dic india has appointed Hayato Kashiwagi as Managing Director and Praveen Kumar Asthana as Whole Time Director to strengthen its leadership team. The Board of Directors approved these appointments during a meeting held on July 15, 2026. These leadership changes are subject to the approval of the company's shareholders and other relevant statutory approvals under the Companies Act, 2013.

Hayato Kashiwagi, currently a Non-Executive Director, has been designated as Managing Director in the category of Executive Director and Key Managerial Personnel. His appointment is for a term of 3 years with effect from September 01, 2026. Kashiwagi brings 25 years of experience from DIC Corporation, having served as the Regional Business Product Director of DIC Asia Pacific Pte Ltd. He holds a Bachelor of Commerce from Doshisha University.

The Board also appointed Praveen Kumar Asthana as an Additional Director in the capacity of Whole Time Director and Executive Director. Asthana, who currently serves as Chief Operating Officer, assumed the role on July 15, 2026, for a term of 3 years. With over three decades of experience, Asthana is a B.Tech in Chemical Engineering from IIT Kanpur and has been appointed as the Occupier of all the company's factories.

Additionally, the Board designated Ms. Meghna Saini as the Company Secretary (Compliance Officer) & Head Legal. Saini, who holds a membership with ICSI and is a law graduate, has over a decade of experience in corporate secretarial and legal matters.

The company has initiated a postal ballot process to seek shareholder approval for the appointment of Kashiwagi and Asthana. The detailed profiles and disclosures regarding the new appointees were submitted in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Appointments Summary

DIC India has successfully overturned a Goods and Services Tax (GST) demand of ₹6.62 lakh after the Additional Commissioner (Appeals), Noida, passed a final order in its favour. The order, received on July 14, 2026, set aside the original demand which had been raised for the financial year 2021-22. The authority ruled that the allegation of non-payment of GST against the recovery of research and development fees from foreign entities was invalid, resulting in no financial or operational impact on the company.

The dispute originated from an order dated December 30, 2025, issued by the Assistant Commissioner (in-situ), CGST, Range-23, Division-V, Noida. This initial order had imposed a total demand of ₹6,61,766, comprising a tax amount of ₹6,01,606 and a penalty of ₹60,160. DIC India had previously disclosed this development to the exchanges on December 31, 2025, and subsequently filed an appeal before the appellate authority.

Details of the Order

The final order, referenced as ZD090726118479T, specifically addressed the contention regarding the issuance of debit notes for R&D fees. The appellate authority concluded that the original demand raised under Section 73 of the Uttar Pradesh GST Act was not sustainable. Consequently, the entire demand was quashed, bringing the legal proceedings to a close.

The company confirmed that the order does not necessitate any provisions or adjustments in its financial statements. As the ruling is in favour of DIC India, there are no residual liabilities or compliance actions required regarding this specific demand.