Banco Products (India) Limited disclosed an inadvertent delay in reporting the resignation of two Senior Management Personnel (SMP) to stock exchanges, violating Regulation 30 of SEBI (LODR) Regulations, 2015.

The company informed BSE and NSE that Mr. Sujith Nair, President - Marketing (OEM), and Mr. Santosh Sawant, DGM - OEM Marketing, ceased their roles on September 5 and September 9, 2026, respectively. The formal intimation was filed on September 28, 2026, resulting in a compliance lapse.

Resignation Details

The disclosures highlight distinct timelines for the two executives. Mr. Nair served a notice period following his resignation letter dated July 5, 2026, while Mr. Sawant resigned with immediate effect after only 19 days of employment due to family obligations.

Compliance Lapse and Response

The company attributed the delay to an "inadvertent oversight in ensuring timely regulatory intimation." Banco Products stated that it remains committed to maintaining high standards of corporate governance and will ensure such delays do not recur. The filing included copies of resignation emails as annexures to substantiate the dates of cessation.

What the Numbers Show

The internal correspondence reveals a significant operational context behind Mr. Nair's departure. In his resignation email, he cited a growth trajectory from managing a business of approximately ₹42-45 crore monthly in 2021 to achieving the highest-ever monthly sales of over ₹72 crore. This data point underscores that the leadership change occurred during a period of substantial revenue expansion for the OEM marketing division.

Banco Products (India) Limited has declared the voting results of its 65th Annual General Meeting held on September 19, 2026. All resolutions, including the final dividend and board appointments, were passed by shareholders.

The company reported a total of 85,910,201 votes polled out of 143,037,300 shares held as on the cut-off date of September 12, 2026, representing a 60.06% participation rate.

Voting Results Overview

The scrutinizer’s report confirms that all seven resolutions put to vote received the requisite majority. The promoter group, holding 97,099,984 shares, cast 83,019,170 votes, representing 85.50% of their holdings.

Board Appointments and Dividend

Shareholders approved the reappointment of Mr. Sharan M. Patel as a director retiring by rotation. The meeting also regularized the appointment of Mr. Hiteshbhai Manubhai Patel as a director liable to retire by rotation and appointed him as Whole-time Director and Key Managerial Personnel.

The final dividend of ₹8 per equity share of face value ₹2 each for FY26 was approved with near-unanimous support. This payout represents a 400% dividend yield on the face value.

Other Resolutions

The meeting ratified the remuneration for the Cost Auditor. Additionally, shareholders approved the payment of commission to Mr. Shivam M. Patel, a Non-Executive, Non-Independent Director. This resolution saw higher dissent from public institutions, with 99.96% of their votes cast against, though it passed overall due to promoter support.

Statutory Auditors PSCA & Co. and Secretarial Auditors J. J. Gandhi & Co. attended the proceedings. The meeting concluded at 1:47 pm.