Arman Holdings replaces managing director and recasts committees

Arman Holdings Limited replaced its managing director and company secretary, appointing Nickiben Karsanbhai Nandaniya as an additional director designated as managing director and Rimjhim as company secretary and compliance officer from November 1, 2026. Arman Holdings also reconstituted three board committees after accepting two resignations on October 31, 2026.

Who is leading Arman Holdings after the October 31 changes?

Arman Holdings accepted Deepak Kumar Babel’s resignation as managing director from the close of working hours on October 31, 2026, and appointed Nickiben Karsanbhai Nandaniya with effect from November 1, 2026. The appointment disclosure describes her as an additional director designated as managing director, subject to approval by the company’s members, while the revised board list refers to her as additional managing director.

Babel gave personal and unavoidable circumstances as the reason for leaving, and confirmed that no other material reasons existed beyond those in his resignation letter. Arman Holdings said the letter was filed with BSE on October 1, 2026, and disclosed that Babel held no directorships or committee memberships in other listed entities.

Nandaniya’s profile cites experience in executive management, business administration and diamond jewellery manufacturing. Arman Holdings reported that she holds no shares, has no other directorships or committee positions, is not related to any director and has not resigned from a listed entity in the past three years.

Why did Arman Holdings change its company secretary and compliance officer?

Arman Holdings accepted Drishti Singhal’s resignation as company secretary and compliance officer from the close of working hours on October 31, 2026. The company cited her other professional commitments and appointed Rimjhim, holding Institute of Company Secretaries of India membership number ACS-80645, to both roles from November 1, 2026.

Rimjhim is a qualified company secretary and holds LL.B and B.Com qualifications, according to the October 31 disclosure. The simultaneous appointments mean that both the managing director role and the statutory compliance role changed on the same November 1 effective date.

The board meeting that approved the personnel changes was held at the registered office on October 31, 2026, starting at 2:00 p.m. and ending at 4:00 p.m. Directors also took note of quarterly compliance records for the quarter ended September 30, 2026, including investor grievance status, corporate-governance reporting, shareholding patterns and share-capital reconciliation.

How are Arman Holdings’ board committees structured from November 1?

Arman Holdings reconstituted its audit committee, nomination and remuneration committee, and stakeholders or investors grievances relationship committee with effect from November 1, 2026. Its revised board has four directors: Priyadarshini Babel as non-executive director, Krishna Hareshbhai Bhatt and Ravi Jitendra Modi as non-executive independent directors, and Nandaniya as additional managing director.

Krishna Bhatt chairs the three-member audit committee, joined by Modi and Nandaniya. Bhatt also chairs the nomination and remuneration committee, whose other members are Modi and Priyadarshini Babel, placing Nandaniya outside that committee while retaining her membership of the audit committee.

Modi chairs the three-member stakeholders or investors grievances relationship committee, with Bhatt and Nandaniya as members. Bhatt and Modi therefore serve on all three disclosed committees, while Nandaniya serves on two and Priyadarshini Babel serves on the nomination and remuneration committee alone.

Arman Holdings did not provide the committee composition before November 1, 2026, so the filing does not quantify the number of membership changes. It did state that all three committees were recomposed, rather than identifying a single replacement on one committee.

What do Arman Holdings’ September results show during the transition?

Arman Holdings reported unaudited revenue from operations of Rs 17.3445 crore for the three months ended September 30, 2026, compared with Rs 14.2204 crore in the preceding three months ended June 30, 2026. Profit before tax increased to Rs 1.3353 crore from Rs 93.70 lakh, while profit for the period rose to Rs 99.82 lakh from Rs 70.13 lakh.

For the half year ended September 30, 2026, revenue from operations was Rs 31.5649 crore, against Rs 67.78 lakh in the corresponding half year of 2025. Plastic products and chemicals generated Rs 27.1983 crore of half-year segment revenue, precious metal and stones generated Rs 4.3664 crore, and textile products reported nil revenue.

The quarterly segment mix changed between June and September 2026. Plastic products and chemicals reported Rs 17.3445 crore in September-quarter revenue, up from Rs 9.8540 crore in June, while precious metal and stones reported nil revenue after Rs 4.3664 crore in the preceding quarter. Arman Holdings gave no management explanation for that shift.

The independent reviewer said nothing had come to its attention to indicate that the unaudited standalone results for the quarter and half year ended September 30, 2026 contained a material misstatement. Without qualifying its conclusion, the reviewer noted that investments of Rs 2.2749 crore remained at carrying value because audited financial statements of investee companies were unavailable, using audited investee statements as of March 31, 2025.

What else did Arman Holdings approve at the board meeting?

Arman Holdings approved the incorporation of three subsidiary companies and investments in those subsidiaries at its October 31, 2026 meeting. The disclosure does not identify the entities, their proposed activities, investment values or a timetable for incorporation.

The board also approved opening an account with ICICI Bank and adopted the unaudited financial results, subject to limited review, for the second quarter and half year ended September 30, 2026. Total assets were Rs 38.0404 crore at September 30, 2026, compared with Rs 6.3030 crore at March 31, 2026, while trade receivables increased to Rs 28.3350 crore from Rs 1.1530 crore.

Cash and cash equivalents stood at Rs 36.69 lakh at September 30, 2026, down from Rs 1.2036 crore at the start of the financial year. The half-year cash flow statement recorded net cash used in operating activities of Rs 80.24 lakh and net cash used in investing activities of Rs 3.44 lakh.

Conclusion

The October 31 actions constitute a simultaneous change in Arman Holdings’ executive and compliance leadership, alongside a revised four-member board and reconstituted three committees from November 1, 2026. They were disclosed with September-quarter revenue of Rs 17.3445 crore, up from Rs 14.2204 crore in June, and profit before tax of Rs 1.3353 crore, up from Rs 93.70 lakh.

The next disclosed governance step is members’ approval of Nandaniya’s designation as managing director. Arman Holdings has also approved three subsidiary incorporations and related investments without publishing amounts or timing, while the investment carrying-value observation remains dependent on audited financial statements becoming available from investee companies.