Yaap Digital Limited has appointed Jigesh Shah as its Chief Financial Officer (Key Managerial Personnel) effective July 10, 2026, succeeding Shyamal Madhvi. The Board accepted Madhvi's resignation from the CFO position, though he will continue to support the management as the Finance Head. This leadership change follows the unfortunate demise of the company's Managing Director, Mr. Atul Hegde, which prompted a strategic review of the company's operational dynamics.

Leadership Transition

The Board of Directors, in its meeting held on July 10, 2026, approved the transition to align with the company's evolving business requirements. Mr. Shyamal Madhvi voluntarily stepped down from the position of CFO to facilitate the appointment of a professional with broader strategic expertise. He expressed his commitment to ensuring continuity and a smooth transition in his new role as Head of Finance.

Profile of New CFO

Mr. Jigesh Shah brings extensive experience to the role, having worked in corporate finance, financial strategy, and governance for over 27 years. He is a Chartered Accountant and a first-class Bachelor of Commerce graduate from Bombay University. His expertise spans Strategic Financial Planning & Analysis (FP&A), Treasury & Banking Operations, Risk Management, and compliance with Ind AS.

Previous Experience

Prior to joining Yaap Digital, Mr. Shah served as General Manager - Finance at Yash Raj Films Private Limited, where he managed treasury operations and credit structures. He also held the position of Manager - Finance Accounts at Telstra India Private Limited, leading financial data migration projects. His career includes key finance roles at Express it Logistics Worldwide, IT-People (India), TransIndia Freight Services, and Meridian Cargo Express.

Regulatory Disclosures

The company confirmed that there are no material reasons for the resignation other than those stated in the resignation letter. The appointment was made pursuant to Section 203 of the Companies Act, 2013, and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Mr. Shah is not related to any director of the company and is not debarred from holding the office of director by SEBI or any other authority.

Yaap Digital Limited announced the sudden demise of its Promoter, Chairman & Managing Director, Mr. Atul Jeevandharkumar Hegde, on July 7, 2026. The company disclosed that Hegde passed away in the early hours of Tuesday, marking a significant leadership transition for the firm. The Board of Directors has moved to ensure stability by directing the existing management team to continue managing the company's affairs and operations under its supervision.

Mr. Atul Jeevandharkumar Hegde held the position of Chairman & Managing Director and was recognized for his pivotal role in the company's growth and success. His tenure was characterized by his vision and leadership, which the company acknowledged as invaluable contributions over the years. The cessation of his role is effective immediately due to his death.

The Board of Directors, management, and employees expressed their deepest condolences to the bereaved family. In a filing to the National Stock Exchange of India Limited, the company emphasized its commitment to serving the interests of all stakeholders and maintaining business continuity during this period.

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation requires timely intimation of material events, including the death of a key managerial personnel who is also a promoter.

The following table details the key personnel change information submitted to the exchange: