Cubical Financial Services Limited has announced a significant change in its leadership and board composition following the completion of an Open Offer, resulting in a change of management and control. The board noted the resignation of the existing management and welcomed a new team, including the appointment of Mr. Manoj Agrawal as Managing Director and several new directors. Additionally, the company’s authorized share capital is proposed to be increased to ₹47.51 crore.
Management Change and Board Restructuring
Cubical Financial Services Limited has announced a substantial shift in its management and board structure following the successful completion of an Open Offer process. This event signifies a change in the management and control of the company. In line with this transition, the existing management has tendered their resignations, and a new management team has been appointed, subject to regulatory approvals.
Key Appointments and Leadership Changes
The Board of Directors has approved several key appointments and changes:Mr. Manoj Agrawal has been appointed as an Additional Director and subsequently designated as the Managing Director for a term of 5 years, effective October 19, 2026. The board also appointed Mr. Amit Kumar Saraogi as an Additional Director (Executive Director) and as the Chief Financial Officer, effective the same date. The company has also appointed Ms. Ritu Bansal, Mr. Shrikrishan Gupta, Ms. Komal Jain, Mr. Sudhanshu Shekhar, and Mr. Neeraj Bajaj as Additional Directors across various categories (Non-Executive, Independent, and Non-Independent). Several directors and the Chief Financial Officer have resigned from their positions, effective October 19, 2026.
Share Capital Increase Approved
In a significant move, the Board of Directors has also considered and approved a proposal to increase the Company’s Authorized Share Capital. The proposed increase will raise the authorized capital from the existing ₹29.51 crore to ₹47.51 crore. This increase will be achieved by altering the Memorandum of Association of the Company, subject to the approval of the shareholders in the upcoming General Meeting.
Borrowing Powers Enhanced
The Board has further approved an increase in the company’s borrowing powers, allowing Cubical Financial Services Limited to borrow sums of money up to ₹200 crore. This decision is in accordance with the provisions of the Companies Act, 2013.
Committee Reconstitutions
The meeting also saw the approval of the reconstitution of the Board and its Committees. The Audit Committee, Nomination and Remuneration Committee, and Stakeholders’ Relationship Committee have been restructured with new members and chairpersons.
Source: BSE
