Sanginita Chemicals Ltd has reconstituted its Board of Directors following the completion of an open offer by B N G Investment LLC and Mr. Anubhav Agarwal. The company appointed Mr. Anubhav Agarwal and Mr. Gaurav Kumar Tripathi as Additional Directors effective June 5, 2026. The Board also approved the appointment of Mr. Gaurav Kumar Tripathi as Whole-time Director for a term of three years ending June 4, 2029. These changes were effected in accordance with Regulation 24(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, after the acquirers deposited 100% of the consideration payable under the open offer.

In addition to the director appointments, the Board appointed Mr. Piyush Bichhoriya as an Additional Director (Non-Executive Non-Independent). The company also appointed Mr. Amit Kalra as the Chief Financial Officer and Ms. Nidhi Dixit as the Company Secretary and Compliance Officer, effective June 5, 2026. All appointments are subject to shareholder approval within three months of the appointment date.

The restructuring resulted in the resignation of three directors and the CFO. Mr. Vijaysinh D. Chavda resigned as Whole-time Director, while Mrs. Hansaben D. Chavada and Mr. Dineshsinh B. Chavada resigned as Non-Executive Non-Independent Directors. Ms. Sangitaben D. Chavda resigned as Chief Financial Officer. All resignations were effective from the close of business hours on June 5, 2026, pursuant to the change in management.

Appointments

Resignations

The disclosures were made to the National Stock Exchange of India Limited in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that none of the newly appointed directors are debarred from holding the office of director by any SEBI order or other authority.

Sanginita Chemicals Limited has initiated an open offer to acquire 1,56,89,957 fully paid-up equity shares from public shareholders. The shares, representing 26% of the emerging fully diluted voting equity share capital, have a face value of ₹10 each and are being offered at a price of ₹13.55 per equity share.

The Board of Directors passed a resolution on May 26, 2026, to constitute a committee of independent directors. This committee will provide reasoned recommendations regarding the open offer to the shareholders. The members of the committee include Mr. Pramodsinh Dabhi, Mr. Jagdishkumar Vajaji Thakor, Mr. Sanmitra Trivedi, and Ms. Jalpa Anand Lavingia.

As required under Regulation 26(7) of the SEBI (SAST) Regulations, 2011, the reasoned recommendations of the independent directors will be published. These recommendations will appear in the same newspapers where the detailed public statement of the open offer was published, at least two working days before the commencement of the tendering period.

Simultaneously, a copy of the recommendations will be sent to the Securities and Exchange Board of India, Finshore Management Services Limited, and the National Stock Exchange of India Limited. The offer is being made by the "Acquirers" for cash at the specified price.

Offer Details