Tembo Global Industries Ltd (NSE: TEMBO), a prominent player in the manufacturing and engineering solutions space, announced a major reshuffle of its Board of Directors and senior leadership, following a board meeting held on April 9, 2025.
As part of a broader governance enhancement strategy, the company has inducted four new Independent Directors to strengthen its leadership team. The appointments include veteran banker Homai A. Daruwalla, Chartered Accountant Ajay Madan, Company Secretary and legal expert Sumantra Sarathi Mahata, and tax specialist Nikunj Barot.
Daruwalla, former CMD of Central Bank of India, brings more than three decades of experience in Indian banking, having played a critical role in the Central Bank’s turnaround and IPO. She currently chairs The Zoroastrian Co-operative Bank Ltd and holds multiple board-level roles across the financial services industry.
Madan, a Chartered Accountant with over 35 years of experience in corporate audits and forensic investigations, has been active in regulatory advisory and debt syndication.
Mahata, a Fellow of the Institute of Company Secretaries of India, holds additional degrees in law and finance. He has extensive experience in NCLT proceedings, listing compliance, and corporate legal frameworks.
Barot, with over 12 years of experience in direct and international taxation, GST litigation and compliance, currently serves as a partner at Rajkumar Rathi & Co.
The appointments come alongside the resignation of Independent Directors Prakash Sanjay Karpe, Karan Shinde, Jehan Variava, and Non-Executive Director Smita Patel. The Board acknowledged their contributions to the company’s governance and development.
In another significant move, the company named Girish Jethmalani as its new Chief Financial Officer, effective April 10. A Chartered Accountant with over 24 years of experience, Jethmalani has previously held finance leadership roles at Indef Manufacturing, Hercules Hoists, and Sterling Biotech. He is expected to bring operational efficiency and fiscal discipline to support Tembo’s next phase of growth.
Managing Director Sanjay Patel said the leadership changes were part of Tembo’s effort to “drive sustainable growth and governance excellence.”
To ratify the changes, the company has launched a postal ballot process seeking shareholder approval for the new appointments and other key resolutions, including increased borrowing limits, related party transactions, and the introduction of the TGI ESOP Scheme 2025.
