Oricon enterprises has announced the resignation of Mr. Varun Somani from his position as Director, effective March 17, 2026. The company informed both BSE and NSE about this corporate governance change through a regulatory filing under SEBI LODR Regulations.

Resignation Details

The resignation stems from a Memorandum of Family Settlement dated September 01, 2025, executed among the company's promoters. This settlement addresses shareholding and directorship arrangements across various listed and unlisted companies within the promoter group.

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing includes all requisite details as per SEBI master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Committee Impact

As part of his resignation, Somani will also step down from his positions on the Nomination and Remuneration Committees of the Board. This change will require the company to reconstitute these committees in accordance with regulatory requirements.

Director's Statement

In his resignation letter, Somani expressed appreciation for the opportunity to serve the company and acknowledged the support received from the Board, management, and colleagues during his tenure. He specifically cited the family settlement agreement as the driving factor behind his decision to resign from the directorship.

The resignation represents a strategic realignment of directorship roles within the promoter group, following the comprehensive family settlement agreement executed in September 2025. Oricon Enterprises Limited has confirmed that all necessary regulatory intimations will be filed with the appropriate authorities.

Oricon Enterprises Limited has issued a corrigendum to its postal ballot notice dated January 27, 2026, correcting a clerical and typographical error regarding the e-voting end date. The company informed stock exchanges on March 11, 2026, that the last date for remote e-voting has been corrected from April 11, 2026 to April 10, 2026.

Corrigendum Details and Regulatory Compliance

The correction was submitted to both BSE Limited and National Stock Exchange of India Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. Company Secretary Sanjay Jain signed the corrigendum digitally, emphasizing that except for the change in the e-voting end date, all other details and contents of the postal ballot notice remain unchanged.

Director Appointments and Leadership Changes

The postal ballot seeks shareholder approval for three key director appointments following recommendations from the Nomination and Remuneration Committee during their meeting held on January 27, 2026. These appointments reflect the company's strategic restructuring following the sale of its manufacturing units.

Mr. Ramkishore Singhi, a 66-year-old commerce graduate with over 35 years of experience in the real estate sector, will serve as an Independent Director. Mr. Bal Mukand Gaggard, who has been associated with the company since 1995 and currently serves as Chief Financial Officer, will take on the expanded role of Joint Managing Director cum Chief Financial Officer. Mr. Prashant Mantri, a Bachelor of Engineering with 25 years of experience in marketing and finance, will assume the position of Executive Director.

Financial Performance and Business Transformation

The company has undergone significant business transformation, having sold all its manufacturing units during the financial years 2023-24, 2024-25, and 2025-26. The financial performance shows substantial improvement:

Enhanced Investment Capacity

A critical resolution seeks to increase the company's loan and investment limit under Section 186 of the Companies Act, 2013, from the previously approved Rs 500.00 crore to Rs 750.00 crore. This enhancement will be over and above the statutory limits of sixty percent of paid-up share capital, free reserves, and securities premium account, or one hundred percent of free reserves and securities premium account, whichever is higher.

Updated E-Voting Process and Timeline

Shareholders can participate in the decision-making process through remote e-voting facilitated by National Securities Depository Limited (NSDL). The corrected voting timeline is structured as follows:

Miss. Mayuri Bharat Thakkar, Practicing Company Secretary (COP No. 26189), has been appointed as the Scrutinizer to conduct the postal ballot process in a fair and transparent manner. The results will be announced by the Managing Director or authorized person and will be available on the company's website, stock exchange websites, and NSDL's e-voting platform.

Regulatory Compliance and Documentation

The postal ballot notice complies with Section 108 and 110 of the Companies Act, 2013, along with relevant rules and SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The notice is being distributed electronically to shareholders whose email addresses are registered with the company or depositories, following MCA circulars regarding digital communication protocols.

Shareholders holding shares as of the cut-off date will be eligible to vote, with voting rights calculated based on their shareholding as of March 06, 2026. The company has provided detailed instructions for e-voting access through various depository channels and direct NSDL platform access.