Shalby seeks approval for Shanay and Tushar director roles

Shalby Limited has sought shareholder approval to appoint promoter Shanay Vikram Shah as whole-time director for five consecutive years and appointed Tushar Shah as an additional director and Executive Director from November 3, 2026, also for five years subject to shareholder approval. The board took both actions at its November 3, 2026 meeting.

What did Shalby decide on November 3, 2026?

Shalby made two board-level appointment decisions on November 3, 2026: it recommended Shanay Shah’s appointment as whole-time director for prior shareholder approval, and approved Tushar Shah’s appointment as an additional director designated as Executive Director, subject to shareholder approval. The disclosure was made under Regulation 30 of the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements Regulations.

The two appointments have different effective positions in the filing. Shanay Shah’s proposed term is five consecutive years as shareholders may approve, while Tushar Shah’s appointment is effective from November 3, 2026 for five consecutive years, subject to shareholder approval. Shalby did not disclose remuneration, a shareholder-meeting date, or revised reporting responsibilities for either proposed director in this announcement.

Shalby also stated that neither Shanay Shah nor Tushar Shah is debarred from holding a director’s office under an order issued by the Securities and Exchange Board of India or another authority. That eligibility disclosure applies to both individuals and does not indicate that shareholder approval has already been obtained.

What role is Shanay Shah proposed to hold at Shalby?

Shanay Shah is proposed to become Shalby’s whole-time director for five consecutive years if shareholders grant prior approval. The filing identifies him by Director Identification Number 02726541 and describes him as one of Shalby’s promoters, placing the proposed appointment within the company’s promoter-led board structure.

The disclosure states that Shanay Shah is the son of Dr. Vikram I. Shah, Shalby’s promoter, Chairman and Managing Director, whose Director Identification Number is 00011653. This father-son relationship is the director relationship Shalby disclosed for Shanay Shah in its November 3, 2026 announcement.

Shanay Shah, aged 35, has been associated with Shalby since October 5, 2013. His profile cites more than a decade of healthcare-industry experience, including oversight of the company’s business, international business, strategy, financial operations, human resources and investor relations.

What experience does Shanay Shah bring to the proposed role?

Shanay Shah holds a Bachelor’s degree in Science with Honours in Accounting and Finance from the University of Warwick in the United Kingdom, a Master’s degree in International Health Management from Imperial College London, and the Chartered Financial Analyst qualification. Shalby included these qualifications in the November 3, 2026 disclosure supporting the proposed five-year appointment.

His profile also identifies him as a key member of the Youth Presidents’ Organization and associates him with industry chambers including the Confederation of Indian Industry, Indian Chamber of Commerce, Federation of Indian Chambers of Commerce and Industry, and ASSOCHAM. The filing does not describe those affiliations as directorships or as duties attached to the proposed whole-time director position.

The proposed board appointment does not specify responsibility for either of Shalby’s two operating segments. Under Indian Accounting Standard 108, Shalby reports healthcare services, comprising hospitals and medical diagnostics services, and manufacturing and trading of implants; the appointment disclosure does not assign Shanay Shah to either segment.

Why has Shalby appointed Tushar Shah as Executive Director?

Tushar Shah was appointed as Shalby’s additional director and designated as Executive Director with effect from November 3, 2026, for five consecutive years subject to shareholder approval. At the time of the appointment, he was serving as Shalby’s Vice President and Company Secretary.

Tushar Shah, aged 48, is a Fellow Member of the Institute of Company Secretaries of India and an Associate Member of the Institute of Cost Accountants of India. His qualifications include a Bachelor of Laws (Special), a Master of Commerce from Gujarat University in Ahmedabad, and specialised diplomas in Labour Law Practice and Taxation Law Practice from the same university.

The filing attributes more than 23 years of professional experience to Tushar Shah in corporate governance, secretarial and legal affairs, initial public offerings, mergers and acquisitions, regulatory compliance, finance and investor relations. It also lists insurance, intellectual property rights and costing among the areas of experience cited for his Executive Director appointment.

Shalby’s disclosure lists prior leadership positions at five named listed organisations: Sadbhav Engineering Limited, Dishman Carbogen Amcis Limited, Transformers and Rectifiers (India) Limited, Adani Wilmar Limited and Adani Enterprises Limited. It also states that he served as Past Chairman of the Ahmedabad Chapter of the Institute of Company Secretaries of India.

What other positions and relationships does Tushar Shah have?

Tushar Shah continues to hold the position of Company Secretary and key managerial personnel at Shalby Medtech Limited, Shalby’s wholly owned subsidiary, according to the November 3, 2026 filing. He is also an adviser to the board of PK Healthcare Private Limited, which the disclosure identifies as a subsidiary company.

Unlike Shanay Shah, Tushar Shah is not related to any Shalby director or key managerial personnel, the company said. The disclosure therefore distinguishes the two appointments on relationship reporting: Shanay Shah is the Chairman and Managing Director’s son, while Tushar Shah has no disclosed relationship with directors or key managerial personnel.

The stated backgrounds also differ in their disclosed focus. Shanay Shah’s profile covers more than 10 years of association with Shalby and healthcare-business oversight since October 5, 2013, while Tushar Shah’s profile cites more than 23 years across governance, legal, compliance, finance and investor-relations functions.

Conclusion

The November 3, 2026 announcement sets out a two-part leadership change at Shalby. It proposes a five-year whole-time directorship for promoter Shanay Shah and places Tushar Shah, the serving Vice President and Company Secretary, on the board as an additional director and Executive Director for a five-year term.

The next disclosed matter is shareholder approval. Shanay Shah requires prior shareholder approval for his proposed appointment, while Tushar Shah’s appointment from November 3, 2026 remains subject to shareholder approval; Shalby has not stated a voting date, remuneration, or detailed operating mandate for either role in this filing.