JMG Corporation Ltd Updates Board Composition and Terminates Joint Development Agreement
JMG Corporation Ltd announced significant changes to its management and Board of Directors on April 27, 2026, following the successful takeover process. The company also reported the termination of a Joint Development Agreement (JDA) related to a power project.The Board of Directors convened on Monday, April 27, 2026, commencing at 12:30 P.M. and concluding at 5:30 P.M., to reconstitute the company's leadership structure.
Management and Board Restructuring
The company announced several appointments and resignations involving both key management personnel and directors, effective April 27, 2026.New Appointments
The Board approved the following appointments:- Mr. Neerav Bairagi (DIN: 08486843) was appointed as an Additional Director and subsequently as the Managing Director, subject to shareholder approval.
- Ms. Maya Bairagi (DIN: 10070430) was appointed as an Additional Director.
- Mr. Rahul Singh Jadaun (DIN: to be obtained) was appointed as an Additional Director and Non-executive Independent Director.
- Mr. Yashasvi Prateek (DIN: to be obtained) was appointed as an Additional Director and Non-executive Independent Director.
- Mr. Manprakash Verma was appointed as the Chief Financial Officer.
Key Resignations
The company reported the resignations of multiple executives and directors:| Individual | DIN | Former Position |
|---|---|---|
| Mr. Atul Kumar Mishra | 00297681 | Chairman and Managing Director |
| Mrs. Anita Mishra | 07950600 | Director |
| Mr. Subodh Kumar | 06990253 | Director |
| Mr. Satish Charan Kumar Patne | 00616104 | Independent Director |
| Mr. Vivek Bansal | 00616104 | Independent Director |
| Mr. Neeraj Jain | 02726637 | Independent Director |
| Mr. Sonu Kumar Varshney | N/A | Chief Financial Officer |
| Ms. Nisha Kumari | N/A | Company Secretary and Compliance Officer |
Termination of Joint Development Agreement
The Board approved the termination of the Joint Development Agreement (JDA) dated May 27, 2025. This agreement was originally executed between JMG Corporation Ltd. and AR Challenges Ltd., Israel, for the development of the MSW to Power Project at Saharanpur, Uttar Pradesh.The termination is attributed to Prolonged Force Majeure conditions arising from geopolitical instability and the war situation in Israel and the Middle East since October 2025. These conditions led to significant delays and the inability to achieve project milestones within the stipulated timelines.
The company noted that the Force Majeure provisions under the Agreement have been invoked, and a formal termination notice has been issued to the counterparty. JMG Corporation Ltd. stated that the aforesaid termination is not expected to have any material financial impact on the company.
Stock Price Movement
JMG Corporation Ltd settled at ₹5.80 on Monday, completing the day down 1.53%. Throughout trading, the shares moved within a tight intraday range, hitting a low of ₹5.60 and peaking at ₹5.80.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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