Hipolin has clarified recent changes to its board of directors following regulatory queries from the Bombay Stock Exchange. The company confirmed the resignation of its managing director and the passing of an independent director.

Board Changes

Hipolin stated that Mr. Prafulla Gattani resigned as managing director with immediate effect on August 14, 2026. In his resignation letter, Gattani cited "pre-occupation" as the reason for stepping down. The company emphasized that there are no other reasons for his departure beyond what is stated in the official letter.

The company also confirmed the demise of Mr. Umeshchandra P Mehta, who served as an independent director. Mehta passed away on July 31, 2026, at the age of 73. Hipolin received intimation of his death on August 14, 2026, and promptly informed the exchange.

Regulatory Disclosure

The clarification was issued under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Hipolin submitted the details to address a query received from BSE on August 19, 2026, regarding an announcement made on August 14, 2026.

Daxesh B. Shah, a director at Hipolin, signed the disclosure letter dated August 25, 2026. The company noted that neither director held positions in other listed entities.

Rajasvee Sagar Shah, a promoter of Hipolin , disposed of 293,560 equity shares in the open market on August 20, 2026. The transaction represents a 9.38% stake in the company’s total voting capital.

The disclosure was filed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, and submitted to the company on August 21, 2026. Shah is identified as belonging to the promoter group of Hipolin Limited.

Transaction Details

The sale was executed through the open market mechanism. Prior to this transaction, Shah held 293,560 shares carrying voting rights, which constituted 9.38% of the total share capital and 9.38% of the diluted share capital. There were no encumbrances, pledges, or voting rights otherwise than by shares associated with this holding before the sale.

Following the disposal, the total equity share capital of Hipolin Limited remains at 3,131,300 equity shares with a face value of ₹10 each. The total diluted share/voting capital also remains unchanged at 3,131,300 equity shares. The company is listed on the Bombay Stock Exchange.