Zen Technologies , a prominent player in the defense training simulation sector, has announced significant changes in its top management and board composition. The company has disclosed two key developments: the resignation of its Chief Financial Officer (CFO) and the completion of tenure for an Independent Director.

CFO Resignation

Mr. Afzal Harunbhai Malkani, who has been serving as the Chief Financial Officer and Key Managerial Personnel of Zen Technologies, has submitted his resignation. According to the company's filing with the stock exchanges:

• Resignation Date: November 2, 2025
• Effective Date: Close of business hours on November 30, 2025
• Reason: To pursue better opportunities and career prospects

In his resignation letter, Malkani expressed gratitude to the Managing Director and Board of Directors for the opportunity and guidance received during his tenure. He has committed to completing all handover formalities by his last day of service.

Independent Director's Tenure Completion

Simultaneously, Zen Technologies announced the completion of Dr. Ajay Kumar Singh's tenure as an Independent Director. Key details include:

• Name: Dr. Ajay Kumar Singh (DIN: 08532830)
• Cessation Date: November 2, 2025
• Reason: Completion of second consecutive term as an Independent Director

The Board of Directors and Management have placed on record their appreciation for Dr. Singh's valuable contributions and guidance during his association with the company.

Impact and Next Steps

These changes in the company's leadership structure come at a crucial time for Zen Technologies. The departure of a key financial executive and an experienced board member may pose challenges in terms of continuity and expertise. However, it also presents an opportunity for the company to bring in fresh perspectives and potentially realign its strategic direction.

Zen Technologies has not yet announced replacements for either position. Investors and stakeholders will likely be keen to see how the company manages this transition and who it appoints to these critical roles.

As Zen Technologies navigates these changes, the market will be watching closely for any impacts on the company's financial management and corporate governance. The company's ability to smoothly transition these roles will be crucial in maintaining investor confidence and operational stability.

Zen Technologies Limited, a leader in defense simulation technologies, has successfully completed the acquisition of a 76% equity stake in Anawave Systems Solutions Private Limited (ASSPL). This strategic move, which was initially announced as a plan to expand its portfolio in the naval simulation sector, has now been finalized.

The company disclosed the completion of the acquisition to the stock exchanges NSE and BSE, in compliance with SEBI listing regulations. Detailed disclosures were provided in their earlier communication dated November 05, 2025.

Key Details of the Acquisition

About Anawave Systems Solutions Private Limited

ASSPL, incorporated in September 2016, has shown significant growth in recent years:

The company specializes in designing and implementing realistic scenario-based training systems for naval forces. Their expertise includes integrating advanced analytics and ensuring compatibility with existing naval command and control systems.

Strategic Implications

This acquisition significantly enhances Zen Technologies' defense simulation portfolio. By incorporating ASSPL's advanced tactical and combat training simulation technologies for naval forces, Zen Technologies aims to complement its existing land and naval simulation capabilities.

Transaction Details

The acquisition was executed through:

1. A Share Purchase Agreement (SPA) dated November 5, 2025
2. A Share Subscription and Shareholders' Agreement (SSSHA) dated November 5, 2025

These agreements outlined the terms for acquiring existing shares and subscribing to new shares issued by ASSPL.

Current Status

With the completion of this acquisition, ASSPL has now become a subsidiary of Zen Technologies. This move is expected to broaden Zen's integrated defense training offerings, potentially strengthening its position in the defense simulation market.

The successful completion of this acquisition marks a significant milestone for Zen Technologies in its strategy to expand its capabilities in the naval simulation sector.