Manorama Industries Limited held a Board Meeting on November 12, 2026, approving unaudited financial results for the quarter and half-year ended September 30, 2026. Key leadership changes were announced, including the resignation of Ashish Ramesh Saraf as Chairman & Managing Director and Vinita Ashish Saraf as Vice-Chairperson & Whole-time Director. Both have consented to new roles as President. Mr. Deep Saraf was appointed Additional Director, Managing Director, and Executive Director, and Mr. Mudit Kumar Singh was appointed Additional Director and Chairman of the Board. The company also approved postal ballot notices for member approval on these appointments and remuneration.
Board Meeting Outcome and Financial Results
Manorama Industries Limited convened its Board Meeting on Thursday, November 12, 2026, during which several critical matters were considered and approved. The Board reviewed and approved the unaudited financial results, both standalone and consolidated, for the quarter and half-year ended September 30, 2026. Alongside these financial updates, a Limited Review Report from M/s. Singhi & Co., Chartered Accountants, was taken on record. Additionally, the Monitoring Agency Report from CRISIL Ratings Limited concerning the utilization of Qualified Institutions Placement (QIP) proceeds for the quarter ended September 30, 2026, was noted.
Significant Leadership Transitions
The Board acknowledged the cessation of Mr. Ashish Ramesh Saraf from the office of Chairman & Managing Director, effective November 12, 2026. Consequent to his resignation and in the interest of management continuity, the Board approved his redesignation as President – Strategic Planning and Business Development. Similarly, Mrs. Vinita Ashish Saraf ceased to hold the office of Vice-Chairperson & Whole-time Director, with her resignation effective November 12, 2026. She has consented to a new role as President – Business Excellence & Development.
New Appointments and Board Elections
Further strengthening its leadership team, the Board approved the appointment of Mr. Deep Saraf as an Additional Director in the category of Executive Director (Whole-Time Director) for a term of five years, effective November 12, 2026, subject to member approval. Mr. Deep Saraf was also appointed as the Managing Director for a period of five years. Mr. Mudit Kumar Singh was appointed as an Additional Director (Executive Director) for five years and subsequently elected as the Chairman of the Board of Directors, effective November 12, 2026.
Approval for Postal Ballot and Future Actions
The company also approved a Postal Ballot Notice to seek member approval for the appointment of Mr. Deep Saraf as Director (Executive Director) and as Managing Director, and for Mr. Mudit Kumar Singh as Chairman and Director. Approval was also sought for the remuneration payable to Mr. Ashish Ramesh Saraf and Mrs. Vinita Ashish Saraf for their new roles. The cut-off date for determining eligibility for remote e-voting was set as Friday, November 20, 2026. M/s Mehta & Mehta, Company Secretaries, were appointed as Scrutinizers for the remote e-voting process, and MUFG Intime India Private Limited was appointed to provide the remote e-voting facility platform.
Key Managerial Personnel (KMP) Disclosure
The details of the Key Managerial Personnel (KMP) were approved for determining materiality of events and for disclosures to stock exchanges. The company also disclosed the details of Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 2026, along with the Limited Review Report, on its website and relevant stock exchanges.
Source: BSE
