments
The Board approved the appointment of Mr. Jayesh Gandhi (DIN: 00221855) as an Additional Director (Independent Director) for a consecutive term of five years. Mr. Gandhi is a Fellow Chartered Accountant with over four decades of experience in audit, assurance, and corporate governance. He has previously served on the boards of companies such as Sanofi Pharma and ICICI Home Finance.
Mr. Gunjan Srivastava (DIN: 06396248), who has been serving as the Chief Executive Officer since February 01, 2026, was appointed as the Chief Executive Officer and Additional & Managing Director. He brings over 33 years of experience across global consumer and technology-led brands, having previously led BSH Home Appliances UK & Ireland.
Management Restructuring
The Board approved a change in designation for Mr. Kaval Mirchandani (DIN: 01179978) from Managing Director to Whole-time Director, effective July 04, 2026. Mr. Mirchandani will continue to serve for the remainder of his existing term.
Mr. Shirish Suvagia (DIN: 10095690) resigned from the positions of Whole Time Director and Chief Financial Officer effective from the close of business hours on July 03, 2026. The Board recorded its appreciation for his contributions.
To fill the vacancy, the Board appointed Mr. Manish Desai (DIN: 09740266) as the Chief Financial Officer and Key Managerial Personnel. He was also appointed as an Additional Director and Whole-time Director for a period of three years, effective July 04, 2026.
Employee Stock Options Grant
The Board approved the grant of 12,50,000 Employee Stock Options to eligible employees under the MIRC Electronics Employee Stock Option Plan, 2023. Each option is convertible into one equity share of Re. 1/- each. The exercise price will be a 30% discount of the closing share price on June 25, 2026, but not lower than the exercise price for options granted on May 20, 2026.
| Particulars | Details |
|---|---|
| Options Granted | 12,50,000 |
| Face Value | Re. 1/- each |
| Pricing Formula | 30% discount of closing price on June 25, 2026 |
| Vesting Period | Minimum 1 year, subject to performance milestones |
| Exercise Window | Within 2 years from the vesting date |
What strategic shifts can investors expect under Gunjan Srivastava's leadership as Managing Director?
How will the departure of the former CFO impact the company's financial continuity and ongoing projects?
What specific performance milestones must be met for the 12,50,000 ESOPs to vest?
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