Independent Director of Rashi Peripherals Resigns, Citing Governance Concerns

Independent Director of Rashi Peripherals Resigns

Anil Khandelwal resigned as an Independent Director of Rashi Peripherals Limited with effect from August 24, 2026.

Along with his resignation from the board, he also stepped down from the Nomination and Remuneration Committee, the CSR Committee, and as Chairman of the Stakeholders' Relationship Committee.

The company's filing stated that Khandelwal's decision to resign was not based on any material reasons beyond those specifically mentioned in his resignation letter.

Rashi Peripherals Governance Concerns

Khandelwal cited a fundamental divergence between his understanding of sound governance practices and the company's approach to important matters.

He raised concerns regarding the role of the Nomination and Remuneration Committee in director selection and the determination of Key Managerial Personnel compensation. According to his letter, these matters were treated as management prerogatives rather than being subjected to the level of committee oversight he considered appropriate.

He stated that these concerns had been raised both orally and in writing.

Khandelwal's Concern Over Commercial Assignments

Khandelwal also highlighted commercial assignments involving firms associated with other Independent Directors, including the Chairman of the Audit Committee, in connection with an acquisition.

According to his resignation letter, these engagements raised concerns around transparency and the appropriate governance processes that should apply to transactions involving parties connected with Independent Directors.

Board and Committee Functioning of Rashi Peripherals

Khandelwal expressed the view that Independent Directors of a listed company are expected to bring independence, objectivity, and freedom from actual, potential or perceived conflicts to Board deliberations.

He also put emphasis on the importance of a structured process for addressing governance concerns, including demonstrable objectivity in decision-making and appropriate safeguards against conflicts of interest.

In his view, the issues collectively affected transparency, process integrity, independence and the functioning of the Board and its committees.

Rashi Peripherals Resignation Rationale

Khandelwal concluded that the prevailing governance culture was not conducive to the standards he believed appropriate for a listed company.

He stated that, given the divergence in his understanding of governance practices, his continuing on the Board would not enable him to contribute in the manner originally envisaged.

As a result, he submitted his immediate resignation as Independent Director.

Rashi Peripherals Director Resignation Highlights

• Director: Anil Khandelwal
• Position: Independent Director
• Effective Date: August 24, 2026
• Nomination and Remuneration Committee: Stepped down as a member
• CSR Committee: Stepped down as a member
• Stakeholders' Relationship Committee: Stepped down as Chairman
• Key Reason Cited: Divergence over governance practices and processes
• Key Concerns: Director selection, KMP compensation, commercial assignments, transparency, process integrity, independence, and Board functioning
• Other Material Reasons: None stated beyond the reasons disclosed in the resignation letter

What to Watch Next

Investors may monitor subsequent company filings for any changes to the composition of Rashi Peripherals' Board and its committees following Khandelwal's resignation.

They may also watch for disclosures concerning the appointment of a replacement Independent Director and any changes to the composition or leadership of the affected Board committees.

Further corporate disclosures may provide additional information on the governance matters highlighted in the resignation letter.