PC Jeweller Limited has appointed Soumil Garg as an Additional Director and Whole-time Director with effect from October 1, 2026. This move follows the acceptance of the resignation of Ramesh Kumar Sharma, who served as a Director and Whole-time Director.

The Board of Directors approved these changes at its meeting held on September 30, 2026. Soumil Garg is the son of Balram Garg, the Promoter and Managing Director of the company. His appointment is subject to approval by members at the next general meeting or within three months, whichever is earlier.

Leadership Transition Details

Soumil Garg holds an MA in International Business from Regents University London and a BBA from Swiss Business School. He brings seven years of experience in the jewellery business, covering product design, procurement, and market trend evaluation. He will serve as a Whole-time Director for a period of five consecutive years.

Ramesh Kumar Sharma resigned citing medical advice after more than 19 years with the organization. Consequently, he ceased to be a member of the Stakeholders Relationship Committee, Risk Management Committee, Corporate Social Responsibility Committee, and Management & Finance Committee.

Senior Management Changes

The company also announced several changes in senior management roles, effective October 1, 2026:

• Kumar Deoratan Singh appointed as Chief Technical Officer. He has over 20 years of experience in IT management and digital transformation.
• Pawandeep Kaur appointed as President (Business Development). She has 13 years of experience in hospitality, media, and aviation.
• Vivek Jain resigned as Chief Information Officer to move out of the country.
• Kuldeep Singh resigned as President (Accounts) due to personal reasons involving relocation from Delhi.

Committee Reconstitutions

To align with the new board composition, several committees were reconstituted:

Vishan Deo, Executive Director (Finance) & CFO, was also appointed as the Nodal Officer for verification of claims and coordination with the Investor Education and Protection Fund Authority.

PC Jeweller has received No Objection Letters (NOCs) from all 14 consortium banks, confirming the formal completion of its debt settlement process. The final letter was received today, following the discharge of remaining outstanding dues.

Completion of debt resolution

In its latest filing, PC Jeweller confirmed that it has discharged the remaining outstanding debt of the banks under the terms of the Settlement Agreement dated September 30, 2024. This final payment completes the repayment for all 14 consortium banks. The company stated that all repayments were completed ahead of their scheduled due dates. The receipt of NOCs from all lenders serves as official confirmation that no further liabilities exist towards the consortium.

The accomplishment of a debt-free status is expected to materially strengthen the Company's balance sheet and financial position.

Debt repayment summary

Path to financial stability

Previously, the company had cleared over 99% of its bank debt by repaying 13 of the 14 lenders. The recent discharge of the final tranche eliminates the last remaining liability from the consortium. Management noted that this milestone fulfills the company's financial objective of becoming entirely free of bank debt. The receipt of the final No Objection Letter today marks the administrative closure of the settlement process.