Sarda Proteins loses MD, three directors after Onix open offer
Chirag Thummar resigns as managing director; Shirish Savaliya appointed immediately. CFO becomes chairperson, new CFO named. Authorized capital jumps eightfold to ₹100 crore.
— 1 earlier story on Sarda Proteins Ltd. →What's new
- Managing director Chirag Thummar resigns; Shirish Savaliya appointed for five years.
- CFO Yagnik Satasiya becomes non-executive chairperson; Drashti Delvadiya new CFO.
- Three more directors resign: Bipinkumar Savalia, Khilan Savaliya, independent Chintan Bhatt.
- Authorized capital raised to ₹100 cr from ₹13 cr; objects clause altered.
Why this matters
A wholesale leadership reset days after Onix Renewable's open offer for 19.28% signals a decisive shift in control. For a nano-cap with ₹84 cr market cap and trailing ROE of 0.2%, such upheaval creates strategic uncertainty. Execution risk is high, and the new management's alignment with Onix remains unstated.
What we're watching
- Whether Onix secures board seats in coming weeks.
- New MD Shirish Savaliya's first strategic communication.
- Potential delisting or fundraising using the ₹100 cr headroom.
The full read
Sarda Proteins has seen a near-total boardroom reset. Managing director Chirag Thummar resigned on July 4, and the board immediately appointed Shirish Savaliya for five years. Former CFO Yagnik Satasiya moved to non-executive chairperson; Drashti Delvadiya became CFO. Three other directors, Bipinkumar Savalia, Khilan Savaliya, and independent Chintan Bhatt, also quit, all effective immediately. The timing is key: this comes days after Onix Renewable completed its 19.28% open offer. The board also approved an eightfold increase in authorized equity capital to ₹100 crore, a move previously flagged. For a company with a market cap of just ₹84 crore and trailing ROE of 0.2%, such sweeping change carries execution risk. It's a lot. The open question is whether the new team operates as an extension of Onix or pursues its own strategy.
Questions answered
- Why did Chirag Thummar resign as managing director?
- The filing gives no reason. The resignation came days after Onix's open offer, and the board immediately named a successor.
- Who is the new managing director Shirish Savaliya?
- The filing appoints him for a five-year term but provides no background. Investors lack a track record to assess his fit.
- What does the authorized capital increase allow?
- Raising the cap from ₹13 cr to ₹100 cr creates room for equity issuance, likely for fundraising or acquisitions, as previously flagged.
- How does Onix Renewable's open offer connect to these changes?
- Onix acquired 19.28% via the offer, becoming a large shareholder. The simultaneous board overhaul suggests Onix is reorganizing management to exert control.
- What risk does this leadership churn pose?
- For a company with only ₹1 cr quarterly profit and a tiny market cap, a sudden CEO exit and multiple resignations amplify uncertainty about strategy and stability.
Sarda Proteins Ltd.
Latest quarter · Mar 2026
Strength & growth
Story so far
All notes on SRDAPRT →- 4 Jul 2026 · 5:49 PM IST Sarda Proteins loses MD, three directors after Onix open offer
- 4d ago Sarda Proteins plans eight-fold jump in authorized capital to ₹100 cr