Onida Electronics Announces Key Leadership Transitions and Management Appointments

Onida Electronics Announces Key Leadership Transitions and Management Appointments​

Onida Electronics Limited, formerly MIRC Electronics Limited, announced several significant leadership changes and key appointments following its Board of Directors meeting held on July 3, 2026. The board approved multiple management structure modifications, welcomed new directors, and noted the resignation of a senior executive, among other operational updates.

Key managerial changes include the appointment of Mr. Gunjan Srivastava as Chief Executive Officer and Additional & Managing Director, effective July 4, 2026. Mr. Srivastava has been serving as CEO since February 1, 2026, and will assume the combined role upon the change becoming effective.

The company also approved the appointment of two key finance professionals. Mr. Manish Desai was appointed as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), effective July 4, 2026. Additionally, Mr. Desai was named an Additional Director of the company and Whole-time Director and KMP for a period of three years, also effective from July 4, 2026, subject to shareholder approval.

In director appointments, Mr. Jayesh Gandhi was approved as an Additional Director (Independent Director) for a consecutive term of five years, effective July 4, 2026. Mr. Gandhi brings extensive experience in audit and financial advisory and is a Fellow Chartered Accountant (FCA).

On the management side, the company approved a change in designation for Mr. Kaval Mirchandani, who will transition from Managing Director to Whole-time Director of the company, effective July 4, 2026, subject to shareholder approval.

The board meeting also addressed the resignation of Mr. Shirish Suvagia from his roles as Whole Time Director and Chief Financial Officer, effective at the close of business hours on July 3, 2026. The company expressed appreciation for Mr. Suvagia's valuable contribution during his tenure, noting that he confirmed there were no material reasons for his resignation other than those detailed in his letter dated July 3, 2026.

Employee Stock Option Plan Approved​

The Board of Directors approved the grant of stock options to eligible employees under the MIRC Electronics Employee Stock Option Plan, 2023. The approval covered a total of 1,250,000 employee stock options.

Key terms related to the granted options include:

• Each option is entitled for allotment of one equity share at Re 1/- each.
• The exercise price is set at a 30% discount of the closing share price on June 25, 2026, and will not be lower than the exercise price established on May 20, 2026.
• Options are subject to vesting upon achieving certain performance milestones, which requires a minimum Vesting Period of one year.
• Vested options may be exercised by the Option Grantee anytime within two years from the Vesting Date.

ONIDA Stock Price Movement​

Onida Electronics Limited shares climbed 1.66% on Friday after the stock settled at ₹44.36. The equity traded amidst strong buying interest, reporting a volume of 597,232 shares.