VR Woodart Limited , a company listed on the Bombay Stock Exchange, has announced comprehensive changes to its corporate structure and business operations following a board meeting held on December 23, 2025. The company continues its leadership transformation while expanding into new business verticals.

Leadership Remuneration and New Appointments

The board has approved remuneration packages for recently appointed directors and made additional key appointments:

All appointments are subject to shareholder approval at the upcoming Extraordinary General Meeting scheduled for January 14, 2026.

Committee Restructuring

Following the management changes, the company has reconstituted its key committees:

Audit Committee: Mr. Manish Jhanwar (Chairman), Mrs. Madhura Singh, and Mr. Tejas Narendra Patil

Nomination and Remuneration Committee: Mr. Manish Jhanwar (Chairman), Mr. Abhijeet Krishna Yerukar, and Mr. Tejas Narendra Patil

Stakeholders Relationship Committee: Mrs. Madhura Singh (Chairperson), Mr. Abhijeet Krishna Yerukar, and Mr. Tejas Narendra Patil

Auditor Change and Business Expansion

The board appointed M/s. KPN & Co. Chartered Accountants as statutory auditors to fill the casual vacancy caused by the resignation of M/s. Thakur Vaidyanath Aiyar & Co. The new auditors will serve until the next annual general meeting.

Significantly, the company has proposed changing its name from V.R. Woodart Limited to Megamont Limited, subject to regulatory and shareholder approvals. This change aligns with the company's expansion into petroleum products and mining operations.

New Business Verticals

The company plans to alter its Memorandum of Association to include trading and dealing in petroleum products and carbon materials, including petroleum coke, calcined petcoke, coal, graphite, and carbon products. Additionally, the business scope will extend to iron ore, manganese ore, bauxite, limestone, gypsum, and other metallic and non-metallic minerals, along with mining-related activities.

Corporate Changes

The registered office will shift from Walkeshwar, Mumbai to Marol MIDC, Andheri East, Mumbai. The company has scheduled an Extraordinary General Meeting for January 14, 2026, to seek shareholder approval for all proposed changes, marking a significant transformation in the company's business model and corporate structure.

V R Woodart Limited , a company listed on the Bombay Stock Exchange (BSE: 523888), has announced significant changes in its leadership and released its financial results for the first quarter.

Leadership Transition

The company has undergone a change in its Chief Financial Officer (CFO) position. Mr. Anwar Shaikh has stepped down from his role as CFO, effective August 5, 2025, citing pre-occupation as the reason for his departure. However, Mr. Shaikh will continue to serve as a Whole Time Director of the company.

Following this resignation, the Board of Directors has appointed Mr. Sudesh Pingale as the new Chief Financial Officer, commencing his role on August 6, 2025. Mr. Pingale brings over 20 years of experience in financial analysis, reporting, and strategic decision-making to the position. He holds a Master's degree in Business Management with a focus on Finance and International Trade, and his background spans diverse sectors including textile manufacturing, healthcare, and media production.

Q1 Financial Results

V R Woodart Limited has released its unaudited financial results for the quarter ended June 30, 2025. The key highlights of the financial performance are as follows:

The company reported no revenue from operations or other income for the quarter. Total expenses increased significantly to ₹37.56 lacs compared to ₹1.96 lacs in the same quarter of the previous year. Consequently, the loss for the period widened to ₹37.56 lacs from ₹1.96 lacs year-over-year.

Other Key Developments

1. The Board has recommended the re-appointment of Mr. Anwar Shaikh as Whole Time Director, subject to shareholder approval at the upcoming Annual General Meeting (AGM).

2. Mr. Amit Sagar Kochar has been recommended for appointment as the Secretarial Auditor of the company for a term of five years.

3. The 35th AGM of the company is scheduled for September 15, 2025, to be held via video conferencing.

4. The company's auditors have emphasized that while the company's net worth has been completely eroded and operations are limited, the accounts have been prepared on a going concern basis.

5. V R Woodart Limited has previously approved a preferential issue of equity shares and convertible warrants, which is expected to bring in fresh capital to address outstanding liabilities and meet working capital requirements.

Despite the current financial challenges, the management remains committed to exploring opportunities and maintaining the company as a going concern. The appointment of a new CFO and the planned capital infusion through the preferential issue are steps aimed at steering the company towards a more stable financial position.

Investors and stakeholders will be watching closely to see how these changes and strategies impact the company's performance in the coming quarters.