India Glycols Limited submitted a material update disclosure to BSE Limited and National Stock Exchange of India Limited regarding its subsidiary IGL Spirits Limited. This disclosure is made pursuant to Observation Letters from the stock exchanges (NSE/LIST/48932 dated 17th November, 2025 and DCS/AMAL/TS/R37/3905/2025-26 dated 19th November, 2025) and SEBI Master Circular No. HO/4911 411 4(7)2025-CFD-POD211 13762/2026 dated 30th January, 2026, received in relation to a Scheme of Arrangement.
The enclosed communication from IGL Spirits Limited dated 21st August, 2026, informs that its Board of Directors approved the appointment of seven new directors and Key Managerial Personnel at its meeting held on 21st August, 2026:
Director Appointments
1. Shri U.S. Bhartia (DIN: 00063091) appointed as Chairman and Managing Director (Key Managerial Personnel) for a term of 5 years effective 21st August, 2026, until 20th August, 2031, subject to shareholder approval. Aged 72 years with over 4 decades of experience in business management. Graduate from Delhi University. Currently Chairman and Managing Director of India Glycols Limited and director on various other company boards.
2. Shri Vedant Jhaver (DIN: 00638589) appointed as Additional Director (Non-Executive) effective 21st August, 2026, subject to shareholder approval. Aged 49 years with experience across commerce, seed technology, and business management. Holds a master's degree in computer science from Kolkata University. Belongs to the Jhaver Group conglomerate.
3. Shri Shirish Rajendra Barwale (DIN: 00152584) appointed as Additional Director (Non-Executive) effective 21st August, 2026, subject to shareholder approval. Aged 51 years with experience in agriculture, technology, and financial services industries. Completed graduation from Cornell University and holds a Bachelor's degree.
4. Shri Samrat Banerjee (DIN: 06706345) appointed as Additional Director (Independent Director) for a term of 3 years effective 21st August, 2026, until 20th August, 2029, subject to shareholder approval. Aged about 68 years with two decades of experience managing multi-asset class portfolios. Holds a master's degree in economics from Cornell University. Founder of Blue Edge investment platform.
5. Shri Raj Kishore Singh (DIN: 00071024) appointed as Additional Director (Independent Director) for a term of 3 years effective 21st August, 2026, until 20th August, 2029, subject to shareholder approval. Aged 72 years with approximately 40 years of experience in the Oil & Gas sector. Former Chairman and Managing Director of Bharat Petroleum Corporation Limited and served on ONGC Ltd board.
6. Shri Vimal Bhandari (DIN: 00001318) appointed as Additional Director (Independent Director) for a term of 3 years effective 21st August, 2026, until 20th August, 2029, subject to shareholder approval. Aged 72 years with over 40 years of experience in financial services industry. Held senior positions in various NBFCs including IL&FS, AEGON, and IndoStar. Commerce graduate from Banaras Hindu University.
7. Ms. Nidhi Jagat Killawala (DIN: 05182060) appointed as Additional Director (Independent Director) for a term of 3 years effective 21st August, 2026, until 20th August, 2029, subject to shareholder approval. Aged 36 years with over 13 years of experience in corporate transactions and advisory. Partner in Corporate practice group at Khaitan & Co. LLP. Holds B.A., LL.B. (Hons.) from National Law School of India University.
Additional Information
All appointed directors are confirmed not to be debarred from holding office by virtue of any SEBI order or other authority in terms of BSE Circular LIST/COMP/14/2018-19 and NSE Circular NSE/CML/2018/24 dated 20th June, 2018.
Relationship disclosure: Shri U.S. Bhartia is the father-in-law of both Shri Vedant Jhaver and Shri Shirish Rajendra Barwale.
The disclosure affirms that necessary details as required under SEBI Master Circular are enclosed as Annexure A.