HEG Limited’s board has cleared a comprehensive Composite Scheme of Arrangement that will reshape leadership and governance as the group moves to formalize the Graphite business under HEG Graphite Limited. Sanctioned by the National Company Law Tribunal, Indore Bench, the scheme becomes effective on September 1, 2026, with September 7, 2026 set as the record date for determining shareholders eligible for consideration. In plain terms, the demerger and amalgamation are designed to ensure a seamless continuation of the graphite business while reconfiguring the parent company’s leadership and governance framework to match the new structure.
On the executive side, the company is ushering in a rebalanced leadership team. Senior changes include the cessation of Vivek Chaudhary as Company Secretary & Compliance Officer and Ravi Kant Tripathi as Chief Financial Officer, both of whom are transferring to HEG Graphite Limited as part of the Scheme. Neha Rajvanshi has been appointed Chief Financial Officer and Key Managerial Personnel of the Company, with Ravi Gupta stepping in as Company Secretary & Compliance Officer. These moves accompany a broader reconstitution of the company’s core governance and executive functions to ensure continuity of the graphite business after the reorganization.
The personnel shifts extend to the board and senior management ranks. Ravi Jhunjhunwala relinquishes the post of Chairman, Managing Director & Chief Executive Officer of HEG Limited to transfer to HEG Graphite Limited, where he will continue as a Non-Executive Non-Independent Director. In parallel, Riju Jhunjhunwala is elevated to Chairman, Managing Director & Chief Executive Officer of HEG Limited, with a five-year term (subject to shareholder approval). The scheme also envisions a refreshed board with additions such as Manish Sharma and Pushp Jain as Additional Directors (Non-Executive Independent), Om Prakash Ajmera and Yash Kela as Additional Directors (Non-Executive Non-Independent), and a slate of other appointments spanning Senior Management and key functional heads. Several Independent Directors, including Jayant Davar, Priya Shankar Dasgupta, Nand Gopal Khaitan, Sandip Somany, Kamal Gupta, and Shekhar Agarwal, are resigning to facilitate the proposed board reconstruction, signaling a broad governance refresh aligned with the new corporate structure.
Together, the changes aim to preserve continuity of the Graphite business while recalibrating leadership, governance, and strategy to suit HEG Graphite Limited and the renamed HEG Limited trajectory as the demerger and amalgamation take effect. As the organization steps into this new phase, industry watchers will be watching how the integrated leadership team balances execution across operations, finance, strategy, and stakeholder engagement in a post-restructure landscape.