Tribhovandas Bhimji Zaveri adds two managing directors after GRT deal

Management change
Gems Jewellery And Watches

Blacklitt Research30 October 20262 min read

A set of ornate gold bangles on a reflective black surface. — Photo by Zayed Ahmed Zadu on Unsplash (Unsplash License). Illustrative image.

Tribhovandas Bhimji Zaveri (NSE: TBZ) has named Govindarajulu Rajendran Ananthapadmanabhan and Govindarajulu Rajendran Radhakrishnan as Managing Directors, with GRT Jewellers (India) Private Limited now in control of the company, it said in a filing on 30 Oct 2026. The Acquirer bought 74.12% of the paid-up equity share capital from the Sellers on 30 Oct 2026.

Control passes to GRT Jewellers

The Sellers sold 4,94,59,775 equity shares to GRT Jewellers (India) Private Limited under a share purchase agreement dated 31 Aug 2026. An amendment signed on 30 Oct 2026 turns the release of personal guarantees and a property mortgage, given for the company's credit facilities, into conditions to be met after completion. The Acquirer has agreed to procure that the company protects three named Sellers against enforcement costs. From 30 Oct 2026 the company is a subsidiary of GRT Jewellers, and the Sellers are de-classified from the promoter and promoter group.

Board and committee changes

Shrikant Gopaldas Zaveri, Binaisha Shrikant Zaveri and Raashi Shrikant Zaveri resigned as directors with effect from the close of the board meeting on 30 Oct 2026. Their resignation letters describe the change as "part of the board reorganization consequent to the change in control" of the company.

Govindarajulu Rajendran Ananthapadmanabhan and Govindarajulu Rajendran Radhakrishnan were appointed Managing Directors for five years, to 29 Oct 2031, subject to shareholder approval. Govindarajulu Rajendran, who is 75, is recommended as a Non-Executive Director, also subject to shareholder approval.

What the change means for TBZ's shareholders

Control of the company has moved to GRT Jewellers. The filing does not state the price paid per share, the date of the shareholder vote or the pay of the new Managing Directors. It says a postal ballot notice will be communicated in due course.

At a glance

Item	Detail
Acquirer	GRT Jewellers (India) Private Limited
Shares sold	4,94,59,775 equity shares, 74.12%
Closing date	30 Oct 2026
Managing Directors	Govindarajulu Rajendran Ananthapadmanabhan and Govindarajulu Rajendran Radhakrishnan, to 29 Oct 2031
Proposed Non-Executive Director	Govindarajulu Rajendran, aged 75
Dy. CEO	K N Jeethendra Babu, from 30 Oct 2026

Reference: Original filing (PDF)

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