Excel industries has announced the resignation of Mr. Dinesh Bhagat from his position as Nominee Director, effective from the close of business hours on March 23, 2026. The resignation was communicated to stock exchanges on March 24, 2026, in compliance with SEBI listing regulations.

Director Resignation Details

Mr. Dinesh Bhagat tendered his resignation through a formal letter dated March 23, 2026, citing the cessation of his term as the primary reason for stepping down from the board. The resignation follows a communication from the Life Insurance Corporation of India dated March 5, 2026, indicating the conclusion of his tenure as their nominee representative.

Regulatory Compliance

The company has fulfilled all disclosure requirements under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure includes the resignation letter, detailed reasons for the departure, and an updated list of board directors. All documentation has been submitted to both BSE and NSE, and the information is available on the company's website.

Updated Board Composition

Following Mr. Bhagat's resignation, Excel Industries' board now consists of eight directors. The current board structure includes three executive directors and five non-executive independent directors, ensuring continued governance oversight.

The resignation represents a routine corporate governance matter related to the completion of the nominee director's designated term. Excel Industries continues to maintain a robust board structure with experienced independent directors providing strategic guidance and oversight.

Excel Industries Limited has informed stock exchanges about the submission of a promoter reclassification application to BSE for regulatory approval. The company disclosed this development under Regulation 31A (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Approval and Application Process

The company's Board of Directors had previously approved the reclassification request on 3rd February, 2026. The application seeks to reclassify the status of a promoter from Promoter group category to Public category. Excel Industries has now completed the formal submission process to BSE with all required documentation.

Submission Timeline

The company followed a structured approach for the application submission:

Regulatory Framework

The disclosure was made in compliance with SEBI regulations governing promoter reclassification. The application includes all requisite documents as mandated by the regulatory framework. The company is now awaiting BSE's approval for the proposed reclassification.

Current Status

Excel Industries has completed its part of the application process and submitted all necessary documentation to BSE. The exchange will now review the application and supporting documents before making a decision on the reclassification request. Company Secretary Surendra K Singhvi signed the disclosure document on 24th February, 2026.