Management Change17 Jul 2026, 02:54 pm
Parsvnath Developers: Revised Intimation of Independent Director Resignations
AI Summary
Parsvnath Developers Ltd has submitted a revised intimation regarding the resignation of three independent directors: Mr. Ramesh Chand Gupta, Mr. Subhash Chander Setia, and Dr. Rakshita Shharma. The delay in initial notification is attributed to the company undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. Mr. Manoj Kumar Anand, the appointed Resolution Professional, sought legal opinion on the resignations, leading to a minor delay. The revised disclosure includes the letters of resignation, with Mr. Gupta citing personal pre-occupations and other commitments as reasons for his immediate effect resignation from July 14, 2026.
Key Highlights
- Three independent directors have resigned from Parsvnath Developers Ltd.
- Resignations are attributed to personal reasons and company's CIRP status.
- Resolution Professional cited legal opinion seeking as reason for notification delay.
- Revised disclosures including resignation letters have been submitted.
Price Impact
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