Key Event: Director Resignation

Mr. Pawan Kumar (DIN: 10525249), a Non-Executive Independent Director of the company, tendered his resignation via a letter dated 5 October 2026. The resignation was effective immediately from that date. The stated reasons for his resignation were "other professional commitments and personal reasons."

Regulatory Context and Company's Defense

The BSE discrepancy remark referenced a SEBI Circular dated 30 January 2026 and asked the company to explain an apparent delay in informing the stock exchange within 24 hours of the resignation's effective date.

The company's response, dated 10 October 2026, defends its actions by citing Para 7(B) of Part A of Schedule III to the SEBI LODR Regulations. The company argues that this specific provision governs the resignation of independent directors and prescribes a disclosure timeline of seven days from the date of resignation for submitting the resignation letter, detailed reasons, and a confirmation regarding other material reasons.

The company states it made the requisite disclosure on 9 October 2026, which is within the seven-day window from the resignation date (5 October 2026). Therefore, it contends the disclosure was timely under the applicable rule. The company acknowledges an overlap between the provisions referenced in the remark and Para 7(B) and requests the stock exchanges to take a considerate view of the matter.

Additional Details from Resignation Disclosure (9 October 2026)

The original intimation of resignation was filed with both BSE Limited and the National Stock Exchange of India Limited (NSE) on 9 October 2026. The annexures provided with that filing included:

  • Annexure A: A disclosure table as required by Regulation 30. It lists Mr. Kumar's DIN as 10525257 [Note: Discrepancy with resignation letter DIN of 10525249], confirms his cessation as a director from 5 October 2026, and states his reason for change as "Due to other Professional commitments and personal reason."
  • Annexure B: The resignation letter from Mr. Pawan Kumar, dated 5 October 2026. In it, he confirms that there are no other material reasons for his resignation beyond those stated (professional and personal). The annexure also confirms he held no directorships or committee positions in any other listed entities.

Outcome Sought

The company reiterates its commitment to compliance and requests the stock exchanges to consider its clarification and take an appropriate view on the matter.