JK Tyre & Industries Ltd. has successfully completed the distribution of proceeds from fractional share entitlements to eligible shareholders following its amalgamation with Cavendish Industries Ltd. The company submitted reports from both its Audit Committee and Independent Directors on March 23, 2026, certifying compliance with regulatory requirements for the distribution process.

Amalgamation Scheme Details

The scheme of amalgamation between Cavendish Industries Ltd. and JK Tyre & Industries Ltd. was sanctioned by the National Company Law Tribunal, Jaipur Bench on November 20, 2025. The scheme became effective on December 22, 2025, with an appointed date of April 1, 2025.

Under the scheme, eligible equity shareholders of Cavendish Industries received equity shares in JK Tyre & Industries. The company allotted 1,42,69,484 equity shares of ₹2 each to eligible shareholders, including 3 equity shares allotted to Shri Ashok Kumar Kinra as trustee for fractional entitlements.

Fractional Share Distribution Process

The 3 equity shares representing consolidated fractional entitlements were sold in the open market as required by SEBI Master Circular No. SEBI/HO/CFD/POD-2/P/CIR/2023/93 dated June 20, 2023. The distribution of proceeds was completed on March 18, 2026.

The net proceeds of ₹1,013 were distributed proportionally among four eligible shareholders based on their respective fractional entitlements. The average selling price of ₹444 per share was calculated after deducting brokerage, taxes, and other expenses.

Regulatory Compliance and Certification

Both the Audit Committee and Independent Directors provided separate certification reports confirming compliance with the amalgamation scheme and SEBI regulations. The Audit Committee, chaired by Dr. Nand Gopal Khaitan, includes Shri Subhrakant Panda and Dr. Arun K. Bajoria as members.

The Independent Directors comprising Smt. Meera Shankar, Shri Subhrakant Panda, Dr. Nand Gopal Khaitan, Shri Krishna Kumar Bangur, and Dr. Jorg Nohl certified that the distribution was conducted in accordance with the scheme provisions and regulatory requirements.

Corporate Structure Impact

The newly allotted equity shares, including those distributed from fractional entitlements, rank pari passu with existing fully paid-up equity shares of JK Tyre & Industries. The completion of this distribution process marks the final step in the amalgamation scheme's implementation, ensuring all eligible shareholders receive their proportionate benefits from the corporate restructuring.

JK Tyre & Industries Ltd. has announced the cessation of Shri Shreekant Somany as Independent Director, effective March 16, 2026. The company informed both BSE and National Stock Exchange of India about this board change through a regulatory filing dated March 16, 2026.

Director Tenure Completion

Shri Shreekant Somany, holding Director Identification Number (DIN) 00021423, completed his tenure as Independent Director on March 15, 2026. Following the completion of his term, he ceased to be a director of the company with effect from March 16, 2026.

Regulatory Compliance

The company has assured that despite this change in board composition, it continues to maintain compliance with all prescribed requirements. The Board of Directors composition remains in accordance with the provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Filing Details

This intimation was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which mandates companies to disclose material events and information. The communication was signed by Company Secretary Kamal Kumar Manik and filed with both stock exchanges where the company's shares are listed.