Deepak Nitrite Limited's Board of Directors has approved a series of strategic leadership appointments and re-appointments at its meeting held on April 3, 2026. The decisions, made upon recommendations of the Nomination and Remuneration Committee, are subject to shareholder approval at the ensuing Annual General Meeting.

Executive Leadership Changes

The board approved significant changes to the company's executive structure, focusing on strengthening leadership capabilities across key functions.

Leadership Profiles

Shri Maulik Mehta brings extensive global experience with qualifications from the University of Liverpool and Columbia University, along with an executive MBA from Harvard Business School. With 18 years of hands-on experience across business development, patent development, human resources, and external relations, he has been instrumental in driving the company's "Depend on Deepak" initiative and embracing "Responsible Chemistry" as a core business mantra.

Shri Meghav Mehta, a Mechanical Engineer from Rochester Institute of Technology with specialization in Material Science Technology and Alternative Energy, has served as Executive Director of Deepak Phenolics Limited and currently leads Deepak Chem Tech Limited as Executive Director & CEO. He has demonstrated expertise in project execution, organizational development, and digital transformation initiatives across the group.

Shri Sanjay Upadhyay, a qualified Cost Accountant and fellow member of the Institute of Company Secretaries of India, brings over 40 years of experience in finance, treasury, taxation, and corporate restructuring. He has been with the company since 1994 and was designated as Director (Finance) & Group CFO in August 2023.

Independent Director Appointments

The board also approved the appointment of two Independent Directors for 3-year terms beginning August 7, 2026.

Shri Milin Mehta brings extensive expertise in strategy, taxation, mergers, acquisitions, and joint ventures. He has served on committees established by the Central Board of Direct Taxes and has been a strategic advisor to several listed and unlisted companies.

Shri Adnan Ahmad offers nearly four decades of industry experience with leading companies including BP, ICI, and Clariant. He has held senior positions across manufacturing, supply chain, and business roles in India, Singapore, and the UK, and currently serves as an Independent Director on the boards of Coromandel International Limited and DIC India Limited.

Corporate Governance and Compliance

The board meeting, which commenced at 4:00 PM and concluded at 5:00 PM on April 3, 2026, was conducted in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. All appointed directors have been confirmed as not being debarred from holding office by virtue of any SEBI Order or other regulatory authority.

The company will seek shareholder approval for all appointments and re-appointments at its upcoming Annual General Meeting, ensuring adherence to corporate governance standards and regulatory requirements.

Deepak nitrite Limited has informed stock exchanges about a significant GST order against its wholly owned subsidiary Deepak Phenolics Limited (DPL). The disclosure, made under Regulation 30 of SEBI Listing Regulations on April 1, 2026, relates to an appellate order passed by GST authorities in Vadodara, Gujarat.

GST Order Details

The Commissioner (Appeal), CGST & Central Excise (Appeals), Vadodara, Gujarat passed an order dated March 6, 2026, which was downloaded from the GST portal on March 31, 2026. The order represents an adverse outcome for DPL's appeal against an earlier GST demand.

Financial Impact

The GST authorities have upheld significant financial demands against Deepak Phenolics Limited. The order covers both tax recovery and penalty components under the CGST Act, 2017 and GGST Act, 2017.

The recovery amount is subject to applicable interest under Section 74(1) read with Section 50(3) of the respective GST Acts, while the penalty has been imposed under Section 74(1) of the GST legislation.

Company's Position and Next Steps

Deepak Phenolics Limited maintains its position regarding the legitimacy of the input tax credit availed. The company has stated that it availed input tax credit in accordance with the applicable provisions of GST Laws and disputes the allegations of contraventions.

The subsidiary plans to pursue all appropriate legal remedies available under the GST framework. This includes filing an appeal against the appellate order before the relevant higher appellate authority as prescribed under GST Law.

Regulatory Compliance

This disclosure follows an earlier communication dated October 9, 2025, indicating that this matter has been under consideration for several months. The company has fulfilled its obligations under Regulation 30 read with Para-A-20 of Part A of Schedule III of the SEBI Listing Regulations by providing comprehensive details of the order.

According to the disclosure, there will be no material financial impact on the listed entity except to the extent of the amounts mentioned in the GST order. The matter specifically relates to the subsidiary's operations and does not directly impact the parent company's core business activities.