Quest Flow Controls Limited approved significant governance changes at its board meeting held on October 10, 2026. The decisions include the resignation of one Non-Executive Director, the appointment of a replacement with extensive oil and gas expertise, and a substantial increase in the Executive Director’s annual remuneration.

The board noted the resignation of Lalit Varshney (DIN: 10689838) from his position as Non-Executive Director, effective October 10, 2026. Varshney cited pre-occupation and personal reasons for his departure. Concurrently, the board appointed Jitendra Ramdas Bhosale (DIN: 09689357) as an Additional Non-Executive Director, subject to shareholder approval in the ensuing general meeting.

Remuneration and Governance Updates

The board approved an increase in the remuneration of Kishor Dhondhu Makvan, Executive Director, from ₹90 lakh per annum to ₹1.2 crore per annum. This revision is effective from August 1, 2026, and remains subject to shareholder approval. Additionally, the board fixed the cut-off date for the submission of the postal ballot notice and entitlement of shareholders for e-voting. Nikunj Kanabar was appointed as the scrutinizer for the e-voting process.

New Director Profile

Jitendra R. Bhosale brings over 21 years of experience in the global oil and gas, valves, quality, and supply-chain sectors. His background includes valve manufacturing, wellheads, X-trees, and drilling equipment. He has worked with major international standards such as API 6A, 6D, and 16C, and has exposure to global customers including Shell, ExxonMobil, Saudi Aramco, and ADNOC.

What the Numbers Show

The company’s disclosure highlights a strategic alignment between governance changes and operational needs. Quest Flow Controls operates a 35,000 sq. ft manufacturing facility and reports an order book exceeding ₹100 crore. The appointment of Jitendra Bhosale, whose profile emphasizes supply-chain risk management and supplier qualification (having conducted 150+ audits), directly addresses the operational demands of scaling production capacity following the company's IPO. This suggests a focus on strengthening technical governance and compliance capabilities to support the growing order backlog.

India Futuristic Marine Private Limited (IFMPL), a promoter group entity of Quest Flow Controls Limited , sold 2,45,000 equity shares through an off-market transaction on September 30, 2026. The sale reduced the promoter group's voting rights holding in the company.

The disclosure was made under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The shares were sold by IFMPL, with Vivekanand Maruti Redekar signing as Director for the promoter entity. The transaction was executed on the BSE SME Platform where Quest Flow Controls is listed.

Pre and post-transaction holdings

Before the sale, IFMPL held 28,74,199 equity shares carrying voting rights, representing 28.02% of the total share capital. The Persons Acting in Concert (PACs), including Vivekanand Maruti Redekar, Swaroop Raghuvir Natekar, and Brijesh Madhav Manerikar Madhav, held a negligible 150 shares. The total diluted holding for the seller and PACs stood at 27.54% of the diluted share capital, accounting for 2,00,000 warrants held by PACs.

Following the off-market sale of 2,45,000 shares, IFMPL's direct equity holding dropped to 26,29,199 shares. This represents a decline in voting rights percentage from 28.02% to 25.63%. The total diluted holding for the promoter group decreased to 25.35% of the diluted share capital.

Capital structure details

The total equity share capital of Quest Flow Controls remained unchanged at 1,02,57,623 equity shares of face value ₹10 each before and after the transaction. However, the total diluted share capital, which includes convertible securities and warrants, stands at 1,11,60,403 equity shares equivalent. The warrants held by the PACs remain outstanding post-transaction, contributing to the diluted capital base but not affecting the immediate voting rights percentage of the sold shares.

The transaction mode was explicitly recorded as an off-market sale, distinct from open market operations or preferential allotments. No encumbrances such as pledges or liens were reported against the sold shares prior to the transaction.