Aarti Drugs Board Restructuring with Multiple Director Changes

Nature of Changes:

Shri Uday Moreshwar Patil (DIN: 01186406), Whole-time Director, retired by rotation at the 41st AGM and did not offer himself for reappointment, ceasing to be Director effective September 26, 2026.
Shri Nilesh Bhalchandra Patil (DIN: 08616943) appointed as Director and Whole-time Director effective September 26, 2026, for a period of 5 years, replacing Shri Uday Moreshwar Patil.
Shri Adhish Prakash Patil (DIN: 02629496) appointed as Director and Managing Director effective October 1, 2026, succeeding Shri Prakash M. Patil who is taking early retirement.
Shri Harshit Manilal Savla (DIN: 00005340) re-appointed as Joint Managing Director for 5 years effective June 1, 2027.
Shri Harit Pragji Shah (DIN: 00005501) re-appointed as Whole-time Director for 5 years effective June 1, 2027.
Shri Hasmukh Bhavanji Dedhia (DIN: 07510925) re-appointed as Independent Director for second term of 5 years effective March 29, 2027.
Shri Sandeep Madhusudan Joshi (DIN: 00516409) re-appointed as Independent Director for second term of 5 years effective March 29, 2027.
Shri Ajit Eledath Venugopalan (DIN: 09439069) re-appointed as Independent Director for second term of 3 years effective March 29, 2027.

Effective Dates and Tenure:

Brief Profiles and Qualifications:

Shri Nilesh Bhalchandra Patil: Holds Bachelor of Commerce (B.Com.) degree and Master of Business Administration (MBA) in Human Resource Management. Associated with the Company for over 33 years, currently serving as General Manager - Administration. Responsible for warehouse operations, coordinating with statutory and regulatory authorities, and managing factory operations and general administration.
Shri Adhish Prakash Patil: 21 years of experience in Manufacturing Operations, Finance, Investor Relations, Regulatory Compliance, Consulting, Systems Engineering and Information Technology for Pharmaceutical and Consulting industries. Bachelor of Engineering (IT) degree from Mumbai University. MBA in Finance and Marketing (gold medallist) from University of Florida's Warrington College of Business Administration. Experience in production efficiencies, projects, financial operations, ERP implementation, automations for regulatory compliances, company operations and project management.

Relationship Disclosures:

Shri Adhish Prakash Patil is the son of present Chairman and Managing Director of the Company, Shri Prakash M. Patil.
No relationships disclosed for other appointed directors.

Regulatory Compliance:

Confirmation that none of the appointed persons are debarred from holding office of Director pursuant to any Order of SEBI or any other authority.
Independent Directors are not related to the Promoters or Promoter Group and fulfil independence criteria under Companies Act, 2013 and SEBI (LODR) Regulations, 2015.
Disclosure made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Leadership Transition Context:

Shri Prakash M. Patil's current term as Managing Director was scheduled to expire on May 31, 2027, but he expressed desire to resign for early retirement to facilitate orderly leadership transition.
Shri Adhish P. Patil has been associated with the Company as Chief Financial Officer since April 2014 and played pivotal role in Company's growth and operational excellence.

Approval Process:

All changes approved by shareholders at the 41st Annual General Meeting held on September 26, 2026.
Appointment of Shri Adhish P. Patil was based on recommendation of Nomination and Remuneration Committee and approved by Board of Directors in meeting held on July 31, 2026.