Resignation of Mr. Arjun Verma as Chief Financial Officer
Nature of change: Resignation from the position of Chief Financial Officer (CFO)
Name and DIN: Mr. Arjun Verma (DIN not disclosed)
Effective date: October 15, 2026
Continued role: Will continue to serve as Whole Time Director (Designated as Executive Director) and Key Managerial Personnel of the Company
Reason for resignation: Personal reasons requiring attention and time
Confirmation: Mr. Verma confirmed there is no other material or significant reason for his resignation
Previous KMP: Mr. Arjun Verma held the position of CFO prior to resignation
Appointment of Mr. Shirish Suvagia as Chief Financial Officer
Nature of change: Appointment as Chief Financial Officer, Key Managerial Personnel
Name: Mr. Shirish Suvagia
Effective date: October 15, 2026
Qualifications: Chartered Accountant with over 22 years of professional experience
Profile: Extensive experience in finance and accounts, treasury management, strategic financial planning, mergers and acquisitions, equity structuring, fundraising through debt and private equity, and business partnering
Specific expertise: Managing treasury operations, Ind AS and IFRS, IPO-related activities including preparation of Draft Red Herring Prospectuses (DRHPs), valuation, due diligence, financial structuring and negotiations with private equity firms
Additional skills: Financial planning and budgeting, cash-flow and fund-flow management, risk management, internal financial controls, statutory compliance, corporate governance, financial policy development, data analytics tools including SAS Programming, Power BI, Power Map and R Programming
Educational background: Bachelor of Commerce and Master of Commerce in Accountancy and Taxation from University of Mumbai, Chartered Accountancy qualification from ICAI, CISA certification from ISACA, IFRS qualification from ICAI, Executive MBA in Strategy from IIM Indore
Relationship disclosure: Not related to any of the Directors of the Company
Key Financial or Operational Approvals
Acquisition Approval
Decision: Acquisition of equity shares of Incubit Pipavav Terminal Private Limited from existing shareholders
Aggregate consideration: INR 44,26,97,141 (Indian Rupees Forty-Four Crores Twenty Six Lakhs Ninety-Seven Thousand One Hundred and Forty One only)
Funding source: Internal reserves of the Company
Acquisition structure: May be acquired in multiple tranches over a period of one year
Valuation adjustment: Subject to any change in valuation of the shares of IPTPL
Purpose: Strategic investment to enhance related infrastructure
Authority: Board authorized execution of conditions agreed between parties and compliance with applicable laws and regulations
Governance: SHA will govern rights of the Company and other shareholders vis-à-vis IPTPL
Updated Key Managerial Personnel List
The Board updated the list of Key Managerial Personnel authorized to determine materiality of events/information and make necessary disclosures to Stock Exchanges:
Mr. Ayush Goel (Chairman & Managing Director)
Mr. Arjun Verma (Executive Director)
Mr. Shirish Suvagia (Chief Financial Officer, effective October 15, 2026)
