Source Industries has seen a significant leadership transition following the successful open offer and takeover by new promoters, including Mr. Sudhir Reddy Posireddy.

The board has undergone a major overhaul, with key directors appointed like Mr. Posireddy as Chairman & MD, alongside new Whole-Time and Independent Directors.

Several previous directors have resigned.

The company approved the financial results for the quarter.

Looking ahead, the board plans a name change to 'Bharat Rail and Defence Limited,' aims to increase borrowing powers up to 100 Cr, and proposes new statutory and secretarial auditors, all subject to shareholder approval.

The registered office will also be shifted.