Glittek Granites board overhaul after open offer in 2026

What changed at Glittek Granites

Glittek Granites Ltd has reconstituted its board, naming a new chairperson and inducting new executive and independent directors, with effect from June 25, 2026. The reshuffle follows a change in management and control after the completion of an open offer process, according to the disclosure. Alongside the new appointments, the company accepted multiple resignations from its earlier leadership team and independent directors. The changes also include a new Chief Financial Officer (CFO).

The appointments are stated to be subject to shareholder approval. This is a key procedural step for listed companies when appointing directors for defined terms. The company is listed on the BSE under scrip code 513528 and is classified under the Ceramics/Marble/Granite/Sanitaryware sector.

New chairperson and executive leadership appointments

The company appointed Maheshkumar Jatashankar Thanki as Chairperson and Whole-time Director for a period of five years, effective June 25, 2026. In addition, Bhargav Girjashankar Thanki was appointed Managing Director for five years from the same date. The board also appointed Bhavin Harihar Thanki as a Whole-time Director, also for a five-year term beginning June 25, 2026.

These roles typically carry responsibility for day-to-day leadership and execution, and their appointment often signals how the incoming controlling group intends to run the company. In this case, the company has tied the full executive slate to the same effective date, aligning with the stated change in control.

Independent directors added for five-year terms

Along with executive leadership, Glittek Granites appointed three independent directors, each for a five-year term beginning June 25, 2026:

• Dr. Deependra Singh as Independent Director
• Mr. Sunil Kumar Bansal as Independent Director
• Mrs. Kavita Rakesh Shah as Woman Independent Director

Independent directors are a required feature of board governance for listed entities, and their appointment is often a central part of board reconstitution when there is a management transition. The company has indicated these appointments are subject to shareholder approval.

CFO appointment and finance leadership transition

The board appointed Gautam Thanki as Chief Financial Officer, effective June 25, 2026. The appointment follows the resignation of the earlier CFO, Ashok Kumar Modi, as part of the larger leadership exit.

A change in the CFO role can be operationally important because the position typically anchors financial reporting, internal controls, and compliance processes. In this disclosure, the company has clearly linked the CFO transition to the broader change in management and control.

Resignations accepted after change in control

Simultaneously with the new appointments, the company accepted resignations of directors and one key managerial personnel. The company said it accepted resignations of six directors and one key managerial personnel, effective from the close of business hours on June 25, 2026, citing the change in management and control following completion of the open offer process.

The disclosure names the following resignations:

• Ashoke Agarwal resigned as Managing Director
• Tushar Agarwal resigned as Managing Director
• Siddhartha Agarwal resigned as Independent Director
• Manish Killa resigned as Independent Director
• Malvika Sureka resigned as Independent Director
• Ashok Kumar Modi resigned as Chief Financial Officer

All resignations were stated to be effective from the close of business hours on June 25, 2026.

Snapshot table: appointments and resignations

Company background and operations

Glittek Granites Limited was incorporated in 1990 in Bangalore, Karnataka, according to the company background provided. The company is engaged in the manufacturing, processing, and trading of granite tiles and slabs.

The registered address listed is: 42, K.I.A.D.B. Industrial Area, Hoskote, Bengaluru, Karnataka 562114. The information also references a Kolkata address: 224, A. J. C Bose Road, Kolkata 700017, alongside the company website http://www.glittek.com.

Market context: share price data cited

On the market data cited, the current share price of Glittek Granites is stated as Rs 44.1. Separately, the stock’s closing price on Nov 10, 2025 is stated as Rs 11.40.

This disclosure itself is focused on governance changes rather than business performance or financial guidance. But board and management transitions are typically monitored by investors because they influence decision-making, compliance oversight, and operational continuity.

Why the board reconstitution matters

A board overhaul after an open offer and change in control is a significant governance event for any listed company. In practical terms, it resets who holds executive authority, who sits on board committees, and who is responsible for statutory oversight.

In Glittek Granites’ case, the changes are broad-based: chairperson and whole-time director, managing director, an additional whole-time director, a new CFO, and three independent directors. The company has also clearly indicated that these appointments are subject to shareholder approval, making the next shareholder vote an important milestone for formalising the leadership structure.

What to watch next

The immediate next step flagged in the disclosure is shareholder approval for the appointments. Investors tracking the company will typically look for subsequent exchange filings on meeting dates, voting outcomes, and any additional changes in board committees or compliance roles.

For now, the company’s position is that the board and key management changes are effective from June 25, 2026, with resignations effective from the close of business hours the same day, tied to the completed open offer and change in control.