Cupid Breweries and Distilleries Reports Resignation of Independent Director Arpit Shah

Cupid Breweries and Distilleries Reports Resignation of Independent Director Arpit Shah​

Cupid Breweries and Distilleries Limited, which was previously known as Cupid Trades and Finance Limited, announced the resignation of Independent Director Mr. Arpit Shah. The resignation was effective from April 06, 2026.

The Board of Directors acknowledged Mr. Shah's valuable contributions during his tenure as an Independent Director and wished him success in his future endeavors. Following his departure, he will also cease to be a member of the Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship Committee of the Company.

According to details provided for regulatory reporting, Mr. Arpit Shah (DIN: 07499195) resigned as an Independent Director due to reasons relating to governance processes, effective April 06, 2026. He confirmed that there were no material reasons for his resignation other than those stated in the resignation letter.

Mr. Shah's letter of resignation, dated April 06, 2026, detailed several concerns leading to his decision to step down from the Board, including his role on various committees. He cited a lack of adequate internal controls and unaddressed deviations from established governance processes.

Concerns highlighted in the resignation letter included the short notice given for Board and Committee meetings, which sometimes resulted in agenda papers being circulated only a few hours before the meetings. Specific instances cited included:

• 12th Board Meeting (BM) and 9th Audit Committee Meeting (ACM): Notice and agenda papers were received on January 29, 2026, for meetings held on January 03, 2026.
• 11th Board Meeting (BM) and 8th Audit Committee Meeting (ACM): Notice and agenda papers were received on January 03, 2026, for meetings held on January 03, 2026.
• 9th Board Meeting (BM) and 6th Audit Committee Meeting (ACM): Notice and agenda papers were received on November 18, 2026, for meetings held on November 18, 2026.

Mr. Shah further noted that the functioning at the executive management level had become increasingly unilateral, creating a decision-making environment characterized by a monologue, which materially limited the ability of Independent Directors to contribute effectively and impacted governance transparency.

The company confirmed that it continues to maintain appropriate governance practices and processes in compliance with applicable laws.

For reference, the company details are:

The resignation was confirmed by the company's CFO and Company Secretary, Sachin Rawat.

Stock Price Movement​

Cupid Breweries And Distilleries Ltd finished Tuesday at ₹23.48, climbing 4.96% for the session. The shares were locked in place throughout the day, as the intraday range remained completely flat at ₹23.48.

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