Nature of change: Appointment of Mr. N. V. Sivakumar (DIN: 03534101) as a Non-Executive Independent Director.
Effective date and tenure: The appointment is effective from January 1, 2027, for a term of three years, subject to approval by shareholders of the Company.
Profile and qualifications: Mr. Sivakumar, age 63, is a Chartered Accountant from the Institute of Chartered Accountants of India and holds a Bachelor of Commerce degree from Loyola Academy, Secunderabad. He has over 40 years of experience with PwC across audit, transaction services, deals, governance and leadership roles in India, the UK and the Middle East. He served as Audit Partner, Retail & Consumer Sector Leader, Deals Leader, Partner Affairs Leader, Entrepreneurial & Private Business Leader, and Chairman of PwC India's Partner Oversight Committee before retiring on March 31, 2023.
Current directorships: He currently serves on the boards of Kennametal India Limited, 3M India Limited, Computer Age Management Services Limited, Schaeffler India Limited, Credit Saison India, Agratas Energy Storage Solutions Private Limited, Capital Foods Private Limited, Acko Technology & Services Pvt Ltd, Acko General Insurance Limited, and TalentPro India HR Private Ltd. He chairs the Audit Committees of Kennametal India Limited, 3M India Limited, Computer Age Management Services Limited, Schaeffler India Limited, Credit Saison India and Agratas Energy Storage Solutions Private Limited.
Eligibility confirmation: Mr. Sivakumar meets the criteria for appointment as an Independent Director under applicable laws and is not debarred from holding the office of Director by virtue of any SEBI or other authority order. He has no inter-se relationship with other directors/KMPs of the company.
Approval process: The appointment was recommended by the Nomination and Remuneration Committee and approved by the Board of Directors on November 13, 2026.
Key Financial or Operational Approvals
The Board approved the Postal Ballot Notice for seeking shareholders' approval for the appointment of Mr. N. V. Sivakumar as an Independent Director.
The Postal Ballot Notice will be filed with the Stock Exchanges separately and sent to shareholders in due course.
Any Other Material Information
Board meeting details: The Meeting of the Board of Directors commenced at 2:15 p.m. and concluded at 4:20 p.m. on November 13, 2026.
Regulatory compliance: The disclosure includes required information under Clause 7 of Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.
Company identifiers: CIN: L32202KA1949PLC032923, GST: 29AAACA3834B1Z4
