Grand Foundry Limited Reconstitutes Board and Key Management Post-Acquisition by SAR Televenture Limited

Grand Foundry Limited Reconstitutes Board and Key Management Post-Acquisition by SAR Televenture Limited​

Grand Foundry Limited announced significant changes to its board of directors and key managerial personnel, effective July 9, 2026, following the successful completion of an Open Offer that resulted in the acquisition of control and management of the company by SAR Televenture Limited. The Board meeting approved multiple appointments and noted several senior resignations as part of the corporate transition.

The changes include the appointment of four new directors and a Chief Financial Officer (CFO), alongside five executive departures. These decisions mark the reconstitution of the company's leadership in response to the change in control.

Key Appointments Approved by the Board​

Grand Foundry Limited approved the appointment of several individuals to strengthen its directorial and management structure:

• Deepak Chaudhary: Appointed as an Additional Director designated as Executive Director and Managing Director for a period of five consecutive years, subject to shareholder approval. Mr. Chaudhary has over 25 years of experience in the telecom infrastructure industry.
• Vikas Tandon: Appointed as an Additional Director designated as Whole-time Director for a term of five consecutive years, also subject to shareholder approval. A current officer at SAR Televenture Limited (the holding company), Mr. Tandon is noted to be a Chartered Accountant with extensive experience in finance and strategic planning.
• Paramjit Singh: Appointed as an Additional Director under the category of Non-Executive Non-Independent Director, effective from July 9, 2026. Mr. Singh brings over 40 years of experience across sales, marketing, and logistics.
• Arun Goel: Appointed as an Additional Director under the category of Non-Executive Independent Director for a term of five consecutive years, subject to shareholder approval. Mr. Goel confirmed that he meets independence criteria prescribed by governing regulations.
• Kamal Garg: Approved and appointed as the Chief Financial Officer (CFO) effective July 9, 2026. Mr. Garg is designated as a Key Managerial Personnel.

The detailed profiles of the newly appointed professionals are provided in the table below:

Management Resignations​

The Board also noted the resignations of five senior personnel, all effective at the close of business hours on July 9, 2026, due to the acquisition of control by SAR Televenture Limited:

• Aishwarya Singhvi: Stepped down as Non-Executive Independent Director. Ms. Singhvi confirmed that there were no material reasons for her resignation other than those stated in her resignation letter.
• Gaurav Goyal: Resigned from the office of Managing Director.
• Rakesh Kumar Bansal: Resigned as Whole Time Director.
• Saurabh Goyal: Resigned as Non-Executive Director.
• Nitin Gupta: Resigned as Chief Financial Officer, confirming no material reasons for his departure other than those stated in the resignation letter.

Operational and Administrative Updates​

The Board approved administrative changes related to the company's operations:

• Books of Account Location Change: The place where the books of account and relevant papers are kept was changed from "Office No. DSM-408, 4th Floor, DLF Towers, Shivaji Marg, Moti Nagar, New Delhi -110015" to "B-16, Sector-2, Noida -201301, Uttar Pradesh, India," effective July 9, 2026.
• Authorized Personnel: The updated list of Key Managerial Personnel authorized for making disclosures to Stock Exchanges was confirmed, including Deepak Chaudhary (Managing Director), Vikas Tandon (Whole Time Director), Sonia Arora (Company Secretary), and Kamal Garg (Chief Financial Officer).