Two Independent Directors Cease on Completion of Second Consecutive Term

Two Non-Executive Independent Directors, Mr. Praveen Kumar Agarwal and Ms. Triveni Makhijani, ceased to be directors with effect from end of day on 27th September, 2026, on completion of their second consecutive term.

Mon 28 Sep 2026

Directors Ceased

Mr. Praveen Kumar Agarwal and Ms. Triveni Makhijani ceased to be directors with effect from end of day on 27th September, 2026

New Directors Appointed

Mr. Devendra Jitendra Shah and Mrs. Hema Rajendra Gaitonde appointed as Non-Executive Independent Directors on 05th August 2026

New Directors Term

Five consecutive years from 05th August 2026 to 04th August 2031

Shareholder Approval

Members approved appointments at AGM held on 22nd September 2026

What happened

Mr. Praveen Kumar Agarwal and Ms. Triveni Makhijani ceased to be Non-Executive Independent Directors of the Company with effect from end of day on 27th September, 2026, upon completion of their second consecutive term.

Why this is routine

Under Indian law an Independent Director can serve a maximum of two consecutive terms. So this is an automatic exit on completion of tenure, not a resignation or removal. The Company recorded its appreciation for their contribution.

Who takes their place

• The Board, at its meeting on 05th August 2026, appointed Mr. Devendra Jitendra Shah and Mrs. Hema Rajendra Gaitonde as Non-Executive Independent Directors.
• Their first term is five consecutive years, from 05th August 2026 to 04th August 2031.
• Shareholders approved these appointments at the Annual General Meeting held on 22nd September 2026.
• Both events were intimated to the stock exchanges earlier.

What it means for investors

Board continuity has been maintained because the incoming Independent Directors were appointed and approved before the outgoing directors' terms ended. The Company states that the composition of its Board continues to meet the requirements of the Companies Act, 2013 and the Listing Regulations. This is a governance and disclosure update with no stated financial or operational impact.

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