The Indian Card Clothing Company Limited appointed Tushar Arvind Vaidya as an Additional Director in the category of Non-Independent Non-Executive Director. The appointment is effective from October 20, 2026, and remains subject to the approval of the company's shareholders.

The decision was taken by the Board of Directors during a meeting held on the same day, which commenced at 7:30 pm and concluded at 8:30 pm. The appointment follows the recommendation of the Nomination and Remuneration Committee and complies with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Profile and professional background

Vaidya brings over 35 years of experience across India and the Middle East, with two decades dedicated to full profit and loss leadership. His career spans industrial manufacturing, building materials, FMCG, telecommunications, and private equity sectors. He has held senior leadership roles at Nestlé and Tata Teleservices in India, and with the Suhail Bahwan Group and Mohsin Haider Darwish Group in Oman.

Throughout his career, Vaidya has led business turnarounds, established greenfield manufacturing operations, and delivered improvements in revenue, profitability, productivity, and return on capital. He holds an MBA in Marketing and Finance from XLRI Jamshedpur, a Bachelor of Science in Physics from the University of Mumbai, and an Independent Director Certification from the Ministry of Corporate Affairs.

Governance and independence status

The company disclosed that Vaidya is not related to any of the Directors or Key Managerial Personnel of the company. He does not hold any shares of the company and is not debarred from holding the office of Director by virtue of any SEBI order or other authority. His prior board experience includes serving as a Non-Executive Director and Executive Committee Member of Oman Ceramics SAOG, listed on the Muscat Stock Exchange.

Appointment details

The appointment requires ratification by shareholders at the next general meeting. The company filed this outcome with BSE Limited and National Stock Exchange of India Limited under SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

The Indian Card Clothing Company Limited shareholders adopted the audited standalone and consolidated financial statements for FY26 with 99.97% of votes in favour, according to the voting results filed on September 24, 2026.

The 72nd Annual General Meeting was held via video conferencing, where members also reappointed Mehul K. Trivedi as a director retiring by rotation. The meeting was chaired by Mehul Trivedi in the absence of Prashant Trivedi, with 55 members attending electronically to satisfy quorum requirements.

Voting Results and Resolutions

All three ordinary resolutions passed with requisite majority. Promoters and promoter group, holding 40,00,166 shares, voted entirely in favour across all items. Public non-institutional shareholders voted in favour for financial statement adoption, though a small minority opposed the director reappointment.

The scrutinizer, Devendra Deshpande of DVD & Associates, confirmed no invalid or abstained votes were recorded. Remote e-voting was open from September 21, 2026, to September 23, 2026.

Compliance and Governance

The Chairman confirmed that there were no qualifications in the Auditors' Report or the Secretarial Audit Report that would adversely affect the company's functioning. Inspection documents, including the Register of Directors and Key Managerial Personnel, were made available for online inspection on the company website.

Voting results are scheduled to be filed with stock exchanges within two working days of the meeting's conclusion, as per regulatory guidelines for virtual meetings.