Yaap Digital Limited has appointed Laxmiraj Seetharam Nayak as its Chairman & Managing Director for a term of three years, effective July 14, 2026, to oversee the company's business operations following the sudden demise of former Chairman & Managing Director Atul Hegde. The Board of Directors approved the appointment during a meeting held on July 14, 2026. Nayak was also inducted as an Additional Director, holding office until the conclusion of the next Annual General Meeting, subject to shareholder approval.

The company has reconstituted its key board committees, effective immediately, to include the new leadership. Laxmiraj Seetharam Nayak has been designated as the Chairperson of the Corporate Social Responsibility Committee and serves as a member on the Audit Committee and the Stakeholders Relationship Committee. The other members of these committees include Jagadesh Babu Botta and Vandana Maithani, both Independent Directors.

Laxmiraj Seetharam Nayak, also known as Raj Nayak, brings over three decades of experience in building and leading media organisations. His career includes executive roles at STAR TV, NDTV Media Pvt. Ltd., and Viacom18 Media Pvt. Ltd. He is the Founder and former Managing Director of House of Cheer Networks Private Limited and founded happyness.me, a workplace culture platform.

Nayak has held leadership positions such as President of The Advertising Club and the International Advertising Association (IAA) India Chapter. He has received several honours, including the Media Person of the Year award at the IAA Leadership Awards and induction into the International Advertising Association Hall of Fame. He is not related to any other director of the company and is not debarred from holding the directorship by any regulatory authority.

Board Committee Composition

The following table details the composition of the reconstituted committees:

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.