Following the death of Rupen Patel, the company’s managing director and chairman, the share of Patel Engineering fell by nearly 11% on Monday.
Late on Friday, July 5, Rupen Patel, 57, passed away. Patel Engineering informed in a regulatory filing.
Patel was re-appointed as the company’s Chairman and Managing Director, starting April 1, 2024, and has played critical leadership responsibilities that have greatly benefitted the company, according to the statement.
In the meantime, the firm announced the appointment of his wife Janky Patel as an Additional Director/Non-Executive Director, to serve as the firm’s “Chairperson” starting July 6, 2024.
It also announced the appointment of Kavita Shirvaikar as Acting Managing Director of the Company, beginning July 6. She resigned from the post of CFO.
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