Ishan Dyes & Chemicals Limited has successfully completed the dispatch of its postal ballot notice for seeking shareholder approval on the re-appointment of two key directors. The company issued the postal ballot notice dated March 21, 2026, in compliance with Regulation 30 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Compliance and Notice Dispatch

The company has fulfilled its regulatory obligations by completing the dispatch of the postal ballot notice on Monday, March 30, 2026, and publishing the required newspaper advertisements on Tuesday, March 31, 2026. The advertisements were published in Business Standard (English newspaper) and Jai Hind (vernacular newspaper), both having electronic editions, providing e-voting information and confirming completion of notice dispatch.

Postal Ballot Timeline and E-voting Process

The company has established a comprehensive timeline for the postal ballot process, with all voting to be conducted through remote e-voting only. The cut-off date for determining shareholder eligibility has been set as Friday, March 20, 2026.

Proposed Director Re-appointments

The postal ballot seeks approval for two special resolutions regarding director re-appointments:

Re-appointment of Mr. Shrinal P Patel as Whole Time Director

The company proposes to re-appoint Mr. Shrinal P Patel (DIN – 02992519) as Whole Time Director for a term of five consecutive years commencing from February 01, 2026 to January 31, 2031. His remuneration structure includes up to 5% of the company's net profit computed under Section 198 of the Companies Act, 2013, with a minimum remuneration of up to INR 4,00,000 per month in case of no profit or inadequacy of profit.

Re-appointment of Mr. Piyushbhai Natvarlal Patel as Managing Director

Mr. Piyushbhai Natvarlal Patel (DIN – 00450807) is proposed for re-appointment as Managing Director for five consecutive years from June 01, 2026 till May 31, 2031. His remuneration follows a similar structure with up to 5% of net profits and minimum monthly remuneration of up to INR 5,00,000 in cases of no profit or inadequacy of profit.

Company Performance and Justification

The explanatory statement reveals the company's financial performance over recent years:

For Mr. Piyushbhai Natvarlal Patel's re-appointment, the board has provided specific justification as he has attained 70 years of age. The board emphasizes his association with the company since incorporation, his role as a promoter, and his pivotal contribution to the company's growth, profitability, and strategic direction.

E-voting Process and Compliance

The company has engaged Central Depository Services (India) Limited (CDSL) to facilitate the remote e-voting process. CS Kunal Sharma, Proprietor of M/s Kunal Sharma & Associates, has been appointed as the Scrutinizer to conduct the postal ballot in a fair and transparent manner.

Shareholders whose email addresses are registered with the company, depositories, or the registrar and transfer agent will receive the postal ballot notice electronically. The voting process will be conducted exclusively through remote e-voting, with no physical ballot forms being dispatched. The advertisements may also be accessed on the company's website at www.ishandyes.com .

Source: None/Company/INE561M01018/9fef773f-799d-43be-910b-863476f96dd3.pdf

Ishan Dyes and Chemicals Limited has completed the allotment of 4,23,280 equity shares through warrant conversion, with promoter Anilaben Piyushbhai Patel subsequently filing mandatory regulatory disclosures under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The board meeting held on 21st March 2026 approved the warrant conversion, while the SEBI disclosure was filed on 23rd March 2026.

Equity Share Allotment and SEBI Compliance

The company allotted 4,23,280 fully paid-up equity shares of face value ₹10 each at an issue price of ₹63 per share to promoter Anilaben Piyushbhai Patel. Following the allotment, the promoter filed requisite disclosures under Regulation 29(2) with BSE Limited and National Stock Exchange of India Limited.

The warrant conversion involved payment of the remaining 75% of the issue price, with 25% having been paid during initial warrant subscription on 20th September 2025.

Promoter Group Holdings Analysis

The SEBI disclosure reveals comprehensive details of the promoter group's shareholding pattern both before and after the acquisition. The promoter group collectively holds 46.81% on a fully diluted basis.

Impact on Share Capital Structure

The allotment resulted in an increase in the company's paid-up equity share capital, with the newly issued shares ranking pari-passu with existing equity shares.

Board Decisions and Corporate Changes

The board accepted the resignation of M/s K. D. Dave & Co, Chartered Accountants as internal auditor and appointed M/s. H D Panchal & Co., Chartered Accountants as replacement. The new auditor brings 9 years of experience in assurance and taxation services.

Additionally, the board approved a postal ballot notice for re-appointment of Mr. Shrinal P Patel as Whole-Time Director and Mr. Piyushbhai Natvarlal Patel as Managing Director. CS Kunal Sharma has been appointed as scrutinizer for the postal ballot process.

Regulatory Framework

The disclosure was made in compliance with SEBI regulations, with the company applying for listing and trading approval from stock exchanges for the newly allotted shares. The acquisition mode was specified as conversion of convertible equity warrants allotted through preferential allotment, with all formalities completed as per regulatory requirements.