Aarti Drugs Announces Leadership Transition and Board Changes

Summary of Key Information:

Nature of Filing / Announcement: Regulation 30 Disclosure - Change in Directorate and Board Committee Composition

Date of Board Meeting / Approval: Friday, July 31, 2026 (Meeting duration: 2:30 PM to 5:20 PM)

Key Management Changes:

A) Retirement of Chairman and Managing Director:

Shri Prakash M. Patil retires as Chairman, Managing Director and Chief Executive Officer effective close of business hours on September 30, 2026
His current term was scheduled to expire on May 31, 2027 per shareholder approval in Annual General Meeting dated September 4, 2021
Retirement is due to his intention for early retirement to facilitate orderly leadership transition
Prakash M. Patil has been associated with the company since inception and served as Chairman since 2014
Board accepted his request with appreciation and requested him to continue association for guidance and smooth transition

B) New Chairman Appointment:

Shri Rashesh C. Gogri (DIN: 00066291) appointed as Chairman of the Company effective October 1, 2026
He will continue in his existing role as Managing Director (held since September 2014)
Appointment is based on recommendation of Nomination and Remuneration Committee
Rashesh C. Gogri is a person belonging to the Promoter Group of the Company

C) New Managing Director Appointment:

Shri Adhish P. Patil (DIN: 02629496) appointed as Managing Director for 5 years effective October 1, 2026
Previously served as Chief Financial Officer since April 2014
Appointment subject to shareholder approval in ensuing Annual General Meeting
Adhish P. Patil is the son of outgoing Chairman Prakash M. Patil and belongs to the Promoter Group
Profile: 21 years experience in Manufacturing Operations, Finance, Investor Relations, Regulatory Compliance, Consulting, Systems Engineering and Information Technology for Pharmaceutical and Consulting industries. Holds Bachelor of Engineering (IT) from Mumbai University and MBA in Finance and Marketing (gold medallist) from University of Florida's Warrington College of Business Administration

D) Other Director Appointments/Reappointments:

All appointments subject to shareholder approval in ensuing Annual General Meeting:

a. Shri Nilesh B. Patil (DIN: 08616943) appointed as Whole-time Director liable to retire by rotation, effective from conclusion of ensuing AGM for 5 years

Replaces Shri Uday M. Patil (DIN: 01186406) who retires by rotation and has not offered himself for re-appointment
Uday M. Patil was associated with the company for over 25 years
Nilesh B. Patil has been associated with the company for over 33 years, holds B.Com and MBA in HRM, oversees warehouse operations, liaison with statutory authorities, and general factory administration

b. Shri Harshit M. Savla (DIN: 00005340) re-appointed as Joint Managing Director liable to retire by rotation for further 5 years effective June 1, 2027

Current term completes on May 31, 2027
Harshit M. Savla is a promoter of the Company

c. Shri Harit P. Shah (DIN: 00005501) re-appointed as Whole-time Director liable to retire by rotation for further 5 years effective June 1, 2027

Current term completes on May 31, 2027

d. Shri Hasmukh B. Dedhia (DIN: 07510925) re-appointed as Independent Director for second term of 5 years effective March 29, 2027

Current term completes on March 28, 2027

e. Shri Ajit E. Venugopalan (DIN: 09439069) re-appointed as Independent Director for second term of 5 years effective March 29, 2027

Current term completes on March 28, 2027

f. Shri Sandeep M. Joshi (DIN: 00516409) re-appointed as Independent Director for second term of 5 years effective March 29, 2027

Current term completes on March 28, 2027

Regulatory Compliance Confirmation:

None of the appointed persons are debarred from holding director office pursuant to any Order of SEBI or any other authority (per BSE circular LIST/COMP/14/2018-19 and NSE circular NSE/CM/2018/24 dated June 20, 2018)
Independent Directors fulfill independence criteria under Companies Act, 2013 and Listing Regulations

E) Re-constitution of Board Committees:

Effective October 1, 2026, subject to shareholder approvals where indicated:

a. Audit Committee:

Chairman: Shri Hasmukh B. Dedhia (Independent Director)
Members: Shri Ankit V. Paleja (Independent Director), Smt Neha R. Gada (Independent Director), Shri Ajit E. Venugopalan (Independent Director), Shri Rashesh C. Gogri (Managing Director), Shri Adhish P. Patil* (Managing Director)

b. Nomination and Remuneration Committee:

Chairperson: Smt Neha R. Gada (Independent Director)
Members: Shri Bhaskar N. Thorat (Independent Director), Shri Ankit V. Paleja (Independent Director), Shri Rashesh C. Gogri (Managing Director)

c. Risk Management Committee:

Chairman: Shri Rashesh C. Gogri (Managing Director)
Members: Shri Adhish P. Patil (Managing Director), Shri Harshit M. Savla (Jt. Managing Director), Shri Harit P. Shah (Executive Director), Shri Narendra J. Salvi (Non-executive Director), Shri Nilesh B. Patil (Executive Director), Shri Ankit V. Paleja (Independent Director), Shri Bhaskar N. Thorat (Independent Director), Shri Dhanaji L. Kakade (Vice President- Technical)

d. Corporate Social Responsibility Committee:

Chairman: Shri Bhaskar N. Thorat (Independent Director)
Members: Shri Adhish P. Patil* (Managing Director), Shri Rashesh C. Gogri (Managing Director)

e. Finance and Investment Committee:

Members: Shri Adhish P. Patil (Managing Director), Shri Harshit M. Savla (Jt. Managing Director), Shri Harit P. Shah (Executive Director), Shri Nilesh B. Patil (Executive Director)

*Subject to shareholder approval for appointment as Managing Director (Adhish P. Patil) and Whole-time Director (Nilesh B. Patil)

Financial Highlights:

Not Specified

Corporate Actions:

Not Specified

Other Significant Information:

Planned leadership transition with outgoing Chairman continuing association for guidance
Multiple committee reconstitutions following management changes
Family relationship disclosed: Adhish P. Patil is son of outgoing Chairman Prakash M. Patil