Laxmi Organic Industries has accepted the resignations of two senior executives, effective October 31, 2026. Dr. Keshav Ruthia, Chief Procurement Officer, and Mr. Salil Mukundan, Chief Technology Officer, will cease their duties on that date following notifications submitted in August 2026.

The company disclosed the changes in a filing with BSE Limited and National Stock Exchange Limited on August 18, 2026, citing Regulation 30(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Dr. Ruthia tendered his resignation via letter dated August 3, 2026, stating he intends to pursue an opportunity outside the company aligned with his personal aspirations. Mr. Mukundan submitted his resignation via email on August 18, 2026, also citing personal aspirations for an external role.

Organizational Realignment

Laxmi Organic Industries indicated that the departures are part of an ongoing organizational realignment. The company plans to integrate the responsibilities of the outgoing executives into the existing leadership structure to strengthen ownership, accountability, and execution effectiveness.

Accordingly, the company does not currently envisage like-for-like replacements for these roles at the senior leadership level.

Resignation Details

In his resignation letter, Dr. Ruthia expressed gratitude for the trust and support received during his tenure and committed to ensuring a smooth transition of responsibilities. Mr. Mukundan noted in his communication that his decision was primarily driven by health considerations regarding the size of projects under evaluation in the current pipeline. He agreed to remain until October 31, 2026, to facilitate the transition of functions.

Laxmi Organic Industries shareholders have approved all six resolutions placed before the company’s 37th Annual General Meeting (AGM) held on August 5, 2026. The meeting, conducted via Video Conferencing (VC) / Other Audio Visual Means (OAVM), saw the adoption of FY26 financial statements, declaration of final dividends, and re-appointment of two directors. The scrutinizer’s report, issued by M/s. GMJ & Associates on August 7, 2026, confirms that every resolution passed with the requisite majority under the Companies Act, 2013.

The AGM was convened in compliance with Regulation 30 and Part-A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, alongside relevant Ministry of Corporate Affairs (MCA) circulars. Ravi Goenka, Executive Chairman and Whole-time Director, presided over the proceedings, while Aniket Hirpara, Company Secretary and Compliance Officer, conducted the session. A total of 40 members attended, satisfying quorum requirements under Section 103 of the Companies Act, 2013.

Voting Results and Resolution Details

Shareholders voted on ordinary and special resolutions covering financial approvals, dividend declarations, director appointments, and auditor remuneration. The cut-off date for identifying eligible voters was July 29, 2026. Remote e-voting occurred between August 1 and August 4, 2026, facilitated by MUFG Link Intime India Private Limited. Votes were unblocked by the scrutinizer on August 5, 2026, at 12:23 PM in the presence of independent witnesses.

Harshvardhan Goenka (DIN 08239696) and Manish Chokhani (DIN 00204011) retired by rotation and were successfully re-appointed. The promoter group, holding 192,206,496 shares, voted unanimously in favour of all resolutions. Public institutions polled 91.60% of their eligible votes, while public non-institutions polled 2.22%. Notably, for Item No. 6 (Special Resolution), public institutions voted against the resolution with 10.31% opposition, though the overall vote remained overwhelmingly positive due to promoter support.

Scrutiny Process

M/s. GMJ & Associates, represented by Partner Mahesh Soni, acted as the Scrutinizer to ensure a fair and transparent voting process. The scrutinizer reconciled e-voting data from MUFG Intime’s InstaVOTE and Instameet platforms with company records to eliminate duplicate votes. One shareholder holding 5,000 shares abstained from voting on Items 1, 3, 4, 5, and 6, while two shareholders holding 5,115 shares abstained from Item 2. The Statutory Auditors’ report contained no qualifications or adverse remarks.

The final voting results and Scrutinizer’s Report have been submitted to BSE Limited and National Stock Exchange of India Limited. The documents will be made available on the company’s website within two working days of the AGM.