Popular Vehicles and Services Ltd has submitted a regulatory disclosure to BSE Limited and National Stock Exchange of India Limited regarding the resignation of Mr. John Kuttukaran Paul (DIN: 00016513) from directorship positions in five subsidiary companies.
The resignation is effective immediately from 08th October, 2026 and is pursuant to a Family Settlement among the Promoter Family that was previously intimated to the Stock Exchanges on 05th October, 2026. The family settlement was formalized through a Memorandum Recording Family Arrangement executed on 01st October, 2026.
The subsidiaries from which Mr. Paul has resigned are:
- Prabal Motors Private Limited (identified as a Material Subsidiary)
- Popular Autoworks Private Limited
- Kuttukaran Cars Private Limited
- Popular Auto Dealers Private Limited
- Keracon Equipments Private Limited
According to the detailed resignation letters submitted to each subsidiary, the reason for resignation stems from distinct visions and strategic aspirations among family members concerning the growth and governance of their family businesses. The family settlement was amicably agreed upon to preserve family unity, mutual respect, and long-term goodwill while allowing each member freedom to pursue their respective goals.
Under the terms of the family arrangement, management and operational control of Popular Vehicles and Services Limited and its subsidiary companies will continue to vest with the continuing promoters, Mr. Francis K. Paul and Mr. Naveen Philip. As the outgoing promoter, Mr. John K. Paul will step down from his board positions to take over and focus on specific partnerships, educational trusts, and other specified companies forming part of the family business as agreed in the settlement.
The disclosure is made in compliance with Regulation 30 read with Clause 7 of Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 30th January, 2026. The company has enclosed the resignation letters along with detailed reasons for the resignation as required under clause 7C of Para A of Part A of Schedule III of the SEBI Listing Regulations.
Mr. Paul has confirmed that his resignation is strictly pursuant to the execution of the family settlement agreement and there are no other material reasons for his departure from the boards. The resignation letters were digitally signed by Mr. John K. Paul on 08th October, 2026.
The disclosure was signed by Mr. Varun T.V., Company Secretary & Compliance Officer (Membership No: A22044) of Popular Vehicles and Services Ltd, and submitted from the company's registered office at Kuttukaran Centre Mamangalam, Kochi 682025.