Alicon Castalloy Ltd has announced a significant leadership transition with the appointment of Mr. Sumit Bhatnagar as the new Chief Executive Officer, effective from the closing of business hours on March 31, 2026. The company informed stock exchanges about this change in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Leadership Transition Details

The CEO transition involves Mr. Sumit Bhatnagar, who was previously serving as CEO-Designate, officially taking over the charge from Mr. Rajeev Sikand, who superannuated on March 31, 2026. This transition was previously announced by the company in a letter dated September 5, 2025.

New CEO Profile and Experience

Mr. Sumit Bhatnagar brings substantial experience to his new role, with over 26 years in the automotive industry. His expertise spans multiple domains including business development, green field setup, operations, technology transfer, supply chain and logistics, human resources, and infrastructure.

Professional Background

Prior to joining Alicon Castalloy Ltd, Mr. Bhatnagar held several senior positions:

• Group President at ANAND (January 2017 onwards)
• Managing Director of ANEVOLVE (January 2022 onwards)
• Member of Anand Executive Board (since 2021)
• Head of Group Excellence in Manufacturing (since 2022)
• Senior Vice President and COO at Gabriel India Limited (June 2011 to December 2017)
• Business Head and General Manager at Anand CY Myutec (July 2008 to May 2011)

Educational Qualifications

Mr. Bhatnagar holds a BE in Production Engineering from Jawaharlal Nehru Engineering College, Aurangabad, and completed his PGDBM in Finance and Strategy from Indian Institute of Management, Kozhikode in 2011.

Outgoing CEO Details

Mr. Rajeev Sikand, who served as the Group Chief Executive Officer, retired through superannuation. According to the regulatory disclosure, he held 5,08,638 shares in the company at the time of his cessation.

Regulatory Compliance

The appointment has been made in accordance with Section 203 of the Companies Act, 2015, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Mr. Bhatnagar now serves as both Chief Executive Officer and Key Managerial Personnel.

The company has fulfilled all disclosure requirements under SEBI regulations and provided comprehensive information about both the incoming and outgoing executives to ensure transparency in the leadership transition.

Alicon Castalloy Limited has received overwhelming shareholder support for its Employee Stock Option Scheme-2026 (ESOS-2026) through a postal ballot conducted entirely via remote e-voting. The special resolution was approved on March 28, 2026, marking a significant milestone in the company's employee incentive framework.

Voting Results and Participation

The postal ballot results demonstrated strong shareholder engagement, with detailed voting patterns across different categories:

The overall approval rate of 76.65% exceeded the required majority for the special resolution, with 4,504,425 votes cast in favor against 1,372,011 votes opposing the scheme.

ESOS-2026 Scheme Details

The approved Employee Stock Option Scheme-2026 encompasses several key provisions:

• Option Pool: Up to 3,00,000 employee stock options
• Share Face Value: Rs. 5 per equity share
• Eligible Participants: Permanent employees of the company, subsidiaries, and associate companies
• Exclusions: Promoters, promoter group members, independent directors, and directors holding more than 10% equity
• Geographic Scope: Employees in India and overseas locations

Voting Process and Timeline

The postal ballot was conducted in accordance with Section 110 of the Companies Act, 2013, and SEBI regulations. Key timeline details included:

Regulatory Compliance and Authorization

The scheme operates under comprehensive regulatory framework compliance, including the Companies Act 2013, SEBI (Share Based Employee Benefits and Sweat Equity) Regulations 2021, and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The Board of Directors, including the Nomination and Remuneration Committee, received authorization to implement the scheme in tranches and make necessary adjustments for corporate actions such as bonus issues, rights issues, or share subdivisions.

Corporate Governance

Advocate Avinash V. Joshi, serving as the appointed scrutinizer, confirmed the validity of all voting responses and the transparent conduct of the postal ballot process. The scrutinizer's report noted that the combined votes in favor were three times more than votes against, satisfying the special resolution requirements. Witnesses Mr. Rohit Kavankar and Mr. Anant Ambekar, both independent of the company, observed the vote counting process to ensure procedural integrity.