Sintex Plastics’ CFO Jigneshkumar Raval Resigns

Bankrupt Sintex Plastics Technology Ltd.’s Chief Financial Officer Jigneshkumar Raval resigned due to personal reasons.

Raval’s resignation is effective from the close of business hours today, the company’s Resolution Professional Nimai Gautam Shah said in a stock exchange announcement. He didn’t provide the details about his successor.

Separately, Shah also said the Company Secretary and Compliance Officer Ankit Sanchiher resigned to pursue other growth opportunities. The company accepted his resignation and he will be relieved from responsibilities with effect from today.

Sintex Plastics is undergoing CIRP since 21 February 2023 after the NCLT admitted its financial creditor Asset Reconstruction Company (India)’s petition against the company, claiming a default on a principal amount of 250 crore rupees ($30 million).

Shah recently sought expression of interest from potential suitors by 30 August.

(Note: $1 = 83.1857 Indian rupees)

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