Bacil Pharma has withdrawn its intimation regarding the appointment of Mr. Aayush Shah and Mr. Ankitkumar Surendrakumar Agrawal as Non-Executive Independent Directors. The company stated it did not receive the necessary consent and other required documents from the proposed directors. Consequently, the Board has not approved the proposed appointments, which were initially intended to strengthen corporate governance and comply with Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.

The earlier proposal, filed on June 29, 2026, had detailed the extensive experience of the candidates. Mr. Aayush Shah brought nine years of experience as a Company Secretary and Compliance Officer, with expertise in Corporate Laws, Security Laws, and Capital Market. Mr. Ankitkumar Surendrakumar Agrawal, a qualified Company Secretary with over seven years of experience, was serving as the Company Secretary for Prozeal Green Energy Limited since November 2023. Both individuals were unrelated to the existing directors.

Director Profiles

The withdrawal was intimated by Mrs. Chaitali Kalpataru Shah, Director & CFO of Bacil Pharma Limited. The company has requested the stock exchange to take the information on record.

Bacil Pharma Limited's board has approved a proposal to raise funds up to ₹50 crores through one or more permissible modes, including a rights issue, preferential issue, and convertible securities. The decision, taken on June 26, 2026, aims to bolster the company's financial resources subject to statutory and regulatory approvals. The board authorized the Managing Director, Chief Financial Officer, and Company Secretary to evaluate options, appoint intermediaries, and finalize the issue structure.

The meeting, held at the company's registered office in Mumbai, commenced at 4 P.M. and concluded at 6 P.M. Directors considered various financial strategies in compliance with the Companies Act, 2013, and SEBI regulations, including the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The specific mode of fund raising, pricing, and terms will be determined based on market conditions and shareholder approvals where required.

In conjunction with the meeting outcome, the company had previously closed its trading window for all designated persons and their immediate relatives. This measure remains effective until 48 hours after the declaration of the board meeting's outcome, adhering to the company's Code of Conduct for Prevention of Insider Trading and the SEBI (Prohibition of Insider Trading) Regulations, 2015.

Mrs. Chaitali Kalpataru Shah, Director & CFO, signed the regulatory filing submitted to BSE Limited. The company will make requisite disclosures to the stock exchanges as and when definitive decisions are taken regarding the fund raising.

Key Agenda Items