Promoter director resigns from five subsidiaries, including material subsidiary Prabal Motors

Popular Vehicles and Services Ltd has informed the exchanges that Mr. John Kuttukaran Paul (DIN: 00016513) has tendered his resignation from the position of Director in five subsidiaries of the Company, effective immediately.

Thu 8 Oct 2026

DIN

00016513

Resignation letters dated

08th October, 2026

Subsidiaries involved

five subsidiaries, including Prabal Motors Private Limited (Material Subsidiary)

What has been announced

• Mr. John Kuttukaran Paul (DIN: 00016513) has tendered his resignation from the position of Director in five subsidiaries of Popular Vehicles and Services Ltd.
• The resignation letters are dated 08th October, 2026 and the resignation is effective immediately.
• The Company has informed the exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The five subsidiaries involved

• Prabal Motors Private Limited, which the update marks as a Material Subsidiary
• Popular Autoworks Private Limited
• Kuttukaran Cars Private Limited
• Popular Auto Dealers Private Limited
• Keracon Equipments Private Limited

What the resignation letter says about the reason

In the letters addressed to the boards of these subsidiaries, the director states that over time the members of the family developed distinct visions and strategic aspirations concerning the growth and governance of the family businesses. To preserve family unity, mutual respect and long-term goodwill, and to give each member the freedom to pursue their own goals, the family amicably agreed upon a settlement arrangement.

A Memorandum Recording Family Arrangement was executed on October 01, 2026. The Company had earlier intimated this family settlement among the promoter family to the stock exchanges on 05th October, 2026.

Who continues to run the business

Under the terms of the arrangement, the management and operational control of Popular Vehicles and Services Limited (described as the Ultimate Holding Company) and the subsidiary companies shall continue to vest in the continuing promoters, Mr. Francis K. Paul and Mr. Naveen Philip.

Mr. John K. Paul describes himself as the outgoing promoter under the arrangement. He states that he will step down and relinquish his board positions in the Company to take over and focus on specific partnerships, educational trusts, and other specified companies forming part of the family business as agreed.

His own confirmation

• He confirms that his resignation is strictly pursuant to the execution of the inter-se family settlement agreement.
• He also confirms that there are no other material reasons for his departure from the Board.

What this announcement covers

The disclosure concerns directorships held in the named subsidiary companies. For each of these subsidiaries the update records the reason as resignation, the date of resignation as 08th October, 2026, and the effective date as 08th October, 2026, with the resignation letter enclosed.

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