Governance · Board of Directors
Who is answerable for the company.
Mahakaushal Sugar and Power Industries Ltd is an unlisted public company. Its directors are named below, and the senior officers who run the site day to day are named separately — because the two are not the same thing.
- CIN U01543MP2005PLC017514
- Incorporated 13 April 2005
- Company Secretary cs@mspil.in
Directors
The board
The 7 directors below are taken from the company’s signed list of directors dated 20 March 2026, together with the appointment of 4 April 2026 recorded in Form DIR-12. Directors’ Identification Numbers and dates of appointment are shown where a filing states them, and as “—” where confirmation is still outstanding. Biographies and photographs of the independent directors will be published once confirmed by the Company Secretary.
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Nawab Raza
Chairman
- DIN
- 03021218
- Appointed
- —
After two decades of national service with the Police, Mr Raza entered the sugar industry and founded Mahakaushal in 2005. He built the company from the ground up in Madhya Pradesh, learning sugar production on the site itself and forming the relationships with local growers that the business still runs on.
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Saif Raza
Managing Director
- DIN
- 07291231
- Appointed
- 30 December 2025
Over ten years across the pharmaceutical, IT and sugar sectors, including Al-Raafi (Zambia), SKYRAS and RCC Fabricators Ltd. He holds an MS in Mechanical Engineering from Arizona State University and is a member of the Grain Ethanol Manufacturers Association.
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Sahil Raza
Whole-time Director & Chief Operating Officer
- DIN
- 07289612
- Appointed
- 30 September 2015
A supply chain professional with over ten years of experience and a Master’s degree in International Management. His work includes a tenure with ThyssenKrupp’s submarine division in Germany, where he worked in strategic planning, high-value procurement and end-to-end supply chain optimisation.
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Himani Sharma
Independent Director
- DIN
- 11555165
- Appointed
- —
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Ranganathan Elavathur Subramania
Independent Director
- DIN
- 07417640
- Appointed
- —
-
Rameshwar Dayal Goyal
Independent Director
- DIN
- 02705827
- Appointed
- —
-
Bhupendra Sharma
Independent Director
- DIN
- 07258151
- Appointed
- 4 April 2026
Appointed for a term of five consecutive years with effect from 4 April 2026, and not liable to retire by rotation. His name is registered in the data bank of Independent Directors maintained by the Indian Institute of Corporate Affairs.
Management
Officers of the company
These are the company’s senior officers. They are not directors, and nothing on this page should be read as stating that they are.
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Dr Rajan Dubey
Chief Executive Officer
Over twenty-five years in pharmaceutical biotechnology and public health, including roles at UNOPS and the WHO. He has led programmes valued at over $50 million and launched healthcare products in several markets. He holds an MD in Preventive and Social Medicine, an MPH from the Indian Institute of Public Health, and advanced training from UC San Diego.
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Dilshad Hussain Zaidi
Chief Financial Officer
Thirty years of experience in balance sheet finalisation, internal audit, bank finance and banking operations. He handles GST, income tax and legal compliance, and liaises with the Director of Boilers (MP), the Madhya Pradesh Pollution Control Board, the CPCB and the health and safety department.
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Sakshi Singh Chauhan
Company Secretary & Compliance Officer
A Company Secretary with over seven years of experience across listed entities, construction, manufacturing and professional consultancy. She leads corporate governance, SEBI (LODR) compliance, listing readiness and statutory oversight for the company, and works on board management and regulatory strategy.
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Devraj Choudhary
General Manager — Operations & Administration
Over twenty-five years of experience, with qualifications in business management, administration, science and engineering. He leads group operations across ethanol, cattle feed, sales and marketing, and the sugar business.