In a formal note to the board, Excelsoft Technologies Limited disclosed that Independent Director Doreswamy Palaniswamy has tendered his resignation, effective at the close of business on March 17, 2026. Palaniswamy, who joined the board on January 7, 2025, would also cease to be a member of both the Audit Committee and the Nomination and Remuneration Committee from the same date, reflecting a comprehensive step back from governance duties.
The reason cited is a pivot toward a challenging executive position outside the organization, which would demand his full focus, time, and commitment and impede his ability to discharge duties as an Independent Director. The resignation letter extends gratitude to the Board, management, and colleagues for support during his tenure, and requests formal acknowledgment and the necessary filings with statutory authorities as applicable.
During Palaniswamy’s tenure, Excelsoft highlighted milestones including a successful public issue and listing on the NSE and BSE. The board now faces a vacancy that will need to be addressed to maintain governance depth and continuity, with steps expected to be taken to appoint a suitable independent director and preserve balance across committees and oversight.