Harmony Capital Services Limited has announced a major management overhaul following a shift in corporate control. The restructure includes the appointment of Mr. Rajeev Kumar Singh as CFO, alongside two new independent directors. This follows the resignations of former CFO Pranita Semwal and two board members.
MUMBAI — Harmony Capital Services Limited announced a sweeping realignment of its top leadership team and independent board oversight during a marathon directors' meeting on Wednesday, July 1, 2026. The financial services provider confirmed a wave of high-profile management and board resignations directly linked to an ongoing structural change in the management and control of the listed company.
To stabilize its corporate governance framework, the company simultaneously finalized the induction of a new Chief Financial Officer, appointed two prominent independent female directors, and overhauled its internal and statutory auditing structures.
Strategic Shift in Control Triggers Boardroom Resignations
The extensive structural changes were formally presented to the BSE Limited under statutory compliance obligations defined by Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
According to official regulatory filings, the reshuffle follows an underlying transition of company ownership and administrative power. This structural migration led to the immediate departure of the company's chief financial supervisor and two key independent board members.
Ms. Pranita Semwal officially stepped down from her combined dual mandate as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) effective July 1, 2026. Concurrently, independent board members Mrs. Alpa Vora and Mr. Jignesh Barot tendered their formal resignations from the board of directors.
In their signed exit letters submitted to the board, all three outgoing officials explicitly confirmed that their stepping down was a direct consequence of the overarching change in corporate management and control, verifying there were no other undisclosed material issues impacting their decision.
New Executive Mandates and Independent Directors
To fill the vacancies created by the structural transition, the board approved the immediate appointment of Mr. Rajeev Kumar Singh as Chief Financial Officer and Key Managerial Personnel, effective July 1, 2026. Mr. Singh brings an extensive professional background in corporate accounting, direct taxation, and capital market compliance to his new financial leadership position.
Additionally, the board enhanced its independent governance by appointing two experienced female corporate professionals as Additional Directors under the Non-Executive Independent category, subject to upcoming shareholder ratification:
Ms. Khusbu Agrawal: A Fellow Member of the Institute of Company Secretaries of India (ICSI), practicing company secretary, and Registered Valuer. She holds multiple directorships across other listed entities, including Continental Controls Limited and Gretex Corporate Services Limited.
Ms. Sweta Agarwal: A qualified corporate legal professional with over ten years of specialized experience in corporate law, commercial compliance, and financial operations, who also serves on the board of Octal Credit Capital Limited.
The company highlighted that, in accordance with SEBI regulations, neither of the newly appointed independent directors has been debarred from holding public office by any regulatory authority.
Casual Vacancy Triggers Auditor Overhaul
The boardroom reorganization also required an immediate change in the company's accounting and compliance oversight partners. Following the resignation of its previous auditing firm, M/s. Kapish Jain and Associates, Harmony Capital Services formally appointed M/s. Kale Malde and Co., Chartered Accountants, to fill the casual statutory vacancy. This appointment remains subject to final approval by public shareholders.
Furthermore, to maintain strict internal financial controls during this transition period, the board selected Mumbai-based M/s. Kalpesh Khatri & Associates, Chartered Accountants, to serve as the firm's Internal Auditors for the fiscal year 2026–27.
Official Sources Section
The information, executive updates, and governance adjustments compiled in this report are sourced from formal regulatory disclosures filed by Harmony Capital Services Limited with BSE Limited on July 1, 2026. These filings align with compliance mandates supervised by the Securities and Exchange Board of India (SEBI).
Quote Section
"According to officials and formal board statements, the comprehensive corporate restructuring will establish a strong baseline for transparency, ensuring the firm remains fully compliant with listing regulations as the new management group assumes operational control."
Why It Matters
A complete leadership and audit overhaul at a listed financial services firm signals a clear break from past operations to public investors. While management transitions can sometimes create short-term uncertainty, the swift appointment of qualified compliance professionals, independent directors, and established auditors helps protect investor interests. It ensures the company continues to meet its statutory transparency mandates under SEBI rules without operational gaps.
Key Facts at a Glance
New CFO Appointed: Mr. Rajeev Kumar Singh assumes the role of Chief Financial Officer and Key Managerial Personnel.
Independent Directors Added: Ms. Khusbu Agrawal and Ms. Sweta Agarwal join the board as Non-Executive Independent Directors.
Executive Exits: CFO Pranita Semwal and Independent Directors Alpa Vora and Jignesh Barot resigned on July 1, 2026.
Reason for Resignations: All outgoing officials cited the structural change in management and control of the company as the sole reason for their departure.
Auditor Adjustments: Kale Malde and Co. takes over as statutory auditor to fill the casual vacancy, while Kalpesh Khatri & Associates assumes internal audit responsibilities.
FAQ Section
Why did multiple directors and the CFO resign from Harmony Capital Services simultaneously?
The simultaneous resignations of the CFO and two independent directors were directly caused by a structural shift in the overall management and control of the company. All outgoing executives confirmed there were no other material reasons behind their departures.
Who has taken over the financial leadership of the company?
Mr. Rajeev Kumar Singh was appointed as the new Chief Financial Officer and Key Managerial Personnel starting July 1, 2026, bringing an extensive background in taxation, compliance, and corporate accounts.
Do the new independent directors meet SEBI eligibility criteria?
Yes. The company formally confirmed that both Ms. Khusbu Agrawal and Ms. Sweta Agarwal are fully qualified corporate professionals and are not debarred from holding directorships by any order from SEBI or other statutory bodies.
Source: BSE Limited, Securities and Exchange Board of India (SEBI), Harmony Capital Services Investor Relations Platform.
