Annu Projects Promoters Hold 87.64% as Finance Roles Change

Annu Projects remains controlled by promoter-directors Sanjay Kumar Sarraf and Krishna Ranjan, who collectively hold 41,900,250 equity shares, representing 87.64% of paid-up equity capital. Finance and compliance leadership changed in 2026 when the prior chief financial officer and company secretary and compliance officer resigned and successors were appointed.

Who controls Annu Projects after the management changes?

Annu Projects remains under concentrated promoter control because Sanjay Kumar Sarraf and Krishna Ranjan collectively own 87.64% of its issued, subscribed and paid-up equity share capital. Their collective holding totals 41,900,250 equity shares with a face value of Rs 10 each. Sanjay Kumar Sarraf is chairman and managing director, while Krishna Ranjan is a whole-time director, combining executive positions with the disclosed controlling holding.

Annu Projects states that there was no change in control during the five years immediately preceding the Red Herring Prospectus date. The 2026 departures from finance and compliance roles therefore did not alter the disclosed control structure. The promoter group includes 20 named relatives of the two promoters, five entities and Sanjay Kumar Sarraf’s Hindu Undivided Family, or HUF.

The 87.64% holding is disclosed for the two promoters collectively, rather than for the wider promoter group. The promoter-group entities include Balaji Travco India Private Limited, Opticon Pipes Private Limited, Terragon Techno Machines Private Limited and Ann Projects Private Limited. Those four entities are also classified as group companies under the Securities and Exchange Board of India’s Issue of Capital and Disclosure Requirements Regulations, or SEBI ICDR Regulations.

What changed in Annu Projects’ finance and compliance leadership?

Annu Projects replaced both non-director key managerial positions in 2026 after the former chief financial officer and company secretary and compliance officer resigned for personal reasons. Kailash Chand Gupta resigned as chief financial officer on April 30, 2026. Arpit Sharma resigned as company secretary and compliance officer on June 1, 2026.

The personnel-change record states that Mayank Agarwal was appointed chief financial officer on July 13, 2026. His profile says he has been associated with Annu Projects since July 2026, has more than 17 years of experience and is a qualified chartered accountant. It also states that he is a fellow member of the Institute of Chartered Accountants of India and completed its certificate course on International Financial Reporting Standards, or IFRS.

The company secretary profile identifies Charumita Bhutani as company secretary and compliance officer, associated with Annu Projects since June 2026. However, the personnel-changes table records the June 2, 2026 appointment as “Charumita Bhandari.” Annu Projects does not explain whether the two names refer to the same officer or reflect a difference in the disclosure.

The individual profiles report nil remuneration for both Mayank Agarwal and Charumita Bhutani in Fiscal 2026. Aggregate remuneration paid or payable to all key managerial personnel was Rs 50.5 lakh in Fiscal 2026, a total covering the key managerial group rather than only the two current officeholders. The prospectus does not give a reason for the nil remuneration reported in the individual profiles.

How recent were the changes compared with the wider management team?

Annu Projects reports that the broader senior-management team did not change in size between Fiscal 2025 and Fiscal 2026. The company had two key managerial personnel excluding executive directors in each of those fiscals. It also had four senior-management members excluding key managerial personnel in both periods, while Fiscal 2024 is marked not applicable for both categories.

The four senior managers were appointed as senior managerial personnel on January 24, 2025. They were Ashok Kumar as head of human resource, Prem Niwas Pandey as chief operating officer and telecom project head, Shanmuga Sekar as manager of sewerage projects, and Gaurav Kumar as manager of gas projects. Their profiles give employment-association dates ranging from May 2017 for M. Shanmugasekar to November 2024 for Prem Niwas Pandey.

Annu Projects says that, apart from Kailash Gupta and Arpit Sharma, no key managerial personnel or senior-management member resigned or was terminated after appointment. The company also says its attrition rate is not high compared with peers, but does not disclose an attrition percentage or identify the peer group. The reported changes are consequently confined to the finance and compliance posts rather than indicating departures across the four-member senior-management team.

What governance arrangements apply to the new officers?

Annu Projects states that all key managerial personnel and senior management are permanent employees governed by their appointment letters. The company reports no other service contracts with them. It also says none holds equity shares, participates in a bonus or profit-sharing plan, or has contingent or deferred compensation outside stated remuneration.

The chief financial officer appointment is within the audit committee’s stated remit. The committee is required to approve appointment of the chief financial officer after assessing the candidate’s qualifications, experience and background. Its stated responsibilities also include reviewing management’s discussion of financial condition and operating results, internal-control systems, internal-audit reports and statutory-auditor communications.

The nomination and remuneration committee was constituted on October 15, 2024 and reconstituted on April 16, 2025. Its members are Nalini Shastri Vanjani as chairperson, Sanjay Kumar Sarraf and Fareed Ahmed. The committee is responsible for identifying persons qualified for senior management and recommending their appointment or removal to the board.

The stakeholders’ relationship committee was constituted on April 16, 2025. Its disclosed responsibilities include resolving security-holder grievances involving transfers, transmission, annual reports, dividends and certificates. The audit committee is additionally assigned oversight of the end use of public-offer funds and statements of deviations under the SEBI Listing Regulations.

Do the ownership disclosures identify related-party or conflict matters?

Annu Projects states that its promoters may be interested in transactions with them, their relatives, entities they control, or entities in which they hold directorships. The company directs readers to related-party disclosures in Note 45 of its restated financial information. A related-party transaction has the meaning assigned under the SEBI Listing Regulations, applicable accounting standards or the Companies Act.

The supplied disclosure does not quantify related-party transactions on these pages. Annu Projects states that, except as disclosed in Note 45, it had not entered into contracts, arrangements or agreements during the preceding two years in which promoters were directly or indirectly interested, and did not propose such arrangements. It also states that its promoters have no interest in ventures involved in activities similar to the company’s business.

Annu Projects separately states that none of its key managerial personnel or senior-management members is related to another such officer or to any director. It says none was appointed under an arrangement or understanding with major shareholders, customers, suppliers or others. These statements distinguish the employment arrangements of the management team from the 87.64% ownership concentration held by the two promoter-directors.

Conclusion

Annu Projects discloses that control remains with Sanjay Kumar Sarraf and Krishna Ranjan despite the 2026 replacement of the chief financial officer and company secretary and compliance officer. The two promoters’ 87.64% collective holding establishes the ownership concentration, while the unchanged Fiscal 2025-to-Fiscal 2026 count of four senior-management members limits the reported turnover to two key managerial roles.

The next disclosure point is whether Annu Projects clarifies the difference between Charumita Bhutani in the officer profile and Charumita Bhandari in the appointment table dated June 2, 2026. Subsequent reporting may also show how the audit committee carries out its stated responsibilities for chief financial officer appointments, financial reporting, internal controls and public-offer fund utilisation.