Organic Coatings has increased its authorized share capital from ₹10 crore to ₹15 crore, while approving several key board appointments and remuneration packages. The decisions were taken during a board meeting held on August 29, 2026.

The company raised its authorized capital by adding 50 lakh equity shares of ₹10 each. This increase requires approval from shareholders via a special resolution at the upcoming Annual General Meeting (AGM). The Board also approved alterations to Clause V of the Memorandum of Association to reflect this change.

Board Appointments and Remuneration

The Board recommended the appointment of Mr. Subhash Ambubhai Patel and Mr. Ganesh Ramanathan as independent directors for a five-year term starting July 14, 2026. Both appointments are subject to member approval.

Additionally, the Board recommended the appointment of Mr. Parth Patel and Mr. Nikhil Sadarangani as Whole-Time Directors for five years, with remuneration for three years effective from October 13, 2025. Remuneration for Managing Director Mr. Abhay Rajnikant Shah and Whole-Time Director Mr. Ajay Rajnikant Shah was approved for the period April 1, 2026, to March 31, 2027. Remuneration for Whole-Time Director Mr. Sundaramurthy Kuppamuthu was also approved for the period October 13, 2025, to October 12, 2028.

AGM and Governance Updates

The 61st AGM is scheduled for September 29, 2026, to be held via Video Conferencing/Other Audio-Visual Means (VC/OAVM). The cut-off date for voting eligibility is September 22, 2026. M/s. Dharmendra Bhaliya has been appointed as the scrutinizer, and MUFG Intime India Private Limited will provide e-voting facilities.

Mr. Ajay Rajnikant Shah resigned as Chief Financial Officer (CFO) effective August 17, 2026, citing personal commitments. He remains eligible for re-appointment as a Whole-Time Director liable to retire by rotation.

Organic Coatings has accepted the resignation of Mr. Ajay Rajnikant Shah as Chief Financial Officer, effective August 17, 2026. The company cited personal commitments as the reason for his departure from the Key Managerial Personnel role.

Shah confirmed in his resignation letter that there are no other material reasons for stepping down aside from those stated. He will continue to serve the company as a whole-time director following his exit from the CFO position.

The Board of Directors accepted the resignation during its meeting held on August 18, 2026. The company disclosed this development to the BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Resignation Details

The disclosure included Annexure A detailing the event pursuant to SEBI circular No. SEBI/HO/CFD/PoD2/I/3762/2026 dated January 30, 2026. The company also attached the resignation letter and a declaration from Shah confirming the absence of undisclosed material reasons for his exit.

Delay in Disclosure

In a fresh corporate announcement submitted on August 27, 2026, Organic Coatings clarified the reason for the delayed submission of the resignation intimation. The company stated that it missed out the submission within the prescribed time limits inadvertently and unintentionally.

The revised intimation was submitted after BSE Limited directed the company to provide a fresh announcement via email dated August 26, 2026, referencing an initial submission dated August 25, 2026. The company requested the exchange to condone the inadvertent and unintentional delay and treat the intimation as compliance under applicable SEBI Listing Regulations.