Kwality Walls (India) Ltd: New Promoter, Director Resignation, and Reclassification of Outgoing Promoters

Kwality Walls (India) Ltd announced changes in its Board of Directors, including the acquisition of control by a new promoter, the resignation of an additional director, and the reclassification of outgoing promoters. The new promoter, Magnum Ice Cream Company Holdco 1 Netherlands B.V., acquired 61.90% of the equity share capital from the outgoing promoters. Mr. Ritesh Tiwari resigned as Additional (Non-Executive and Non-Independent) Director, and Mr. Abhijit Bhattacharya and Mr. Tahir Toloy Tanridagli were appointed as Additional (Non-Executive and Non-Independent) Directors. The outgoing promoters were reclassified from the 'promoter' category to the 'public' category.