Asahi Songwon Colors appoints Maulik P. Shah as CFO

Asahi Songwon Colors has appointed Mr. Maulik P. Shah as its Chief Financial Officer (CFO) and Key Managerial Personnel effective July 07, 2026. The Board of Directors approved the appointment based on the recommendations of the Nomination and Remuneration Committee and the Audit Committee. This leadership change strengthens the company's financial management structure as it continues its operations in the pigment and colorants business.

Appointment Details

Mr. Maulik P. Shah is a qualified Chartered Accountant and a Member of the Institute of Chartered Accountants of India (ICAI). He possesses over 20 years of extensive experience in areas such as plant and commercial controlling, financial planning and analysis, budgeting, treasury management, insurance, foreign exchange management, mergers and acquisitions, and internal financial controls.

Professional Background

Prior to joining Asahi Songwon Colors, Mr. Shah served as General Manager – Accounts with AIA Engineering Limited from January 2023 to June 2026. Before that, he was associated with Johnson Controls–Hitachi Air Conditioning India Limited from May 2007 to January 2023, where he held the position of General Manager – Accounts & Audit.

Parameter	Details
Appointee	Mr. Maulik P. Shah
Designation	Chief Financial Officer (CFO)
Date of Appointment	July 07, 2026
Previous Organisation 1	AIA Engineering Limited
Previous Organisation 2	Johnson Controls–Hitachi Air Conditioning India Limited

Board Authorisation

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has authorised Mr. Gokul M. Jaykrishna, Mr. Maulik P. Shah, and Mr. Joseph Saji Varghese as Key Managerial Personnel for determining materiality of events and making disclosures to Stock Exchanges. The Board meeting commenced at 11.30 AM and concluded at 12.10 PM on July 07, 2026.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+4.48%	+13.60%	+21.61%	+35.06%	-28.30%	-10.83%

Asahi Songwon Colors Ltd has appointed Mr. Rupesh Chandrakant Shah as an Independent Director following the conclusion of its postal ballot process. The special resolution regarding his appointment was passed with 99.99% of the votes polled in favour. The voting process was conducted through remote e-voting, overseen by scrutinizer Naveen Kumar Mandovara of S. Sharda & Associates.

The appointment was part of a special resolution detailed in the Notice of Postal Ballot dated March 31, 2026. The company informed the exchanges of the outcome on June 30, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The remote e-voting period commenced on May 30, 2026, and concluded on June 28, 2026, with the record date set as May 22, 2026.

Voting Results

The resolution received strong support from shareholders, with 7,949,521 votes cast in favour and 664 votes against. A total of 7,950,185 valid votes were polled.

Category	Votes Polled	In Favour	% In Favour	Against	% Against
Promoter and Promoter Group	7,887,333	7,887,333	100.00	0	0.00
Public-Institutions	0	0	0.00	0	0.00
Public-Non Institutions	62,852	62,188	98.94	664	1.06
Total	7,950,185	7,949,521	99.99	664	0.01

Scrutinizer Report

Naveen Kumar Mandovara, a practicing Chartered Accountant and Partner at S. Sharda & Associates, was appointed as the scrutinizer to ensure the postal ballot process was conducted fairly. The report confirmed that the votes were cast exclusively through the remote e-voting facility provided by National Securities Depository Limited (NSDL), with no physical ballot forms dispatched. The scrutinizer's report was issued to the company on June 29, 2026.