Non-Executive Independent Director appointed for 3-year term; Independent Director resigns

Board approved Mr. Amitabha Mukhopadhyay's appointment as Additional Director (Non-Executive-Independent) for a three-year term, and noted Independent Director Mr. Ajay Shriram Patil's resignation effective October 01, 2026.

Thu 1 Oct 2026

New Director Appointment

Mr. Amitabha Mukhopadhyay (DIN: 01806781) as Additional Director (Non-Executive-Independent)

Appointment Effective Date

October 05, 2026

Appointment Term

three (3) consecutive years ending October 04, 2029

Resigning Director

Mr. Ajay Shriram Patil (DIN: 01217000), Non-Executive Independent Director

Resignation Effective Date

close of business hours on October 01, 2026

The Board of Directors, at its meeting held on October 01, 2026, considered two matters relating to the composition of the Board: the appointment of a new Non-Executive-Independent Director and the resignation of an existing Independent Director.

Who is joining

• Mr. Amitabha Mukhopadhyay (DIN: 01806781) has been appointed as an Additional Director in the capacity of Non-Executive-Independent Director, on the recommendation of the Nomination and Remuneration Committee.
• The appointment is effective from October 05, 2026.
• Term: three (3) consecutive years, commencing October 05, 2026 and ending October 04, 2029.
• The appointment is subject to the approval of the shareholders, and the Board has recommended it to the shareholders for that term.
• Mr. Mukhopadhyay is not related to any Director of the Company.

His background, as set out in the update

• Founder of Lexcelon, a Pune-based boutique consulting firm in M&A, transaction advisory and corporate governance.
• Independent Director on the boards of Foseco India Limited, Parag Milk Food Limited and Quick Heal Technologies Limited, and chairs the Audit Committees of these companies; also a director of Sudarshan Chemicals and a member of its Audit Committee.
• Served as Group Chief Financial Officer of Thermax till 2019, and earlier as President and Group CFO of Tata Autocomp Systems Limited (TACO) from 2007 to 2013.
• Served as Managing Director and CEO of IFB Agro Industries from 2021-24.
• Member of the Institute of Chartered Accountants of India and enrolled as an Advocate with the Bar Council of Maharashtra and Goa.
• A start-up enthusiast and early-stage investor, and a member of the Board of Biofuel Circle Private Limited.

Who is leaving

• Mr. Ajay Shriram Patil (DIN: 01217000), Independent Director, tendered his resignation as a Non-Executive Independent Director of the Company.
• His resignation takes effect from the close of business hours on October 01, 2026, and he ceases to be an Independent Director from that date.
• The stated reason is professional and personal commitments, which he expects to increase going forward and which he says require greater time and attention; he notes the role requires appropriate engagement and adequate time to discharge governance, compliance and oversight responsibilities effectively.
• He confirmed that there are no material reasons for his resignation other than those stated.
• The Board placed on record its appreciation for his contributions, guidance and services during his tenure.

Other listed directorships and committee positions of the resigning director, as disclosed:

• Kirloskar Ferrous Industries Limited ("KFIL") - Joint Managing Director.
• Ingersoll-Rand (India) Limited - Independent Director.
• Committee memberships at Ingersoll-Rand (India) Limited: Audit Committee, Stakeholders Relationship Committee (SRC), Nomination and Remuneration Committee (NRC) and Risk Management Committee (RMC).

What this means for investors

• The change is on the independent, non-executive side of the Board: one independent director steps down and another is appointed in that capacity, so the overall executive management of the Company is not the subject of this announcement.
• The new appointment becomes effective from October 05, 2026, and is subject to shareholders' approval; the resignation is effective from the close of business hours on October 01, 2026.
• Perceptions can vary: some may read a long-tenured independent director's exit as a change in board oversight, while others may note that the vacancy is being filled by a person with senior finance and governance experience. The update itself records personal and professional commitments as the reason, with no material reasons stated beyond that.

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