Power Mech Projects Limited has announced the retirement of Vivek Paranjpe (DIN: 03378566), Non-Executive and Independent Director, upon the completion of his tenure. According to a formal filing under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, Mr. Paranjpe's second and final term ended at the close of business hours on August 30, 2026. The announcement was made following the completion of his final term, marking the end of his association with the company. As confirmed by the latest exchange filing submitted on August 31, 2026 by Company Secretary and Compliance Officer M. Raghavendra Prasad, this cessation is a statutory outcome under the Companies Act, 2013, where independent directors may serve a maximum of two consecutive terms of up to five years each, after which re-appointment is not permissible without a cooling-off period.
As reported in the regulatory filing, Vivek Paranjpe's second term as Independent Director has now concluded, bringing an end to his association with Power Mech Projects Limited. The company, a key player in the infrastructure and engineering sector, has formally acknowledged this development as part of its planned governance transition, ensuring compliance with regulatory mandates including the SEBI Circular dated November 11, 2024. The cessation is therefore a statutory outcome rather than a discretionary board decision, arising solely from tenure completion under SEBI regulations and carrying no adverse governance signal beyond the need to reconstitute affected committees.
During his tenure, Mr. Paranjpe was highly regarded for his dedication and effective participation on the board. His contributions were especially significant in his role as Chairman of the Nomination and Remuneration Committee, which oversees director appointments, remuneration policy, and board evaluation processes, and as a member of the Audit Committee, a key oversight body responsible for financial reporting integrity and internal controls. The board formally placed on record its deep appreciation for the valuable contributions, effective participation, and immense guidance provided by Mr. Paranjpe during his tenure at Power Mech Projects Limited. However, the retirement creates vacancies in the chairmanship of the Nomination and Remuneration Committee and in the membership of the Audit Committee, requiring the company to address these composition requirements in accordance with regulatory timelines.
The cessation of Mr. Paranjpe's role occurs as part of the planned governance transition within the company, ensuring compliance with regulatory mandates. Power Mech Projects Limited continues its governance restructuring prudently, adhering to established guidelines to sustain its trajectory of growth and operational excellence. SEBI Listing Regulations require listed companies to maintain a minimum number of independent directors and to constitute key board committees with prescribed independent director representation, making timely board reconstitution a compliance priority for listed infrastructure firms. Market observers and stakeholders will closely watch how the company navigates this transitional phase, particularly in the context of its governance and strategic planning moving forward. The company remains committed to the principles of good governance, transparency, and accountability in its organisational practices.
