Neelkanth Ltd. Board Approves AOA Amendment, Announces Leadership Changes with Bhavik Bhimjyani Appointment

Neelkanth Ltd. Board Approves AOA Amendment, Announces Leadership Changes with Bhavik Bhimjyani Appointment​

Neelkanth Ltd. held a Board of Directors meeting on April 21, 2026, where key corporate governance decisions were made. The board approved amendments to the Articles of Association (AOA), noted the resignation of a senior executive, and formalized the appointment of a new managing director, Bhavik Bhimjyani.

Leadership and Director Changes​

The board meeting saw the resignation of Mr. Yogesh Dawda from his roles as Chairman, Wholetime Director, and Chief Executive Officer (CEO). Mr. Dawda tendered his resignation on April 21, 2026, citing personal commitments and pre-occupation, and his tenure concluded effective close of business hours on the same day.

In a significant change in leadership, the board recommended and proceeded with the appointment of Mr. Bhavik Bhimjyani as an Additional Director. Mr. Bhimjyani was appointed in the capacity of Chairman & Managing Director. This appointment, effective from April 21, 2026, is set for a term of five years, concluding on April 20, 2031, and is subject to the approval of the company's members.

Details regarding Mr. Bhimjyani's professional background note that he is a Promoter of the Company. He holds an MBA from the Wharton School of Management, University of Pennsylvania. His experience includes working in the Mergers and Acquisitions Group at Lazard Freres in New York and the Technology Group at Merrill Lynch Investment Bank in New York, USA. The board noted that Mr. Bhimjyani is not related to any of the existing Directors or Key Managerial Personnel of the Company.

Corporate Governance Approvals​

The board also approved critical corporate structural changes:

Amendment to Articles of Association (AOA): The directors approved amending the AOA by inserting a new provision under the head 'Board of Directors.' This new provision proposes flexibility by allowing a single individual to be appointed simultaneously as the Chairperson of the Company, as well as the Managing Director or Chief Executive Officer. This amendment is subject to the approval of the company's members.

Postal Ballot Notice: The board gave approval to the Notice for a Postal Ballot, which is intended to seek member approval for three key resolutions:
1. Amendment of the Articles of Association.
2. Appointment of Mr. Devidas Jayram Shejul (DIN: 10868647) as an Independent Director.
3. Appointment of Mr. Bhavik Bhimjyani as Chairman & Managing Director of the Company.

Furthermore, the board approved the appointment of CS Hemanshu Upadhyay, Proprietor of M/s HRU & Associates, Company Secretaries, to serve as the Scrutinizer for the Postal Ballot's e-voting process.

Key Managerial Personnel (KMP) Structure​

Following the management changes, the board confirmed the current structure of Key Managerial Personnel (KMP). The company’s composition of the Board of Directors remains in line with the requirements of the Companies Act, 2013.

The present authorized Key Managerial Personnel are as follows:


The meeting of the Board of Directors commenced at 12:30 p.m. and concluded at 01:15 p.m. on April 21, 2026.

Stock Price Movement​

Neelkanth Ltd-$ shares finished on Friday at ₹31.81, reflecting a strong gain of +4.98% for the shares. However, the stock traded completely flat throughout the session, holding steady at the ₹31.81 price point.