NACL Industries Limited's board of directors, in its meeting held on August 08, 2025, approved several key decisions including the completion of transactions under share purchase agreements (SPAs), appointment and resignation of directors, and re-appointment of statutory auditors. Coromandel International Limited (CIL) has acquired 53.13% stake becoming the promoter of the company.
The board took note of the completion of transactions contemplated under the share purchase agreements (SPAs) dated March 12, 2025, between Coromandel International Limited (CIL) and other parties. Following the completion of these transactions, CIL has acquired 10,68,96,146 equity shares of NACL Industries, representing 53.13% of the total share capital, and has become the promoter of the company with effect from the closing date.
Appointment and Resignation of Directors
The board considered and approved the appointment of Dr. Raghuram Devarakonda (DIN: 09749805) as an Additional Director under the Executive Category, and as Managing Director and Chief Executive Officer of the Company for a term of 3 years with effect from August 08, 2025 to August 07, 2028, subject to shareholders approval. Additionally, Mr. Natarajan Srinivasan (DIN: 00123338) and Mr. Sankarasubramanian S (DIN: 01592772) were appointed as Additional Directors under the Non-Executive and Non-Independent Category. Mr. Suresh Subramanian (DIN: 02070440) and Mr. B. Raghavendra Rao (DIN: 08508501) were appointed as Additional Directors under the Non-Executive, Independent Category for a term of 5 years. Mr. Sanjiv Lal (DIN: 08376952) was also appointed as an Additional Director under the Non-Executive, Independent Category.
The board also acknowledged and accepted the resignations of several directors, including Mr. Sudhakar Kudva (DIN: 02410695), Mr. Santanu Mukherjee (DIN: 07716452), Mr. Ramkrishna Mudholkar (DIN: 00012850), Mr. N Sambasiva Rao (DIN: 06400663), Ms. Veni Mocherla (DIN: 08082163), Mr. Raj A Kaul (DIN: 00394139), Mr. Atul Churiwal (DIN: 00180595), Mr. Rajesh Kumar Agarwal (DIN: 00210719), Mrs. K Lakshmi Raju (DIN: 00545776), and Mr. Garimella Veera Bhadram (DIN:00114611) with immediate effect.
Appointment and Resignation of Statutory Auditor
The board took note of the resignation of BSR & Co. as the statutory auditors of the company. Subsequently, S. R. Batliboi & Associates LLP (Firm Registration No. 101049W/E300004) were appointed as the new statutory auditors from August 08, 2025, until the conclusion of the forthcoming 38th Annual General Meeting (AGM). The proposed reappointment for a period of four years from the conclusion of the 38th AGM was also approved.
Reclassification of Erstwhile Promoters
The board noted that the erstwhile promoters of the company, namely KLR Products Limited, K. Lakshmi Raju, and Bright Town Investment Advisor Private Limited, shall be reclassified from "promoter and promoter group" to “public” shareholder category upon completion of the transactions under the Promoter SPA.
Amendments to the Articles of Association
The board approved amendments to the articles of association of the company in light of the termination of the share subscription and shareholders agreement dated February 8, 2019.
Approval for Postal Ballot Notice
The board approved the postal ballot notice to be issued to the shareholders of the company for their approval through postal ballot for the appointment of Dr. Raghuram Devarakonda as Director, the appointment of Non-Executive and Non-Independent Directors, the appointment of Non-Executive and Independent Directors, the appointment of S. R. Batliboi & Associates LLP as the statutory auditors, and amendments to the articles of association of the company.
The Board meeting commenced at 1.15 pm and concluded at 2.30 pm.
Details of events that needs to be provided
Appointment of Dr. Raghuram Devarakonda as an Additional Director of the Company, and as Managing Director and Chief Executive Officer and Key Managerial Personnel under the Companies Act, 2013 and SEBI Listing Regulations, subject to the approval of the shareholders of the Company of Date of Appointment: August 08, 2025.
Term: 3 (three) years with effect from August 08, 2025 to August 07, 2028, subject to approval of shareholders of the Company.
The board also approved the appointment of Mr. Natarajan Srinivasan as an Additional Director of the Company under Non-Executive and Non Independent Category, subject to approval of the shareholders of the Company. Date of Appointment: August 08, 2025 for a term of 5 Years.
The Board of Directors of the Company at its Meeting held today, i.e. August 08, 2025, and basis the recommendation of the Nomination and Remuneration Committee, inter alia considered and approved the following: Appointment of Mr. Sankarasubramanian S as an Additional Director of the Company under Non-Executive and Non-Independent Category, subject to approval of the shareholders of the Company. Date of Appointment: August 08, 2025 for a term of 5 Years.
The Board of Directors of the Company at its Meeting held today, i.e. August 08, 2025, and basis the recommendation of the Nomination and Remuneration Committee, inter alia considered and approved the following: Appointment of Mr. Suresh Subramanian as an Additional Director under Non-Executive, Independent Director, subject to approval of the shareholders of the Company of Date of Appointment: August 08, 2025 for a term of 5 Years.
The Board of Directors of the Company at its Meeting held today, i.e. August 08, 2025, and basis the recommendation of the Nomination and Remuneration Committee, inter alia considered and approved the following: Appointment of Mr. B Raghavendra Rao as an Additional Director under Non-Executive, Independent Director category, subject to approval of the shareholders of the Company of Date of Appointment: August 08, 2025 for a term of 5 Years.
The Board of Directors of the Company at its Meeting held today, i.e. August 08, 2025, and basis the recommendation of the Nomination and Remuneration Committee, inter alia considered and approved the following: Appointment of Mr. Sanjiv Lal as an Additional Director under Non-Executive, Independent Director category, subject to approval of the shareholders of the Company. Date of Appointment: August 08, 2025 for a term of 5 Years.
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