Banco products (India) Limited has announced a key leadership change with the resignation of its Whole-time Director (Innovations) & Chief Technical Officer. The company disclosed this development to stock exchanges under regulatory compliance requirements on March 31, 2026.

Executive Departure Details

Mr. Venkata Ranganath Kumar Sami (DIN: 11090878) has resigned from his position as Whole-time Director (Innovations) & Chief Technical Officer, effective March 31, 2026, after close of business hours. The resignation was formally submitted on January 2, 2026, and he served the agreed three-month notice period.

Reason for Resignation

In his resignation letter addressed to Executive Director Mr. Sharan M Patel, Mr. Sami cited personal reasons for his departure. Specifically, he mentioned the need to relocate to his native place to be closer to his parents. The decision was described as personally driven rather than related to any professional or organizational factors.

Tenure and Contributions

Mr. Sami served the organization for two and a half years in his leadership capacity. During his tenure, he contributed significantly to several key areas:

• Technical leadership initiatives
• Capability building across the organization
• Strengthening market competitiveness
• Innovation-focused strategic development

In his resignation letter, Mr. Sami expressed gratitude for the experience, learning, and exposure gained during his time with the company. He acknowledged the trust, support, and opportunities extended by the leadership team.

Regulatory Compliance and Documentation

The company has fulfilled its disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement was made to both BSE Limited and National Stock Exchange of India Limited on March 31, 2026.

The complete documentation includes the resignation letter and required annexures as per regulatory requirements. Company Secretary Preeti Yadav signed the disclosure documents on behalf of Banco Products (India) Limited.

Transition Process

Mr. Sami committed to supporting a smooth and seamless transition during his notice period. The company has not yet announced details regarding succession planning or interim arrangements for the CTO position. The resignation represents a significant change in the company's innovation and technical leadership structure.

Banco Products (India) Limited has filed a regulatory disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, concerning an inter se transfer of equity shares within its promoter group. The transaction involves the transfer of 29,000 equity shares representing 0.02% of the company's paid-up capital from Banco Aluminium Private Limited to Mehul Kanubhai Patel.

Transaction Details

The share transfer was executed on March 23, 2026, through an off-market inter se transfer mechanism. The official disclosure was filed on March 24, 2026, with both BSE Limited and National Stock Exchange of India Limited, where the company's shares are listed. The filing was signed by Hemendra Chandrakant Patel, Whole-time Director (DIN: 08046667) representing Banco Aluminium Private Limited as the seller, and Mehul Kanubhai Patel as the acquirer.

Shareholding Pattern Changes

The transaction resulted in minor adjustments within the promoter group holdings while maintaining the overall group stake at 67.88%. Banco Aluminium Private Limited's holding decreased from 11,92,660 shares (0.83%) to 11,63,660 shares (0.81%). Conversely, Mehul Kanubhai Patel's shareholding increased from 7,94,91,396 shares (55.57%) to 7,95,20,396 shares (55.59%).

Persons Acting in Concert

The disclosure identifies key persons acting in concert (PACs) within the promoter group. Hasumati K. Patel holds 29,58,774 shares (2.07%), Samir K. Patel maintains 1,00,33,994 shares (7.01%), and Monal S. Patel holds 26,24,386 shares (1.83%). Other PACs include Sharan M. Patel with 4,00,000 shares (0.28%), Shivam M. Patel holding 1,30,000 shares (0.09%), Gayatri M. Patel with 10,000 shares (0.01%), and Pritty V. Patel holding 2,58,774 shares (0.18%).

Regulatory Compliance

The filing confirms compliance with SEBI takeover regulations and maintains transparency in promoter group transactions. The company's total equity share capital remains unchanged at Rs. 28,60,74,600, comprising 14,30,37,300 equity shares of Rs. 2/- face value each. The disclosure was submitted to both stock exchanges where the company's shares are listed, ensuring full regulatory compliance and market transparency.