Riddhi Display Equipments Limited Board Meeting Outcome: CFO and Director Changes
Riddhi Display Equipments Limited completed significant board-level changes on February 16, 2026, including CFO transition to Mr. Laxmanbhai Vavesa with 17 years experience and appointment of Dr. Alpeshkumar Gajera as Independent Director, with all changes complying with SEBI regulations.
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Riddhi Display Equipments Limited has announced significant leadership changes following its board meeting held on February 16, 2026. The company disclosed these developments in a comprehensive regulatory filing pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
CFO Transition
The board noted the resignation of Mr. Vandankumar Mahendrabhai Dave from the position of Chief Financial Officer due to his preoccupation elsewhere. In his resignation letter dated February 13, 2026, Mr. Dave confirmed his resignation was due to personal reasons with no other material reasons. He was relieved from his duties with effect from the close of business hours on February 16, 2026.
| Position: | Outgoing CFO | Incoming CFO |
|---|---|---|
| Name: | Mr. Vandankumar Mahendrabhai Dave | Mr. Laxmanbhai Thakarshibhai Vavesa |
| Effective Date: | Cessation - February 16, 2026 | Appointment - February 16, 2026 |
| Reason: | Preoccupation elsewhere | New appointment |
| Experience: | Not specified | 17 years in accounting and finance |
The board simultaneously approved the appointment of Mr. Laxmanbhai Thakarshibhai Vavesa as the new Chief Financial Officer with effect from February 16, 2026. Mr. Vavesa possesses overall experience of 17 years in the field of accounting and finance, specifically in kitchenware items. He has independently handled sales and marketing of display and kitchen equipment items across India and brings deep knowledge and expertise in finance and accounts. The company confirmed that Mr. Vavesa is not related to any director or key managerial personnel of the company.
Independent Director Changes
The board also witnessed changes in its independent director composition. Mrs. Grishma Ajay Shewale (DIN: 10685826) resigned from her position as Independent Director due to personal reasons, with effect from business hours of February 16, 2026. In her resignation letter dated February 13, 2026, she confirmed there were no other material reasons for her resignation beyond personal reasons. The board placed on record its appreciation for her valuable contribution during her tenure.
| Position: | Outgoing Director | Incoming Director |
|---|---|---|
| Name: | Mrs. Grishma Ajay Shewale | Dr. Alpeshkumar Chandulal Gajera |
| DIN: | 10685826 | 11527339 |
| Effective Date: | February 16, 2026 | February 16, 2026 |
| Status: | Resignation | Additional Director (subject to shareholder approval) |
| Other Directorships: | 3 listed companies | Not specified |
Dr. Alpeshkumar Chandulal Gajera (DIN: 11527339) was appointed as Additional Director designated as Independent Director with effect from February 16, 2026, subject to approval of shareholders. The board confirmed that he meets all regulatory requirements, including independence criteria under Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of SEBI (LODR) Regulations, 2015.
New Independent Director Profile
Dr. Alpesh C. Gajera brings significant academic and research credentials to the board. He is an accomplished academician and researcher in management with over 16 years of teaching and administrative experience. Currently serving as Associate Professor and Dean at Darshan Institute of Management, Darshan University, he holds a Ph.D. in Management along with MBA (Finance & Marketing), BBA, UGC-NET, and GSET qualifications.
His professional experience includes previous roles with reputed institutions such as Marwadi University and Shri Sunshine Group of Institutions, where he held key positions including Program Head and University Coordinator. Dr. Gajera specializes in Financial Management, Research Methodology, Derivatives, and Portfolio Management, and has guided numerous MBA research projects. He has published extensively in Scopus-indexed and UGC-CARE journals and presented papers at national and international conferences.
Regulatory Compliance and Meeting Details
The board meeting commenced at 04:00 PM and concluded at 04:30 PM on February 16, 2026. All appointments and changes comply with SEBI regulations, with additional details provided pursuant to SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The company confirmed that both new appointees are not debarred from holding their respective positions by virtue of any SEBI order or other authority.
The regulatory filing was signed by Managing Director Shailesh Ratilal Pipaliya (DIN: 00832768) and submitted to BSE Limited under script code 544640. The company has committed to completing all necessary handover and transition formalities to ensure smooth operations during the leadership transition.
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