Mercury EV-Tech Announces Key Board Changes Following Director Resignations

Mercury EV-Tech Limited has announced key changes in its Board of Directors following the resignations of two members. The decisions were made during a Board meeting held today between 3:30 p.m. and 4:30 p.m.

Manshi Jain has resigned from her position as Independent Director, citing personal and unavoidable circumstances. The company confirmed that she has clarified there are no material reasons beyond those mentioned in her resignation letter. Her resignation took effect after the close of business hours on April 26, 2025.

Similarly, Arif Rajjak Sayyad has stepped down as Non-Executive Non-Independent Director due to other professional commitments. He too confirmed that there were no other material reasons for his departure aside from what was stated in his resignation letter.

Following these developments, Mercury EV-Tech Limited has reconstituted its Board Committees. In the Audit Committee, Sachin Shivaji Wagh has been appointed as Chairman, while Dinesh Kumar Sinha and Jayesh Raichandbhai Thakkar have been appointed as Members.

In the Nomination and Remuneration Committee, Dinesh Kumar Sinha will serve as Chairman, with Sachin Shivaji Wagh and Ajay Ramkrishna Shukla serving as Members. In the Stakeholders Relationship Committee, Sachin Shivaji Wagh has been appointed as Chairman, while Dinesh Kumar Sinha and Darshankumar Jitendra Shah have been named as Members.

Mercury EV Tech Limited, headquartered in Vadodara, Gujarat, is a prominent Indian electric vehicle (EV) manufacturer. Originally founded in 1986 as Mercury Metals Limited, the company rebranded in 2023 to emphasize its new focus on sustainable mobility.

Today, it is known for its broad array of electric vehicles, ranging from two-wheelers and three-wheelers to four-wheelers, buses, and specialty vehicles like golf and vintage cars. This diversity caters to both passenger and commercial sectors, showcasing Mercury EV Tech's versatile product portfolio.

The company takes an integrated approach to EV manufacturing by producing critical components such as batteries, battery management systems, chassis, and motor controllers in-house. It operates one of Gujarat’s largest Cationic Electro Deposition (CED) coating plants, further strengthening its manufacturing capabilities. In addition, Mercury EV Tech’s subsidiary, Powermetz Energy, manufactures lithium-ion batteries, contributing to the company’s comprehensive EV solutions. With a daily battery production capacity of approximately 50 units, it aims to enhance India’s EV infrastructure.