Hyderabad-based refractory manufacturer Raasi Refractories has accepted the resignation of Company Secretary Nitin Kumar Pugalia, effective August 24, 2026. According to the latest disclosure to BSE on August 25, 2026, Pugalia cited personal reasons for his departure in a letter dated August 24, 2026. The company notified the exchange pursuant to Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, with Managing Director Venkanna Konda signing the intimation letter. The resignation does not impact the company's operational leadership or financial reporting structure at this stage.
Former Bank of Baroda chairperson Anil Khandelwal resigned from the board of IT hardware distribution company Rashi Peripherals Ltd on Monday after objecting to the company's professional engagement with firms associated with two of its independent directors. According to reports from Mint, the company's stock closed 9.82% lower at ₹782.85 on the BSE on Tuesday, giving the company a market capitalization of just under ₹5,200 crore. This marks at least the second such instance this year in which an outgoing director voiced concerns in their resignation letter, following Atanu Chakraborty's resignation as part-time chair and independent director of HDFC Bank in March citing incongruence with his values.
On August 25, 2026, Rashi Peripherals accepted Khandelwal's resignation as Independent Director and issued a comprehensive clarification under Regulation 30 read with Para A(7B) of Part A of Schedule III of SEBI LODR Regulations, 2015. The company disclosed that Khandelwal stepped down from his roles in the Nomination and Remuneration Committee (NRC), CSR Committee, and as Chairman of the Stakeholders' Relationship Committee. As reported by Mint, company chairperson Krishna Kumar Choudary signed the disclosure, affirming the company's commitment to corporate governance standards, transparency, and regulatory compliance. The board stated it remains open to constructive dialogue to address concerns professionally.
In his resignation letter disclosed to the bourses on Tuesday afternoon, Khandelwal made two specific allegations regarding the company's governance practices. As reported by Mint, he claimed that director appointments and key management personnel compensation were handled by the company's management instead of the board's nomination and remuneration committee (NRC), where he was a member. His second allegation involved due diligence for a company acquisition being handled by firms in which two of Rashi Peripherals' independent directors hold senior partner positions, including the law firm that drafted the acquisition agreement and the accounting firm that audited the target company's financial statements. Khandelwal noted that these engagements were not disclosed at the relevant board meeting where the acquisition was approved, and the concerned independent directors did not recuse themselves.
Rashi Peripherals is a leading distributor of personal computers, laptops, mobile phones, gaming peripherals, components, networking items, and storage devices. As reported by Mint, the company reported consolidated revenue of ₹5,102 crore with a profit of ₹105 crore during the fiscal quarter ending 30 June. The company went public in February 2024 and currently has a nine-member board including four independent directors, with the remaining independent directors being corporate lawyer Yazdi Dandiwala, chartered accountant Drushti Desai, pathologist Dr Indumati Gopinathan, and entrepreneur Anand Ladsariya. The NRC is duly constituted under Section 178 of the Companies Act, 2013 and Regulation 19, comprising five members including four Independent Directors and one Chairman/Whole-Time Director, with the committee chaired by an Independent Director.
