Jhaveri Credits & Capital Limited , a financial services company, has announced significant changes to its board of directors and key management personnel. The company's board meeting on September 24, 2025, resulted in several important decisions that are set to shape the company's future governance structure.

New Independent Director Appointed

Mr. Jayeshkumar Madhavlal Patel has been appointed as an Additional Director (Non-Executive, Independent) of the company for a term of five years, effective September 24, 2025. This appointment is subject to shareholder approval. Mr. Patel brings over four decades of experience in the textile industry to the board. He holds a Diploma in Textile Chemistry and currently serves as a Director of Shivshakti Tradelink Private Limited.

New Company Secretary and Compliance Officer

The board has also approved the appointment of Mr. Gaurav Pramodkumar Shrimankar as the Company Secretary and Compliance Officer. Mr. Shrimankar, an Associate member of The Institute of Company Secretaries of India (ICSI), will serve as a Key Managerial Personnel. He brings expertise in corporate governance, compliance, and strategic advisory to his new role.

Resignation of Independent Director

Mr. Pranav Gokulbhai Patel has resigned from his position as an Independent Director, effective from the closing hours of September 24, 2025. The resignation was attributed to increasing commitments in his personal business, which would prevent him from devoting the necessary time and attention to his role as an Independent Director.

Committee Restructuring

Following these changes, the board has reconstituted all committees, inducting Mr. Jayeshkumar Madhavlal Patel in place of Mr. Pranav Gokulbhai Patel.

These appointments and changes reflect Jhaveri Credits & Capital Limited's commitment to maintaining strong corporate governance and ensuring a diverse skill set within its leadership team. The new appointments are expected to bring fresh perspectives and industry expertise to the company's strategic decision-making processes.

Shareholders will have the opportunity to approve Mr. Jayeshkumar Madhavlal Patel's appointment at the next general meeting. The company has affirmed that Mr. Patel is not debarred from holding the office of Director by virtue of any SEBI order or any other authority.

These board-level changes come as Jhaveri Credits & Capital Limited continues to navigate the dynamic financial services landscape, aiming to strengthen its position in the market and enhance value for its stakeholders.

Jhaveri Credits & Capital Limited (JCCL) has taken a significant step towards its proposed merger with U R Energy (India) Private Limited, as both equity shareholders and unsecured creditors unanimously approved the Scheme of Arrangement in separate meetings held on August 2, 2025.

Shareholder Meeting Highlights

The equity shareholders' meeting, convened as per the order of the National Company Law Tribunal (NCLT), Ahmedabad Bench, was conducted virtually at 2:30 PM IST. Mr. L.N. Gupta, a retired IAS officer and former NCLT member, chaired the proceedings.

Key points from the shareholders' meeting:

• A total of 5,087,617 votes were polled, representing 56.62% of the company's total shares.
• The resolution to approve the Scheme of Arrangement received 100% votes in favor.
• Promoter and promoter group cast 4,775,909 votes, while public non-institutions cast 311,708 votes.

Unsecured Creditors' Approval

Following the shareholders' meeting, JCCL held a separate meeting for unsecured creditors at 4:00 PM IST on the same day. Notable aspects of this meeting include:

• Only one unsecured creditor participated, constituting the required quorum.
• The meeting was initially deferred by 30 minutes due to quorum requirements.
• The sole participating creditor voted in favor of the Scheme of Arrangement, resulting in 100% approval.

E-Voting Process

For both meetings, JCCL provided remote e-voting facilities:

• E-voting was available from July 30, 2025, 9:00 AM IST to August 1, 2025, 5:00 PM IST.
• Additional e-voting options were provided during the respective meetings.
• Mr. Mohammed Arkam G. Shaikh, an Advocate & Company Secretary, served as the scrutinizer for the e-voting process.

Implications of the Approval

The unanimous approval from both shareholders and creditors marks a crucial milestone in JCCL's merger plans with U R Energy (India) Private Limited. This development paves the way for further regulatory processes and brings the company closer to finalizing the merger.

Parth Sanghavi, Chief Financial Officer of Jhaveri Credits & Capital Limited, confirmed that the voting results and meeting proceedings would be submitted to the BSE Limited and made available on the company's website.

As the merger process progresses, market participants will be keenly watching for potential synergies and growth opportunities that may arise from this strategic move by Jhaveri Credits & Capital Limited.