Ethos Limited Director Mukul Khanna to Step Down, Maintain Executive Role

Ethos Limited has informed stock exchanges that Mr. Mukul Krishan Khanna will resign as Whole Time Director, effective March 31, 2026.

Mr. Khanna will continue in his executive capacity to focus on expanded responsibilities within the company.

Director Resignation Announced

Ethos Limited has formally notified the stock exchanges regarding Mr. Mukul Krishan Khanna's resignation from his position as Whole Time Director. This change is scheduled to take effect on March 31, 2026.

The company stated that this move is intended for Mr. Khanna to dedicate more time to his growing operational responsibilities at Ethos Limited. He is expected to continue in his ongoing executive capacity. No other significant reasons for this transition have been provided.

Implications for Board and Operations

While stepping down from the formal Whole Time Director role indicates a shift in the board's structure, Mr. Khanna's continued executive involvement suggests an effort to maintain key management focus on operations. The board's composition will change, which is a standard governance event.

For shareholders, the focus will be on how Mr. Khanna's intensified executive role impacts strategic execution and whether a successor is appointed or responsibilities are reallocated for the Whole Time Director position.

Khanna's Role at Ethos

Ethos Limited is a prominent retailer of luxury watches in India, known for its multi-brand store presence. Mr. Mukul Krishan Khanna currently serves as the company's Chief Operating Officer (COO). He was previously re-appointed as a Director in September 2025, facing retirement by rotation. The current filing details this change from his Whole Time Director status.

Executive Role to Continue

Following the March 31, 2026 effective date, the Board of Directors at Ethos Limited will have one less Whole Time Director. Mr. Khanna will continue to operate primarily in his executive capacity as COO, concentrating on his expanded duties. The company may seek a new Whole Time Director or redistribute existing board responsibilities.

Governance Context

Ethos Limited explicitly stated that the reason for the change is Mr. Khanna's expanded executive responsibilities and his continued executive role, aiming to reduce perceived risks typically associated with director departures. However, recent investor dissent regarding the Chairman's reappointment highlights underlying sensitivities around governance practices.

Market Position and Competitors

Competitors such as Titan Company Limited, a significant player in India's watch market, often feature complex board structures with numerous executive and non-executive directors. Titan's Helios stores offer premium watches, but Ethos carves a distinct market position with its broader portfolio of high-end and ultra-luxury brands. While Titan benefits from its extensive retail network, Ethos leverages its curated customer experience.

Looking Ahead

Investors will be watching for several developments:

• The formal appointment of a successor to the Whole Time Director role, if any.
• Further disclosures detailing Mr. Khanna's specific expanded executive responsibilities as COO.
• The overall strategic direction of Ethos Limited under the adjusted board configuration.