Nature of change: Reappointment of three Managing Directors approved by shareholders at 17th Annual General Meeting held on September 30, 2026 through VC/OAVM
Chandrakant P. Patel (DIN: 02441116): Reappointed as Managing Director, not liable to retire by rotation, for 3 years from September 05, 2026 to September 04, 2029. Qualifications: Completed secondary education from Gujarat Secondary Education Board and holds Diploma in Agriculture from Gujarat Agriculture University. Experience: Over 35 years in refrigeration industry, heads Sales & Marketing, Research & Development, Finance, Legal, and Service departments. Holds 3,627,024 equity shares (22.99% stake). Relative of Rajendra P. Patel. Affirmed not debarred from holding director office by SEBI or any other authority.
Rajendra P. Patel (DIN: 02441138): Reappointed as Joint Managing Director, liable to retire by rotation, for 3 years from September 05, 2026 to September 04, 2029. Qualifications: Completed diesel mechanical (ITI) from MP Shah College, Ahmedabad, Gujarat. Experience: Over 26 years in refrigeration industry, heads Production of Cold Room Panel & Refrigerated Container, Quality Control, Design and Despatch. Responsible for strategic plans and implementation. Holds 3,703,280 equity shares (23.47% stake). Relative of Chandrakant P. Patel. Affirmed not debarred from holding director office by SEBI or any other authority.
Vipul I. Patel (DIN: 02473121): Reappointed as Joint Managing Director, liable to retire by rotation, for 3 years from September 05, 2026 to September 04, 2029. Qualifications: Completed secondary education from Gujarat Secondary Education Board. Experience: Over 25 years in refrigeration business, heads Purchase, Account, Production of Refrigeration, Quality Control, HR & IT. Holds 3,655,360 equity shares (23.16% stake). Cousin brother of Chandrakant P. Patel and Rajendra P. Patel. Affirmed not debarred from holding director office by SEBI or any other authority.
Approval Process: All three reappointments were initially approved by the Board of Directors in their meeting held on August 13, 2026, subject to shareholder approval. Shareholders subsequently approved the reappointments through Special Resolution passed at the 17th AGM on September 30, 2026.
Regulatory Compliance: Disclosure made in accordance with Regulation 30 of SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015 read with relevant SEBI circular and Master Circular No. SEBI/HO/49/14/14(7)2025-CFD-PoD2/I/3762/2026 dated January 30, 2026.
