Sadbhav engineering Limited has announced the resignation of its Company Secretary & Compliance Officer, marking a key personnel change in the company's leadership structure. The announcement was made through a formal communication to stock exchanges on April 2, 2026.

Key Personnel Change Details

Mr. Hardik Modi has tendered his resignation from the position of Company Secretary & Compliance Officer effective April 1, 2026. The resignation was submitted due to personal reasons, as Modi expressed his intention to explore other career opportunities.

Regulatory Compliance and Documentation

The company has fulfilled its regulatory obligations under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The formal intimation was sent to both major stock exchanges where the company is listed.

Exchange Details:

• BSE Limited (Company Code: 539346)
• National Stock Exchange of India Limited (Symbol: SADBHAV)

Management Response and Transition

The Board of Directors acknowledged Modi's contribution during his tenure with the company. Chairman and Managing Director Shashin Patel, on behalf of the Board, extended sincere thanks to Modi for his professional services as Company Secretary and Compliance Officer.

In his resignation letter dated April 1, 2026, Modi expressed gratitude to the Board of Directors and management for their trust and support during his tenure. He described his experience with the company as valuable and enriching, stating that the knowledge and exposure gained would remain a cherished professional asset.

Formal Documentation Process

The resignation process included proper documentation and acknowledgment procedures. Modi confirmed in his resignation letter that there were no material reasons for his resignation beyond those stated. The company has indicated it will take necessary steps for filing requisite forms with the Registrar of Companies and making necessary regulatory disclosures as applicable.

The resignation was formally accepted and acknowledged by the company management, with Modi being relieved from his duties after the close of normal office hours on April 1, 2026.

Sadbhav Engineering Limited has successfully completed the implementation of its debt restructuring plan worth ₹1,516.71 crores. The company announced that Punjab National Bank, acting as the lead bank, confirmed the implementation of the restructuring plan on March 31, 2026, following consortium approval from majority lenders representing 77.83% by value and 60% by number.

Restructuring Plan Implementation

The restructuring plan has been implemented in accordance with the Reserve Bank of India (Commercial Banks- Resolution of Stressed Assets) Directions, 2025. The confirmation came through Punjab National Bank's letter dated April 1, 2026, which was based on the consortium meeting held on March 30, 2026. The implementation marks the successful completion of the Master Restructuring Agreement (MRA) that was originally executed on March 25, 2026.

Financial Structure and Debt Composition

The restructuring plan covers total debt aggregating to ₹1,516.71 crores, with a specific breakdown of exposure types. The fund-based exposure of ₹906.35 crores will be restructured as non-convertible debentures, providing a structured approach to debt management and repayment.

Consortium Lenders and Agreement Structure

The MRA has been executed with IDBI Trusteeship Services Limited acting as security trustee and debenture trustee, along with six major lending institutions including Punjab National Bank, Union Bank of India, Axis Bank Limited, Assets Care & Reconstruction Enterprise Limited, Bank of India, and Yes Bank Limited.

Regulatory Compliance and Trading Window

The company has informed both BSE Limited and National Stock Exchange of India Limited about the restructuring plan implementation through a regulatory filing dated April 1, 2026. The filing was made pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015. Due to the price-sensitive nature of this information, the company has confirmed that the trading window remains closed effective April 1, 2026, as previously communicated on March 31, 2026.

Historical Context and Strategic Impact

The successful implementation represents the culmination of a comprehensive debt restructuring process that addresses financial obligations spanning over a decade. The restructuring encompasses various underlying loan agreements dating back to the original loan agreement from March 18, 2008, and multiple supplemental working capital consortium agreements from 2010, 2011, 2016, 2018, and 2021. This structured approach provides the company with a clear path for financial recovery while maintaining operational continuity.