# Rashi Peripherals stock falls 10% after independent director quits 2026-08-26T04:27:05+00:00 | Business & Economy | Indian Opinion Desk Corroboration: 1 independent outlet Rashi Peripherals shares fell nearly 10% on Tuesday after independent director Anil Khandelwal resigned citing governance concerns. Khandelwal, a former Bank of Baroda chairperson, alleged that director appointments and compensation decisions were handled by management instead of the nomination and remuneration committee, and that firms linked to two independent directors handled due diligence for an acquisition without disclosure. Company chairperson Krishna Kumar Choudary denied any lapses, stating the firms were engaged at arm's length and fees were within legal limits. The board now has nine members including four independent directors. Khandelwal's resignation follows a similar move by Atanu Chakraborty from HDFC Bank in March. ## Indian Opinion Analysis The resignation echoes a pattern where independent directors are voicing dissent publicly rather than exiting quietly. Under the Companies Act and SEBI listing rules, independent directors are required to disclose any conflicts of interest, and related-party transactions must be approved by the audit committee. The key question is whether the board's interpretation of disclosure requirements passes muster with regulators. The company's market cap has dropped by over Rs 500 crore since the news broke. The board now has fewer than the minimum six independent directors required under the SEBI rules for the top 1,000 listed firms, though Rashi Peripherals may fall below that threshold. The outcome will hinge on whether shareholders or regulators take up the matter at the next board meeting or through a complaint to the corporate affairs ministry. ## Coverage - livemint.com Straight news report with balanced quotes from both sides, no editorialising. This brief was synthesised by AI from the source linked above. Tags: Anil Khandelwal, Bank of Baroda, corporate governance, Rashi Peripherals, SEBI Canonical: https://indianopinion.org/rashi-peripherals-stock-falls-10-after-independent-director-quits/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/rashi-peripherals-stock-falls-10-after-independent-director-quits/#story-in-brief Review state: restored archive article, accurate at time of publication, not offered to search indexes. How this brief was made: an AI model read the report linked above and wrote this summary and analysis, which were published automatically. Published briefs are sampled every hour by an automated quality check; the editor verifies its findings and approves corrections, and corrected briefs carry a dated correction line. We do no original reporting. Methodology: https://indianopinion.org/ai-use-policy/