Pratik Panels Limited has announced a comprehensive board restructuring following its board meeting held on January 20, 2026. The meeting, which commenced at 3:00 PM and concluded at 4:00 PM, resulted in significant leadership changes that will reshape the company's management structure.

Board Resignations

The company accepted two key resignations effective January 20, 2026. Mr. Pratik Satish Patil stepped down from his position as Whole-Time Director & CFO, while Mrs. Ashma Dilip Phadnis resigned from her role as Non-Executive Independent Director. Both resignations were attributed to other professional commitments, with both directors confirming that there were no material reasons for their departure beyond those mentioned in their resignation letters.

New Board Appointments

To fill the vacant positions, the board approved two strategic appointments effective January 21, 2026. Mr. Swapnil Shimpi has been appointed as Whole-Time Director & CFO for a three-year term ending January 20, 2029. Additionally, Mrs. Bhumika Nair has been appointed as Additional Non-Executive Independent Director for a five-year term concluding January 20, 2031.

Professional Profiles

The newly appointed directors bring substantial industry experience to Pratik Panels Limited. Mr. Swapnil Shimpi is a Management Graduate from Pune University with 32 years of experience across Textile, Retail & FMCG industries. His expertise includes controlling finance & accounts operations and ensuring compliance with local laws and regulations.

Mrs. Bhumika Nair brings over 10 years of specialized experience in the Healthcare industry, with particular expertise in technical functions including billing, claims, and underwriting in the insurance sector. She has extensive experience serving as claims authority and providing guidance on policy interpretation, legal issues, and significant loss management.

Regulatory Compliance

Both new appointments comply with regulatory requirements under SEBI regulations. The company has confirmed that neither appointee is debarred from holding directorial positions by SEBI or any other authority. Additionally, both directors meet the qualification criteria under Section 164 of the Companies Act, 2013.

The appointments are subject to shareholder approval at the company's upcoming Annual General Meeting, where both directors will be regularized in their respective positions. This board restructuring reflects Pratik Panels Limited's commitment to maintaining strong governance standards while bringing fresh expertise to guide the company's strategic direction.

Pratik Panels Limited has received formal approval from BSE Limited for the reclassification of two promoters from the 'Promoter and Promoter Group' category to the 'Public' category. The approval, dated January 6, 2026, marks the completion of a regulatory process that began with the company's board approval in November 2025.

BSE Approval Details

The exchange has granted no-objection for the reclassification under Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The approval covers the following individuals:

The approval letter, signed by Shyam Bhagirath (Manager, Listing Compliance) and Krishna Rathi (Deputy Manager, Listing Compliance), requires the company to ensure compliance with subsequent relevant disclosures of material events related to this reclassification.

Background of Reclassification

The reclassification process was initiated following a request letter received from the promoters on November 10, 2025. The Board of Directors had approved the reclassification during their meeting on November 14, 2025. Key factors supporting the reclassification included:

• Both promoters currently hold no shares in the company
• The promoters have confirmed they have no direct or indirect control over the company's affairs or decision-making processes
• Neither holds any positions as Directors or Key Managerial Personnel (KMP) in the company

Regulatory Timeline

The reclassification process followed a structured timeline:

Financial Results Approval

During the November 14, 2025 board meeting, the company also approved its financial documents for the quarter and half-year ended September 30, 2025, including IND-AS compliant Standalone Un-Audited Financial Results along with Limited Review Report and Cash Flow Statement.

The completion of this reclassification process represents a significant milestone in the company's corporate governance structure, formally recognizing the change in promoter status that reflects their current non-involvement in company operations and zero shareholding position.