New Light Industries Limited announced significant leadership changes and other key decisions following its Board of Directors meeting held on March 23, 2026. The company has appointed Mr. Saurabh Agrawal as both Managing Director and Chief Financial Officer, while accepting the resignation of Mrs. Himanshi Sharma from both these positions.

Leadership Transition Details

The Board approved the appointment of Mr. Saurabh Agrawal (DIN: 08592095) as Additional Director designated as Managing Director for a period of one year, effective March 23, 2026. This appointment is subject to shareholder approval under the provisions of the Companies Act, 2013. Simultaneously, he was also appointed as Chief Financial Officer pursuant to Section 203 of the Companies Act, 2013.

New Leadership Profile

Mr. Saurabh Agrawal brings over two decades of experience across fintech, e-commerce, and telecom sectors. He has previously served in leadership roles including CTO and Head of Engineering, with expertise in building and scaling large digital platforms. His areas of specialization include:

• Digital payments and AI-driven products
• Enterprise technology architecture
• Business transformation through emerging technologies
• Developer velocity and innovation management

Resignation and Transition

Mrs. Himanshi Sharma resigned from her positions as Managing Director and Chief Financial Officer due to prior professional commitments. Her cessation from both roles took effect from the close of business hours on March 23, 2026. The Board acknowledged her contributions and placed on record its appreciation for her guidance and dedication during her tenure.

Other Board Decisions

Secretarial Auditor Appointment

The Board re-appointed M/s. Shashank Kumar & Associates as Secretarial Auditors for FY 2025-2026. The firm, with Registration No. S2018UP715500, is a peer-reviewed Company Secretary firm based in Ghaziabad, Uttar Pradesh. This appointment comes after the previous auditor M/s. Sumit Bajaj & Associates resigned from their position.

Acquisition Update

The Board took note of the proposed acquisition of Jonquil Global Private Limited for diversification into the automobile parts sector. However, considering the extended due diligence process, the Board decided to temporarily defer this proposal. The matter will be reconsidered upon completion of due diligence and receipt of necessary regulatory approvals.

The Board meeting commenced at 2:00 PM and concluded at 3:00 PM on March 23, 2026. All decisions were made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

New Light Industries Limited has provided clarification to BSE Limited regarding the delayed disclosure of legal proceedings disposal, addressing queries raised by the exchange on 2nd March, 2026. The clarification pertains to discrepancies observed in the company's disclosure dated 27th February, 2026, which was submitted under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Legal Proceedings Background

The company explained that the civil suit in question was originally filed by New Light Industries before the Hon'ble High Court of Delhi against certain parties. According to the clarification, the matter did not involve any claim against the company and was not considered material in nature from the perspective of financial or operational impact on the company.

Voluntary Withdrawal and Court Order

The suit was voluntarily withdrawn by the company after most of the alleged offending videos were taken down by the concerned parties. The Hon'ble High Court of Delhi, through its order dated 13 January 2026, recorded that the suit stands dismissed as withdrawn. The company received the copy of the order subsequently through its legal counsel, and after internal review and administrative processes, the disclosure was made.

Disclosure Timeline Issues

The company acknowledged that the disclosure could not be submitted within the prescribed timeline of 24 hours due to internal administrative processes. New Light Industries emphasized that the delay in disclosure was inadvertent and unintentional, not stemming from any attempt to withhold material information from the exchange or investors.

Company's Assurance

In its communication to BSE Limited, New Light Industries has provided assurance regarding future compliance with regulatory requirements. The company stated that it will ensure strict compliance with the timelines prescribed under Regulation 30 of the SEBI (LODR) Regulations, 2015 going forward. This commitment demonstrates the company's recognition of the importance of timely disclosures in maintaining transparency with stakeholders and regulatory compliance.