The board of Asian Tea & Exports has approved a significant leadership change at its meeting held on 28 August 2026. According to reports from Business Standard, the board has appointed Sunil Garg (DIN: 00216155) as the new Managing Director of the company. Garg currently serves as a Non-Executive Non-Independent Director of the company and will take over the MD role for a 5-year term commencing from 28 September 2026. The Kolkata-based company announced that all appointments and resignations were made based on recommendations from the Nomination and Remuneration Committee, with the changes requiring shareholder approval per SEBI regulations.
The appointment comes as part of a planned succession process within the company, with health considerations playing a significant role. As reported by Business Standard, Hariram Garg (DIN: 00216053), who has resigned from his position as Managing Director, will continue as Chairman of the company. Hariram Garg's resignation was due to health issues, with his son Sunil Garg's appointment ensuring continuity in the company's leadership structure. The disclosures comply with Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, and both Sunil Garg and Raunak Garg are not debarred from holding office by any SEBI order or other authority.
Alongside the MD appointment, the board approved additional leadership changes within the company. Raunak Garg has been appointed as Chief Financial Officer, replacing Rajesh Garg who resigned due to preoccupation. According to the latest disclosures, Raunak Garg will take over as CFO effective September 7, 2026. Additionally, Akhil Kumar Manglik has been re-appointed as Independent Director for five years. All these appointments and resignations were made based on recommendations from the Nomination and Remuneration Committee, with the changes requiring shareholder approval per SEBI regulations.
Sunil Garg brings over 25 years of experience in marketing and distribution of agricultural inputs for the tea industry, having previously served as a distributor for several multinational companies. He holds a commerce degree from Calcutta University. Raunak Garg is a graduate in Economics and Mathematics from Emory University in Atlanta, USA, having been associated with the business administration of the company for over eight years. Akhil Kumar Manglik is a practicing Chartered Accountant with over 35 years of experience in wealth management and family office planning, being a Gold Medalist in Commerce from Calcutta University and ranked AIR-8 in CA examinations.
