Kesoram Industries Limited announced that its wholly owned subsidiary, Cygnet Industries Limited, has accepted the resignation of Non-Executive Independent Director Deepak Kumar Sharma. The resignation is effective from the close of business hours on September 29, 2026.

The decision was taken during a meeting of the Board of Directors of Cygnet Industries held on the same day. The meeting commenced at 1:15 pm and concluded at 1:35 pm. This disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Auditor appointments approved

In addition to accepting the director's resignation, the Board of Cygnet Industries approved several key auditor appointments for the financial year 2026-27. These appointments are part of the company's regular compliance and governance framework.

The terms and remuneration for these auditors were approved by the Board. The Secretarial Auditor is appointed as Practicing Company Secretaries.

Governance updates

The resignation of Deepak Kumar Sharma (DIN: 02555564) marks a change in the independent director composition of the subsidiary. The board meeting was conducted to address both governance changes and statutory audit requirements for the upcoming fiscal year. The Company Secretary and Compliance Officer of Kesoram Industries, Nikita Rateria, signed off on the disclosure.

Kesoram Industries has approved a postal ballot notice to seek shareholder approval for the appointment of six directors, including Gautam Agarwalla as Managing Director and four independent directors. The board meeting held on September 29, 2026, also sanctioned the reclassification of the promoter group and appointed M/s. Kothari & Co. as internal auditors for FY27.

Board Approvals and Governance Changes

The board approved the reclassification of the promoter and promoter group under Regulation 31A of the SEBI (LODR) Regulations, 2015. Additionally, M/s. Kothari & Co., Chartered Accountants, were appointed as Internal Auditors for FY27 pursuant to Section 138 of the Companies Act, 2013. The firm, established in 1951, has experience auditing public sector banks and Maharatna companies.

Postal Ballot Details

Shareholders will vote on the appointments via remote e-voting facilitated by NSDL. The voting period commences at 9:00 am on October 13, 2026, and concludes at 5:00 pm on November 11, 2026. The cut-off date for eligibility is September 25, 2026. Ritu Bajaj of Messrs. AR Bajaj & Associates has been appointed as the scrutinizer.

Proposed Director Appointments

The resolutions seek approval for the following appointments, all effective from September 12, 2026, to September 11, 2031:

Managing Director Appointment

Gautam Agarwalla, a Wharton Business School graduate with experience in warehousing and finance, is proposed as Managing Director. His remuneration is set at ₹1 lakh per annum, subject to statutory limits and performance-linked increments. He currently serves as MD of Frontier Warehousing Limited.

Independent Directors

Four independent directors are proposed for five-year terms:

• Aninda Chatterjee: Former CFO at Mjunction Services, with expertise in financial restructuring.
• Himanshu Ranjan: Executive Director at Indian Oil Corporation Limited, specializing in quality control and energy management.
• Rishi Bajoria: Experienced in jute manufacturing, real estate, and global F&B franchises.
• Charu Rajgharia: Senior partner at Design Definitions, specializing in interior design projects.

Amit Agarwalla, an MBA from Manchester Business School and CFO of Frontier Warehousing Limited, is proposed as a Non-Executive Non-Independent Director.