Ganesh Consumer Products Limited Announces Director Resignations Following Board Meeting

2 min read     Updated on 16 Mar 2026, 09:58 PM
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Ganesh Consumer Products Limited completed its board meeting on March 16, 2026, resulting in the resignation of two directors. Independent Director Sunil Chandiramani resigned to pursue other opportunities after serving since 2018, while Non-Executive Director Rohit Mantri resigned due to increased professional commitments. Both resignations were effective from close of business hours on March 16, 2026, with proper regulatory compliance maintained.

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Ganesh Consumer Products Limited has announced the resignation of two key directors following its board meeting held on March 16, 2026. The company, formerly known as Ganesh Grains Limited, communicated these leadership changes to BSE Limited and National Stock Exchange of India Limited under Regulation 30 compliance requirements.

Director Resignations

The board accepted resignations from two directors effective from close of business hours on March 16, 2026:

Departing Director: Position DIN Impact
Mr. Sunil Rewachand Chandiramani Independent Director 00524035 Ceases as Chairman of Audit, Risk Management, and Nomination & Remuneration Committees
Mr. Rohit Brijmohan Mantri Non-Executive Non-Independent Director 07435803 Resignation due to increased professional commitments

Resignation Details

Mr. Sunil Rewachand Chandiramani, who joined the company in 2018, cited his desire to pursue other opportunities and experiences for professional and personal growth. In his resignation letter, he specifically highlighted the exceptional business acumen of Managing Director Shri Manish Mimani and expressed satisfaction with witnessing the company's evolution into a listed public entity.

Mr. Rohit Brijmohan Mantri resigned due to increased professional commitments and responsibilities. Both directors confirmed that there are no material reasons for their resignations other than those stated in their respective resignation letters.

Other Directorships

Mr. Sunil Rewachand Chandiramani currently holds independent director positions in several listed entities:

Company: Position Committee Roles
Rupa & Company Limited Independent Director Risk Management Committee (Chairman)
Sapphire Foods India Limited Independent Director Audit Committee (Chairman), Stakeholder Relationship Committee (Member)
Updater Services Limited Independent Director Audit Committee (Chairman), Risk Management Committee (Chairman)
Kalpataru Limited Independent Director Audit Committee (Member), Nomination and Remuneration (Member)

Regulatory Compliance

The resignations comply with SEBI regulations under the Listing Obligations and Disclosure Requirements. The board expressed sincere appreciation for the contributions made by both directors during their association with the company. All information has been made available on the company's website under the Investor Relations section.

Company Background

Ganesh Consumer Products Limited operates from Trinity Tower, Kolkata, and maintains its commitment to transparent governance practices while ensuring proper regulatory disclosure standards. The company continues to focus on its consumer products business while managing the transition in board composition.

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Ganesh Consumer Products Utilizes Rs.68.35 Crore of IPO Proceeds in Q3FY26, Reports No Deviations

2 min read     Updated on 13 Feb 2026, 04:30 PM
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Ganesh Consumer Products Limited utilized Rs.68.35 crore of its Rs.130 crore IPO proceeds in Q3FY26, with Rs.60.00 crore for loan repayment, Rs.2.46 crore for capex, and Rs.5.89 crore for issue expenses. CARE Ratings found no deviations from disclosed objectives, while Rs.61.65 crore remains deployed in fixed deposits earning 5.80%-7.10% returns.

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Ganesh Consumer Products Limited has filed its quarterly monitoring agency report with stock exchanges, detailing the utilization of proceeds from its Rs.130 crore Initial Public Offering during the quarter ended December 31, 2025. The report, prepared by CARE Ratings Limited as the monitoring agency, confirms compliance with regulatory requirements under SEBI LODR 2015.

IPO Proceeds Utilization Overview

During Q3FY26, the company utilized Rs.68.35 crore of the total Rs.130 crore raised through its IPO, leaving Rs.61.65 crore unutilized. The monitoring agency reported no deviations from the objects disclosed in the offer document, indicating proper adherence to the stated fund utilization plan.

Utilization Category Amount Utilized (Rs. Crore) Total Allocation (Rs. Crore) Remaining (Rs. Crore)
Loan Repayment 60.00 60.00 0.00
Capital Expenditure 2.46 45.00 42.54
Issue Expenses 5.89 10.80 4.91
General Corporate Purposes 0.00 14.20 14.20
Total 68.35 130.00 61.65

Key Fund Deployment Activities

The company successfully completed its primary objective of loan repayment, utilizing the entire allocated Rs.60.00 crore to repay working capital credit line loans. This included Rs.30.00 crore each to Yes Bank and Axis Bank, as specified in the IPO prospectus.

For capital expenditure, Rs.2.46 crore was deployed toward setting up the roasted gram flour and gram flour manufacturing unit in Darjeeling, West Bengal. The funds were used for purchasing equipment as per the project timeline, with Rs.42.54 crore remaining for future capex requirements.

Unutilized Funds Management

The company has strategically deployed the unutilized Rs.61.65 crore across various financial instruments to optimize returns while maintaining liquidity:

Investment Type Amount (Rs. Crore) Return Rate (%) Maturity
AU Small Finance Bank FDs 50.00 6.35-7.10 April-October 2026
Axis Bank FD 5.19 5.80 January 2026
Bank Balances 6.46 - -

Compliance and Timeline Status

CARE Ratings confirmed that the loan repayment objective was completed ahead of schedule on October 30, 2025, against the target date of March 31, 2026. The capital expenditure project remains on track with a completion timeline of March 31, 2027. No funds were utilized for general corporate purposes during the quarter, maintaining the full Rs.14.20 crore allocation for future requirements.

IPO Details and Regulatory Framework

The company's IPO was conducted from September 22-24, 2025, issuing 40,39,687 equity shares compared to the proposed 40,40,457 shares. The slight reduction of 770 shares resulted in a value difference of Rs.260 from the original proposal. The monitoring is conducted under Regulation 32(6) of SEBI LODR 2015, ensuring transparent reporting of fund utilization to investors and regulatory authorities.

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