Asian Paints has appointed Leo Puri as an Additional and Independent Director on its Board. The company confirmed that Puri will also serve as the Chairman of the Board starting from January 23, 2027.

The Board of Directors approved the appointment during a meeting held on September 7, 2026. The decision was based on the recommendation of the Nomination and Remuneration Committee.

Leadership Transition

Puri’s appointment as Chairman succeeds R. Seshasayee, whose term as Independent Director concludes on January 22, 2027. Seshasayee had been serving as Chairman since October 1, 2023.

Puri’s initial term as an Additional and Independent Director is set for five consecutive years. The term commences on September 7, 2026, and ends on September 6, 2031. His tenure as Chairman will continue until the conclusion of his current term as an Independent Director.

Shareholder Approval Required

The appointments are subject to shareholder approval. The company stated that it will seek this approval through a Postal Ballot. Details regarding the ballot process will be communicated in due course.

Profile of Mr. Leo Puri

Leo Puri brings four decades of experience in the financial sector and industry leadership. He currently serves as the Advisory India Chair at Apax, a global private equity firm.

His board roles include:

• Chairman and Independent Director at Fortis Healthcare Limited
• Lead Independent Director at Dr. Reddy's Laboratories Limited
• Independent Director at Amadeus IT Group

Previously, Puri served as Chairman for South & Southeast Asia at JP Morgan Chase. He also held positions as Managing Director and CEO of UTI Asset Management Company Limited, Managing Director and General Partner at Warburg Pincus, and Senior Partner at McKinsey & Company.

The company confirmed that Puri meets the independence criteria prescribed under the Companies Act, 2013 and the SEBI Listing Regulations. He is not related to any directors, key managerial personnel, or promoters of the company.

Promoter Satyen A. Gandhi pledged 2,50,000 shares of Asian Paints Limited as collateral for a business loan on September 3, 2026.

The disclosure was filed with the Bombay Stock Exchange and National Stock Exchange on September 5, 2026, pursuant to Regulation 31(1) and 31(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Pledge Details

The shares were encumbered in favour of Julius Baer Capital (India) Pvt. Ltd. The creation of this pledge increases the total number of encumbered shares held by Mr. Gandhi.

Holding Structure

Prior to this transaction, Mr. Gandhi held 16,41,500 encumbered shares, representing 0.17% of the total share capital. Following the new pledge, his total encumbered holding stands at 18,91,500 shares, or 0.20% of the equity.

His total holding in the company remains at 37,25,954 shares, constituting 0.39% of the total share capital. The filing lists other promoters and persons acting in concert (PACs), including Dipika Amar Vakil and Vivek Abhay Vakil, none of whom reported new encumbrances in this disclosure.