NITCO Limited concluded significant corporate developments with the completion of equity share allotment and successful postal ballot outcomes. The company's board of directors had approved the allotment of 1,14,00,000 equity shares through warrant conversion and material related party transactions during their meeting on March 23, 2026.

Equity Share Allotment Through Warrant Conversion

The board approved the allotment of 1,14,00,000 equity shares to promoter Vivek Prannath Talwar through conversion of share warrants. The conversion follows the original issuance of 2,34,10,000 convertible warrants on January 27, 2025, pursuant to shareholder approval at the Extra-Ordinary General Meeting held on November 15, 2024.

The warrant conversion process involved receiving the balance 75% of the issue price, as 25% was already collected during the initial warrant allotment. The newly allotted equity shares rank pari-passu with existing equity shares in all respects.

Regulatory Disclosure Filing Under SEBI Regulations

Following the warrant conversion, Vivek Talwar filed the mandatory disclosure under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015. The disclosure was submitted to both BSE Limited and National Stock Exchange of India Limited on March 26, 2026, through the company's compliance officer Rupali Kambli.

Shareholding Impact and Remaining Warrants

The conversion significantly altered the promoter's shareholding pattern in the company. Vivek Talwar's equity participation increased substantially following the warrant exercise.

The promoter retains 1,20,10,000 warrants pending conversion, which must be exercised by July 26, 2026, as per SEBI ICDR regulations. This 18-month conversion window provides flexibility for future equity participation.

Postal Ballot Results and Overwhelming Shareholder Approval

Shareholders overwhelmingly approved key resolutions through postal ballot conducted via remote e-voting under Regulations 30 and 44 of SEBI Listing Regulations. The voting period concluded on March 20, 2026, with scrutinizer B. Durga Prasad Rai overseeing the process.

The first resolution approved Vivek Prannath Talwar's re-appointment as Managing Director designated as "Executive Chairman" for three years effective April 01, 2026. The second resolution authorized the company to grant advances, loans, guarantees, or provide security under Section 185 of the Companies Act, 2013.

Regulatory Compliance and Documentation

The postal ballot process was conducted in full compliance with applicable regulations. The company dispatched the postal ballot notice on February 17, 2026, to members whose email addresses were registered as of the cut-off date of February 13, 2026. Advertisement notifications were published in Financial Express (English) and Mumbai Lakshdeep (Marathi) newspapers on February 18, 2026.

The warrant issuance received necessary regulatory approvals from both major stock exchanges. BSE Limited granted in-principle approval vide reference LOD/PREF/HC/FIP/1696/2024-25 dated January 15, 2025, while National Stock Exchange of India Limited provided approval through reference NSE/LIST/44909 dated January 16, 2025. The allotted equity shares and remaining warrants remain subject to lock-in provisions as prescribed under SEBI regulations.

NITCO Limited has formally announced the resignation of Mr. Bikash Jain from his position as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), effective from the close of business hours on March 31, 2026. The announcement was made through a regulatory filing dated March 24, 2026, addressed to both BSE Limited and the National Stock Exchange of India Limited.

Resignation Details and Timeline

Mr. Bikash Jain submitted his resignation letter on March 24, 2026, providing a week's notice before his departure date. The resignation filing was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring compliance with mandatory disclosure requirements.

Reasons for Departure

In his resignation letter addressed to the Board of Directors, Mr. Jain clearly outlined his reasons for stepping down from his role. The primary factors cited include:

• Relocation Requirements: Mr. Jain is relocating to Delhi due to family reasons
• Future Career Plans: The decision aligns with his consideration of future professional opportunities
• Personal Circumstances: Family obligations necessitating the geographical move

Regulatory Compliance and Formalities

The company has committed to completing all necessary regulatory formalities in connection with the resignation. These include:

• Filing requisite forms with the Ministry of Corporate Affairs
• Intimating stock exchanges about the leadership change
• Notifying other regulatory authorities as required under applicable laws
• Ensuring compliance with SEBI circular requirements dated January 30, 2026

Company's Response

NITCO Limited, through Chairman & Managing Director Vivek Talwar, has acknowledged Mr. Jain's contribution to the organization. The company expressed appreciation for the valuable services rendered by him during his tenure as CFO and KMP.

Impact on Senior Management

Consequent to his resignation from the CFO position, Mr. Bikash Jain will also cease to be a Senior Management Personnel of the company with effect from March 31, 2026. This represents a complete disengagement from his current roles within the organization's leadership structure.

The resignation letter demonstrates Mr. Jain's professional approach to the transition, expressing sincere appreciation and gratitude to the Board of Directors and management for their continued support, guidance, and cooperation during his tenure. He concluded by wishing the company continued success in all its future endeavors.