Clarification: resigning independent director holds no directorship in any other listed company

The company has clarified that its resigning Non-Executive Independent Director, Lt.

Thu 8 Oct 2026

Resignation Effective Date

12th October, 2026

Other Listed Company Directorships

NIL

Stated Reason for Resignation

unavoidable and pressing family and personal commitments

The company has written to BSE and NSE to correct one detail in its earlier announcement about the resignation of its Non-Executive Independent Director, Lt. Gen. Baldev Singh Pawar (Retd.).

What was corrected

• In the annexure giving additional information on the resignation of an independent director, the point asking for the names of listed companies in which the resigning director holds a directorship now reads NIL.
• The company states that Lt. Gen. Baldev Singh Pawar (Retd.) is not a director in any other listed company, and a revised annexure has been submitted.
• The clarification follows an e-mail dated 8th October, 2026 from the exchange, seeking additional details for the corporate announcement submitted on 7th October, 2026.

The resignation itself

• He resigned from the office of Non-Executive Independent Director of the Company with effect from 12th October, 2026.
• The stated reason is unavoidable and pressing family and personal commitments that require his full attention.
• He has confirmed there are no material reasons for his resignation other than those stated in his resignation letter.
• Consequent to the resignation, he also ceases to be Chairman of the Nomination and Remuneration Committee and a Member of the Audit Committee and the Risk Management Committee of the Company.
• The Company has placed on record its appreciation of the support extended by him during his association with the Company.

Why this kind of letter is shared

• When an independent director resigns, the company must submit specific details to the exchanges, including the reason, the effective date, and the names of other listed companies where the resigning director is a director.
• Where a detail in that submission is questioned by the exchange, the company files a clarification and a revised annexure, which is what has happened here.

How a reader can look at it

• The correction is limited to a single disclosure point; the resignation, its date and the stated reason are unchanged.
• An independent director stepping down reduces the number of independent directors on the board and changes who sits on the Nomination and Remuneration Committee, the Audit Committee and the Risk Management Committee.
• The stated reason is personal and family commitments, with a confirmation that there are no material reasons behind the exit.

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