Ashapura Minechem has reinforced its corporate governance and leadership continuity through the two-year re-appointment of CEO Hemul Shah and the five-year appointments of independent directors Jagdish Shetty and Wilson Mathais, with Shetty also taking charge as Audit Committee Chairman, as the tenure of Independent Director Pundarik Sanyal comes to an end on 8 February 2026.
Ashapura Minechem Limited has announced a series of board-level changes aimed at strengthening leadership continuity, governance oversight and long-term strategic direction. The changes are subject to approval of the company’s members, in line with SEBI regulations and Listing Regulations disclosure norms.
Key Corporate Leadership Updates:
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Re-appointment of Executive Director and CEO
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Re-appointment of Mr. Hemul Shah as Executive Director and Chief Executive Officer for a further period of two years commencing from 16 February 2026, subject to members’ approval.
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He has been associated with the Ashapura Group for more than three decades, bringing strong business acumen, strategic intelligence and execution capabilities to the company’s multi-mineral solutions portfolio.
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He is not related to any director of the company and has not been debarred from holding the office of director by SEBI or any other authority, affirming regulatory compliance and fit-and-proper criteria.
Induction Of New Independent Directors:
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Appointment of Mr. Jagdish Shetty as an Additional Director designated as Non-Executive Independent Director for a term of five consecutive years effective from 5 February 2026, subject to members’ approval.
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He has also been nominated as Chairman of the Audit Committee with effect from 9 February 2026, enhancing oversight over financial reporting, internal controls and regulatory compliance.
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The company has affirmed that Mr. Shetty is not debarred from holding the office of director by virtue of any SEBI order or any other authority, aligning with SEBI’s governance expectations.
Further Governance Strengthening With Board Diversity:
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Appointment of Mr. Wilson Mathais as an Additional Director designated as Non-Executive Independent Director for a term of five consecutive years effective from 5 February 2026, subject to the approval of members.
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Mr. Mathais, a practicing chartered accountant with extensive experience in statutory audit, taxation and regulatory compliance, is also confirmed as not debarred from holding the office of director by SEBI or any other authority.
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The company has enclosed detailed disclosures for these appointments as per SEBI Regulation, ensuring transparent and structured reporting to stakeholders.
Completion Of Tenure And Board Acknowledgement:
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The board has noted that the second term of Independent Director Mr. Pundarik Sanyal will cease with effect from the close of business hours on 8 February 2026.
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The Directors have placed on record their deep appreciation for his valuable contributions and guidance during his tenure, reflecting continuity of institutional memory and respect for governance stewardship.
Regulatory And Governance Context:
These changes collectively align Ashapura Minechem’s board composition with evolving SEBI norms on independent directors, audit oversight and disclosure, while signalling a clear focus on strategic continuity through the extended term of CEO Hemul Shah.
For investors and stakeholders, the refreshed board structure is positioned to support Ashapura Minechem’s growth trajectory, risk management framework and ESG-aligned governance practices in the coming years.
Sources: Ashapura Minechem Limited Exchange Filings and Board Outcome Disclosures
