The resignations came after the SEBI order, which barred the company's CMD and CFO from holding directorial positions.
The company said a Transition Leadership Team was proposed, with the responsibility of overseeing the leadership transition process.
The Board also approved the commencement of a search for an CEO and a CFO to ensure the smooth continuation of essential operations.
It was decided to promptly inform the company's staff about the upcoming leadership changes. Transparent and clear communication will be maintained throughout this transition period to ensure minimal disruption to daily operations.
The company will inform the public, stakeholders, and investors about the departure of the Chairman & Managing Director and CFO in alignment with SEBI's interim order. The communication will be truthful, professional, and consistent with the company's values, it said.
The Board acknowledged the need for regulatory compliance. Steps will be taken to engage with relevant regulatory bodies and ensure compliance with all applicable regulations during this transition period. The Board is committed to managing this leadership transition in a responsible and strategic manner, prioritising effective communication, regulatory compliance, financial stability, and the well-being of the company's employees and stakeholders.
--IANS
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