Shiva Granito Export Limited made an important change to its board in July 2020. The company appointed Mrs. Chanchal Nuwal and Mr. Vishal Jain as Additional Independent Directors. Both appointments took effect from July 3, 2020.
The move came at a time when the company was making changes to its board structure. The two new members were added to bring more independent voices to the board. Their appointment was made under the rules of the Companies Act, 2013.
The company is based in Udaipur, Rajasthan, and works in the granite and marble sector. It is a public listed company with BSE code 540072. Its registered office is at 8, Bhatt Ji Ki Baari, Udaipur, Rajasthan – 313001.
Chanchal Nuwal Joins the Board
Mrs. Chanchal Nuwal was appointed as an Additional Independent Director with effect from July 3, 2020. Her appointment was later placed before the shareholders for approval as an Independent Director.
The company proposed her appointment under Sections 149(6), 152 and 160 of the Companies Act, 2013, along with the Companies (Appointment and Qualification of Directors) Rules, 2014. The proposed term was up to five consecutive years from July 3, 2020.
Chanchal Nuwal later became part of the company’s key board committees. In the 2020-21 annual report, she was shown as the Chairman of the Audit Committee. She was also a member of the Stakeholders’ Relationship Committee. This gave her a role in areas related to financial review as well as shareholder matters.
Her appointment was also important from a board balance point of view. An independent director does not take part in the daily management of a company in the same way as an executive director. Instead, such a director can offer a separate view on key company matters.
Vishal Jain Also Gets Board Role
Along with Chanchal Nuwal, Mr. Vishal Jain was also appointed as an Additional Independent Director with effect from July 3, 2020.
His appointment followed the same broad legal process under the Companies Act, 2013. He was later redesignated as an Independent Director for a five-year term with effect from December 30, 2020. The 2020-21 annual report confirms that he first joined the board as an Additional Independent Director on July 3, 2020.
Vishal Jain also had an active role in board committees. The 2020-21 annual report lists him as a member of the Audit Committee and as Chairman of the Stakeholders’ Relationship Committee. These roles placed him in areas that relate to financial checks, shareholder concerns and board oversight.
The company’s later records also confirm his appointment date and DIN. Vishal Jain has DIN 08742529, and company records show July 3, 2020 as his appointment date.
Why the Appointments Matter
The appointment of two independent directors can be important for a listed company because the board needs people who can look at company matters from a separate point of view.
Independent directors can review decisions, ask questions and take part in important committees. Their role can help improve checks within the company. They can also give shareholders more confidence that key matters have more than one point of view.
For Shiva Granito Export, the appointments also gave the board a stronger independent presence. Chanchal Nuwal and Vishal Jain both became part of key committees soon after their appointment. This shows that their roles were not limited to a place on the main board.
The company had also seen another board change at the same time. Mr. Ashok Kumar, who had joined as an Additional Independent Director on December 16, 2019, resigned from the directorship with effect from July 3, 2020. Mr. Abhishek Upadhyay also resigned from his directorship on the same date.
This means the appointment of Nuwal and Jain came as part of a wider change in the board rather than as an isolated move.
Shareholder Approval Was Part of the Process
The appointment as an Additional Independent Director is not the final stage in the process. The company later placed the appointments before its shareholders for approval.
For Chanchal Nuwal, the annual report states that the company proposed her appointment as an Independent Director for a term of up to five consecutive years from July 3, 2020. The same report also records the board process for her appointment.
For Vishal Jain, the company also moved from his status as an Additional Independent Director to Independent Director. The annual report for 2020-21 states that he was redesignated as an Independent Director for five years from December 30, 2020.
This process matters because it gives members of the company a formal role in the appointment of independent directors.
Changes After Their Appointment
The two directors later remained part of Shiva Granito Export’s board for several years. The company’s 2023-24 annual report lists both Vishal Jain and Chanchal Nuwal as directors, with July 3, 2020 shown as their appointment date.
The company records also show that both had roles as Independent Directors. At the time, the board included Managing Director Abhinav Upadhyay, Director Rachna Upadhyaya, Independent Director Vishal Jain and Independent Director Chanchal Nuwal.
Later, the board saw further changes. Vishal Jain resigned as an Independent Director with effect from May 28, 2025. The company then appointed Mr. Satish Heda as an Additional Non-Executive Independent Director with effect from September 1, 2025.
Chanchal Nuwal also resigned from her position as an Independent Director with effect from November 12, 2025. Satish Heda later resigned from his post with effect from March 10, 2026, citing personal and unavoidable circumstances.
What This Means for Shiva Granito Export
The 2020 appointment of Chanchal Nuwal and Vishal Jain was a notable board change for Shiva Granito Export. Both entered as Additional Independent Directors on July 3, 2020, and both later took formal Independent Director roles.
Their presence also extended to important board committees. Chanchal Nuwal became Chairman of the Audit Committee, while Vishal Jain became Chairman of the Stakeholders’ Relationship Committee.
For investors, the main point is that the appointments added two independent voices to the board. They also show how the company used its board and committee structure to meet its corporate governance needs.
At the same time, investors should view board appointments in the wider picture. A stronger board structure can support better oversight, but it does not by itself guarantee better profits or a higher share price. Business performance, cash flow, debt, sales, margins and future plans remain important.
The 2020 appointments of Chanchal Nuwal and Vishal Jain therefore stand as an important part of Shiva Granito Export’s board history. The company later saw several more changes, but the two directors remained part of its governance structure for a number of years after their July 2020 appointments.
ALSO READ: Is RBI Seeing Economic Risks Before Everyone Else?
