Spice Islands Industries Board Approves JV and Director

The Board Meeting commenced at 04:00 PM and concluded at 07:55 PM on July 18, 2026.

1. Appointment of Additional Director

Based on the recommendation of the Nomination and Remuneration Committee, the Board approved the appointment of Prof. (Dr.) Gurudayal Singh Toteja (DIN: 10233863) as an Additional Director
Category: Non-Executive Independent Director, not liable to retire by rotation
Term: First term of five (5) consecutive years commencing from July 18, 2026
Subject to approval of the Members of the Company
Profile: Distinguished public health professional with over 40 years of experience in public health, healthcare research, governance and administration. Former Additional Director General, Indian Council of Medical Research (ICMR), Government of India.
Relationship: Not related to any Director, Key Managerial Personnel, Promoter or Promoter Group of the Company
No pending litigation or regulatory actions disclosed

2. Execution of Joint Venture and Commercialisation Agreement for HYMAX Green Energy Project

Agreement executed on July 18, 2026 between the Company and Globalone Enterprises Private Limited
Purpose: Implementation, development, commercialisation and deployment of the HYMAX Green Energy Project
Key components:
Implementation of initial Proof of Concept (POC) comprising deployment of ten (10) HYMAX Green Energy Systems
Incorporation of a subsidiary company, special purpose vehicle (SPV), division company or appropriate project vehicle
Commercial deployment and future expansion of the HYMAX Green Energy Project
Establishment of governance framework, funding mechanism and implementation milestones
Initial POC estimated project cost: ₹3.00 Crore
Funding ratio: 75% by Company, 25% by Globalone Enterprises Private Limited
Proposed project vehicle intended to have equal participation by both parties
Globalone Enterprises Private Limited does not belong to the Promoter or Promoter Group
Transaction does not constitute a Related Party Transaction
No shares are being issued pursuant to this agreement

3. Approval to Enter into Business Operation and Management Agreement

Agreement proposed with The Cloud Water, a proprietorship concern of Mrs. Chetanaben Harshadbhai Patel
Purpose: Operation and management of packaged drinking water plant owned by The Cloud Water
Key terms:
The Cloud Water to provide plant, machinery, factory premises, employees and related infrastructure
Company to undertake operation and management at its own cost, expense and risk
Company to bear 100% of operational expenditure including:
Machinery rent: ₹1,30,000 per month
Factory/premises rent: ₹40,000 per month
Designated employee salary: ₹85,000 per month
Raw material costs, electricity, water, packaging, transportation, maintenance
Company entitled to 100% of net business profits after expenses, taxes and statutory liabilities
Ownership of plant, machinery and assets remains exclusively with The Cloud Water
Termination: Either party may terminate with thirty (30) days' prior written notice
The Cloud Water and its proprietor do not belong to the Promoter or Promoter Group
Transaction is not a Related Party Transaction
Agreement not yet executed (proposed to be executed during the ensuing week)
No securities issuance contemplated