Sadbhav Engineering Limited , a prominent infrastructure development company, has announced the resignation of Jatin Thakkar from his position as Non-Executive Director. The company disclosed this information in a regulatory filing to the stock exchanges.

Key Details of the Resignation

Impact on Company Structure

The resignation of Jatin Thakkar affects the composition of Sadbhav Engineering's board of directors. As per the company's statement, Thakkar will be relieved from his roles and responsibilities after the close of normal office hours on the specified date.

Regulatory Compliance

Sadbhav Engineering Limited has made this announcement in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has provided the necessary details as required under the SEBI regulations, including the reason for the change and the effective date of cessation.

Company's Statement

In its filing, Sadbhav Engineering stated, "Mr. Jatin Thakkar (DIN: 09312406) has tendered his resignation as a Non-Executive Director of the Company with effect from 12/11/2025, due to his personal reasons and to explore another opportunity."

The company has not announced any immediate plans for replacing Thakkar on the board.

Catalyst Trusteeship Limited has taken a significant action against Sadbhav Engineering , invoking a pledge on a substantial portion of the company's shares. This development comes in the wake of default events and failure to meet debt obligations related to non-convertible debentures issued by Sadbhav Infrastructure Project Limited.

Pledge Invocation Details

Catalyst Trusteeship Limited, acting as the debenture trustee for the benefit of debenture holders, invoked a pledge over 1,83,50,000 equity shares of Sadbhav Engineering. This represents 10.70% of the company's total share capital, which stands at 17,15,70,800 shares.

Background of the Pledge

The pledged shares were originally secured through a deed. The pledgors involved in this arrangement were:

1. Sadbhav Finstock Private Limited
2. Shashin Vishnubhai Patel

Both entities had provided these shares as collateral for the non-convertible debentures issued by Sadbhav Infrastructure Project Limited.

Regulatory Disclosure

In compliance with Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, Catalyst Trusteeship Limited filed a disclosure. The disclosure, signed by Deesha Srikkanth, Senior Vice President of Catalyst Trusteeship Limited, provides detailed information about the share acquisition resulting from the pledge invocation.

Impact on Shareholding

The invocation of the pledge has resulted in a significant change in the shareholding pattern of Sadbhav Engineering. The details are as follows:

Implications

This event signals financial stress for Sadbhav Infrastructure Project Limited, the issuer of the non-convertible debentures. The invocation of the pledge by Catalyst Trusteeship Limited suggests that there have been difficulties in meeting the debt obligations associated with these debentures.

For Sadbhav Engineering, this development could potentially lead to changes in the company's ownership structure and may have implications for its future strategic decisions.

Investors and stakeholders of both Sadbhav Engineering and Sadbhav Infrastructure Project Limited will likely be closely monitoring the situation for any further developments or potential impacts on the companies' operations and financial health.