Indian Link Chain Manufactures Ltd has disclosed significant changes in its corporate structure, including the resignation of its statutory auditor and two independent directors.

Statutory Auditor Resignation

Background of the Auditor's Appointment

The auditing firm had a relatively short tenure with Indian Link Chain Manufactures Ltd:

• Initially appointed to fill a casual vacancy on February 14, 2024
• Subsequently appointed for a five-year term from September 28, 2024
• Original term was scheduled to expire at the annual general meeting in 2029

Company's Statement on Auditor Resignation

The company has confirmed that the resigning auditors did not raise any concerns or issues regarding the company's management.

Independent Directors' Resignation

In addition to the auditor's resignation, the company announced the resignation of two Independent Directors:

• Mr. Ashok Jain
• Mr. Jaynish Kothari

Key Details of Directors' Resignation

• Effective Date: November 7, 2025
• Reason: Change in management and control of the company pursuant to a takeover
• Date of Submission: November 6, 2025

Both directors will also cease to be members of the Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship Committee. They confirmed that there are no other material reasons for their resignation beyond those stated, and neither holds directorships or committee memberships in any other listed entities.

Regulatory Compliance

In adherence to regulatory requirements, Indian Link Chain Manufactures Ltd has:

1. Informed the BSE Limited about the auditor's resignation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2. Provided the reason for resignation as stated in the auditor's letter
3. Confirmed compliance with SEBI Circular CIR/CFD/CMD1/114/2019 dated October 18, 2019

Implications and Next Steps

The resignation of the statutory auditor and two independent directors, particularly in the context of a takeover, marks a significant transition for Indian Link Chain Manufactures Ltd. These changes may raise questions among investors about the company's future direction and governance.

Investors and stakeholders will likely be keen to know about the appointment of a new statutory auditor and new independent directors, which the company is expected to announce in due course.

Indian Link Chain Manufactures Ltd, with its registered office in Mumbai, continues to operate under the leadership of Mr. Vishal Thakkar, the Managing Director. As the company navigates this transition, maintaining clear communication with shareholders and regulatory bodies will be crucial for upholding market confidence and ensuring a smooth transition following the takeover.

Indian Link Chain Manufactures Limited (ILCML) has unveiled significant changes to its board of directors, signaling a new chapter in the company's leadership. The restructuring, announced on November 6, 2025, includes the appointment of a new Managing Director and several board members, alongside the resignation of three existing directors.

Key Appointments

The company has made the following key appointments, subject to shareholder approval:

New Leadership Profile

Anay Chodankar, the newly appointed Managing Director, brings experience from his role as Director at RRP Electronics Limited. With a background in Mechanical Engineering from Brunel University, London, and experience in AI facial recognition software in Japan, Chodankar is set to lead ILCML with a focus on innovation and operational efficiency.

Board Resignations

Concurrent with these appointments, the following directors have resigned, effective November 7, 2025:

• Ashok Jain (Non-Executive Independent Director)
• Jaynish Kothari (Non-Executive Independent Director)
• Bhavika Thakkar (Non-Executive Director)

The resignations are attributed to a change in management and control pursuant to a takeover.

Family Ties and Governance

It's worth noting that Anay Chodankar is the son of newly appointed Non-Executive Director Rajendra Chodankar, who brings over four decades of experience in the technology consulting industry, specializing in electro-optics.

Compliance and Expertise

The company has confirmed that none of the new appointees are debarred from holding directorship positions by SEBI or any other authority. The independent directors, Gajanan Godbole and Riddhita Agrawal, have affirmed their independence as per the Companies Act, 2013 and SEBI regulations.

Conclusion

This board restructuring marks a significant shift in ILCML's leadership, potentially setting the stage for new strategic directions and operational approaches. Shareholders and market observers will likely be watching closely to see how these changes impact the company's future performance and governance.