KRBL Shares Slide Over 13% After Director’s Exit; Board Orders Governance Review

On September 15, 2025, KRBL shares fell over 13% after the company announced the resignation of Independent Director Anil Kumar Chaudhary, who cited governance issues in his letter. Chairman and Managing Director (CMD) Anil Kumar Mittal dismissed the allegations as false.

Chaudhary said dissent within the Board was “suppressed or sidelined,” limiting his ability to function as required under the regulatory framework. Mittal clarified that the delay in disclosing the letter was because its language came as a surprise to the board and needed additional review before issuing a formal response. Chaudhary also pointed to inconsistencies in meeting records, handling of CSR funds, write-offs of export receivables, and a lack of adequate discussion on key matters.

In response, KRBL has appointed an independent third-party firm to review the governance concerns raised. The review will examine board meeting records, information sharing, export receivables, CSR fund usage, variable pay and increment distribution, changes to the company’s object clause, and interference by invitees during board meetings. Findings are expected to be submitted to the Board’s committees within 30 days for further action.