Sobha shares decline after MD Jagdish Chandra Sharma resigns

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The board approved an appointment of Jagadish Nangineni as an Additional Director in the capacity of Whole-time Director designated as Managing Director of the company for a term of five years, with effect from April 1, 2022.

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Shares of Sobha Ltd fell nearly 6 percent intraday on March 14 after the company’s managing director and vice chairman tendered his resignation.

At 3:15pm the scrip traded at Rs 702.65 apiece on the BSE, down 5.8 percent from its previous close, while the benchmark Sensex was up 914.39 points or 1.65 percent at 56,464.69. Sobha Ltd. was the biggest loser in the Nifty Realty Index on Monday.

Jagdish Chandra Sharma, through his letter dated March 11, tendered his resignation from the position of Director, Vice Chairman, Managing Director and Key Managerial Personnel of the company with effect from April 1, 2022, Sobha said in a stock exchange filing after market hours on Friday.

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To accept his resignation and appoint new person for the same position, the company held a board meeting on Monday.

“The board has accepted resignation of Jagdish Chandra Sharma as Director and Vice Chairman and Managing Director of the company,” said the company in its BSE filing.

Further, the board also approved the appointment of Jagadish Nangineni the Managing Director of the company for a term of five years, with effect from April 1, 2022.

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Nangineni has about twenty years of experience in the fields of real estate, consulting and technology. He is associated with Sobha since 2009 in senior strategic & operational roles with deep understanding of the company’s culture, people and processes. He was recently Deputy Managing Director, overseeing the operations of Ahmedabad, Chennai, Gurgaon and Pune regions.

In addition, Raman Mangalorkar is appointed as an Additional Director in the capacity of Non-Executive Independent Director of the company for a term of five years, said the company.