Shriram Properties adds former tax official Ramesh Parbat as independent director

Shriram Properties Limited has appointed Ramesh Narain Parbat, a former Member (Legislation) of the Central Board of Direct Taxes, as a non-executive independent director. The board approved the appointment by circular resolution on 5 November 2026, with effect from the same date. The Bengaluru-headquartered developer disclosed the change to the stock exchanges that day, in a filing under the Change in Directorate rules. The term is five years.

What the filing says

Parbat has been appointed as an additional director and non-executive independent director. The appointment is subject to shareholder approval, which is still pending, so it is not yet final. The Nomination and Remuneration Committee recommended him to the board. The company has said in its filing that he is not related to any director and is not debarred from holding office. His Director Identification Number is 11899719.

This is a board seat, not a financial transaction. No money value is attached to the appointment, and it does not involve any acquisition, sale or fundraise.

Background of the appointee

Parbat belongs to the 1989 batch of the Indian Revenue Service (Income Tax). He retired on 31 October 2025 after more than 35 years of service. As Member (Legislation) at the CBDT, he led the drafting of the Income-tax Act, 2025. His earlier postings include Director General of Income Tax (Investigation) for Uttar Pradesh and Uttarakhand, and Chief Commissioner of Income Tax in Bengaluru and Ahmedabad. He holds a B.Tech in Civil Engineering from IIT (BHU) Varanasi and an LLB from the University of Mumbai, and has trained in international taxation and investigation at the University of Maryland, USA.

M. Murali, Chairman and Managing Director, said the company was delighted to welcome Parbat and that his experience would add insights to the board. He also said the appointment would strengthen governance practices and strategic oversight as the company pursues growth.

Market commentary on the filing describes the role as independent and non-executive, with no dilutive effect on existing shareholdings. The company itself says his experience will strengthen board discussion on policy matters, regulatory developments and financial governance.

Company context

Shriram Properties is listed on the NSE (SHRIRAMPPS) and the BSE (543419). It is part of the Shriram Group and began operations in Bengaluru in 2000. It works in Bengaluru, Chennai, Coimbatore, Visakhapatnam and Kolkata, and lists Pune among its key markets. The company's February 2026 press release said it had delivered 50 projects covering 30.8 million sq ft. A later figure of 51 projects and over 31.5 million sq ft appears in company-linked sources without a date, so the February figure is the one dated to a company statement.

The board has made other changes recently. On 2 November 2026, the company announced Revathy Iyer and R. Seetharaman as independent directors for five years, also subject to shareholder approval. The board had approved Revathy Iyer's appointment as an additional non-executive independent director effective 22 October 2026.

In February 2026, the company bought about 4 acres on Sarjapur Main Road in south-east Bengaluru outright. It plans a premium high-rise of about 5 lakh sq ft saleable area, with a gross development value of ₹550–600 crore and a launch in the latter part of 2026. The company has not confirmed launch or possession dates for that parcel.

What investors will watch

• Shareholder approval for Parbat, and for Revathy Iyer and R. Seetharaman.
• The unaudited Q2 and half-year results, at the board meeting on 13 November 2026.
• Whether the company confirms launch timing for the Sarjapur Main Road project.

For now, the appointment is a governance change with no stated financial effect. The next concrete step is the results meeting on 13 November 2026, followed by the shareholder vote on the new independent directors.