Board Meeting Details

The Board of Directors meeting was held on Thursday, May 28, 2026. The meeting commenced at 5:00 PM and concluded at 6:10 PM.

Re-appointment of Managing Director

Based on the recommendation of the Nomination and Remuneration Committee, the Board approved the re-appointment of Mr. Paresh Merchant (DIN: 00660027) as Managing Director of the Company for a further term of three (3) years commencing from December 28, 2026. This re-appointment is subject to the approval of shareholders at the ensuing Annual General Meeting (AGM) of the Company.

Managing Director Profile

Mr. Paresh Merchant has over 40 years of experience across diverse industries including textiles, real estate, energy, shipbuilding, and heavy engineering. He possesses extensive expertise in business management, strategic planning, and operations. Mr. Merchant is an alumnus of the Indian Institute of Management, Ahmedabad (IIM Ahmedabad) with a background in finance. He is currently serving as the Managing Director of Veritas (India) Limited and as a Non-Executive Director of Swan Defence and Heavy Industries Limited. He is also associated with various other companies, associations, and committees in different capacities.

Director Relationship Disclosure

Mr. Paresh Merchant is not related to any Director of the Company. He is not debarred from holding the office of Director by virtue of any Order of the Securities and Exchange Board of India or any other authority.

Appointment of Internal Auditor

Based on the recommendation of the Audit Committee, the Board approved the appointment of Mr. Murugan Pillai as the Internal Auditor of the Company for the financial year 2026-27. This appointment is made in terms of Section 138 of the Companies Act, 2013.

Internal Auditor Profile

Mr. Murugan Shanmugan Pillai is an experienced Internal Audit professional with over 18 years of expertise in Internal Audit, Risk Management, and Fraud Investigation across Real Estate, Garments, Logistics, and Manufacturing sectors. He has extensive experience in system audits, process reviews, compliance, and strengthening internal controls. His core competencies include risk-based audits, fraud investigation, regulatory compliance, and process improvement.