Nature of Disclosure: Regulatory filing under SEBI Listing Regulations 30 and Schedule III regarding management changes.

Key Events:

  • The Board of Directors meeting held on September 16, 2026 (04:25 PM to 04:40 PM IST) approved the appointment of Shri Sanjeev Kumar, IAS (DIN: 03600655) as Director and Managing Director, designated as Key Managerial Personnel.
  • The appointment is effective from September 09, 2026, the date of assumption of charge.
  • The appointment was made based on the recommendation of the Nomination and Remuneration Committee dated September 10, 2026.

Government Notification:

  • The Government of Gujarat, General Administration Department issued Notification No. AIS/35.2026/37/Ser(I) dated September 05, 2026, nominating and appointing Shri Sanjeev Kumar as Government Director under Article 136 of the Articles of Association.
  • The government assigned him the Charge of the Post of Managing Director with effect from September 09, 2026.

Term of Appointment:

  • As Director: Not liable to retire by rotation (under Article 136 of AoA)
  • As Managing Director: Until further orders of the Government of Gujarat, subject to a maximum period of five years from September 09, 2026

Cessation of Previous MD:

  • Shri Rajkumar Beniwal, IAS (DIN: 07195658) ceased as Managing Director and Director with effect from September 09, 2026
  • Cessation was consequent upon relinquishment of charge pursuant to the government notification and his resignation dated September 09, 2026

Regulatory Compliance:

  • The appointment is subject to approval of members by way of postal ballot
  • Shri Sanjeev Kumar is not debarred from holding office of Director by virtue of any SEBI order or authority
  • He is not related to any other Director of the Company

Director Profile:

  • Shri Sanjeev Kumar is currently serving as Principal Secretary to the Chief Minister of Gujarat
  • 1998-batch IAS officer from Gujarat cadre
  • Educational qualifications: B.Tech. (Hons.) from IIT Kharagpur, M.P.A. from Hubert H. Humphrey School of Public Affairs, University of Minnesota, USA
  • Over 28 years of experience in public administration across various sectors including finance, energy, petrochemicals, and environmental governance
  • Has worked in Panchayats, Rural Development, Finance, General Administration (Planning), Commercial Taxes, Energy & Petrochemicals, Forest & Environment, Climate Change, Urban Development and Urban Housing Department

Filing Details:

  • Filed with BSE and NSE on September 16, 2026
  • Signed by Rajesh Pillai, Company Secretary & Compliance Officer
  • Includes Annexure A (regulatory disclosure details) and Annexure B (director profile)
  • Reference to previous intimations dated September 06, 2026 and September 09, 2026