Raghuvansh Agrofarms Limited appointed Akhilesh Kumar Dwivedi as a Non-Executive Independent Director during its 30th Annual General Meeting held on September 25, 2026. The appointment, effective immediately, marks a significant addition to the board's governance structure with a five-year tenure.

The meeting, chaired by Managing Director Subodh Agarwal at the company's registered office in Kanpur, commenced at 11:00 am and concluded at 11:20 am. All agenda items were duly transacted, including the adoption of FY26 financial statements and changes to board composition. The requisite quorum was confirmed in accordance with Section 103 of the Companies Act, 2013.

Board composition updates

Shareholders approved the re-appointment of Kavya Agarwal as Director retiring by rotation and the appointment of Akhilesh Kumar Dwivedi as Non-Executive Independent Director. The resolutions were passed as ordinary resolutions, adhering to the notice dated August 21, 2026.

Profile of new Independent Director

Akhilesh Kumar Dwivedi is a veteran Wing Commander (Retd.) from the Indian Air Force with over 34 years of experience in operations management, legal frameworks, financial auditing, risk assessment, and strategic administration. He holds DIN: 11686657 and has been appointed for a period of five consecutive years, commencing from this AGM until the AGM to be held in 2031.

Dwivedi is a qualified Company Secretary (CS) from the ICSI (2023 batch) and has cleared the Chartered Accountant (Inter) examination from the ICAI. He holds a Master of Commerce (M.Com) degree (1999) and a Bachelor of Laws (LLB) degree (2003) from CSJM University, Kanpur. Additionally, he possesses a Post Graduate Diploma in Industrial Relations & Personnel Management from Bharatiya Vidya Bhavan.

During his service in the Indian Air Force, Dwivedi gained expertise in internal and external audits, financial portfolio management, and legal assignments before Armed Forces Tribunals and High Courts. His core competencies include project management, strategic planning, human resource management, material and logistics management, and risk mitigation. He has headed administrative setups overseeing over 300 personnel and managed high-stake dispute resolution processes.

Voting and scrutiny

FCS Vaibhav Agnihotri, a Practicing Company Secretary, served as the Scrutinizer for the voting process. He instructed members on the poll-based voting mechanism to ensure fairness and transparency. The results, along with the Scrutinizer's Report, are scheduled to be announced within 48 hours of the meeting's conclusion and will be uploaded on the company's website and the BSE portal.

The meeting concluded with a vote of thanks from the Chairman. Statutory registers and relevant documents were available for inspection by members throughout the event. Dwivedi has no relationship with any other Directors of the company and is not debarred from holding the office of Director by any SEBI order or authority.

Raghuvansh Agrofarms faces a final regulatory setback as the Supreme Court dismissed its appeals against Securities and Exchange Board of India (SEBI) and Securities Appellate Tribunal (SAT) orders on August 18, 2026.

The apex court found no good ground to interfere with the impugned orders passed by the SAT in Mumbai. The dismissal concludes the legal challenge filed by the company and its promoter group.

Litigation Background

Raghuvansh Agrofarms had approached the Supreme Court against the SAT order dated April 29, 2022. The SAT order upheld the SEBI Whole Time Member’s decision from September 3, 2020, along with a corrigendum dated September 7, 2020.

The company filed Civil Appeal Nos. 7422-7423 of 2022 before the Supreme Court. These were heard alongside connected Civil Appeal No. 91 of 2024.

Court Order Details

A bench comprising Justice J.B. Pardiwala and Justice K. Vinod Chandran dismissed the appeals after hearing counsel for both parties. The court also disposed of any pending applications related to these matters.

The company disclosed this development to the Bombay Stock Exchange on September 8, 2026, under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. This update follows an earlier disclosure dated May 5, 2022.

Regulatory Impact Assessment

The dismissal confirms the validity of the original SEBI penalties or directives issued in 2020. With all appellate remedies exhausted, the company must now comply with the earlier regulatory orders without further judicial intervention.

Crucially, the company stated that the outcome has no material financial impact. The five-year debarment from accessing securities markets, imposed in September 2020, expired on September 2, 2025, during the pendency of the appeals. Additionally, the monetary penalty of ₹1 lakh imposed by the Adjudicating Officer on August 30, 2022, was already paid under protest.

Disclosure Delay Explanation

The company faced a query from the exchange regarding a delay in disclosing the August 18 order. The signed order was digitally signed on August 20, 2026, after office hours. The company attributed the late filing to belated intimation from its advocate due to personal difficulties, stating there was no intent to withhold information.