Sai Parenterals Limited announced significant changes to its senior management structure following a board meeting held on September 30, 2026. The company accepted the resignation of Shivali Aggarwal as Company Secretary and Compliance Officer while simultaneously appointing Ashwani Singh Bisht to the same role and Arvind Gannimitta as the new Chief Operating Officer.

The transition ensures continuity in key managerial personnel (KMP) and operational leadership. Aggarwal’s resignation, initially communicated in August 2026 with an effective date on or before October 12, 2026, was approved by the board to take effect immediately from September 30, 2026. This accelerated timeline marks the immediate commencement of duties for her successor.

New appointments take effect immediately

Ashwani Singh Bisht has been appointed as the Company Secretary and Compliance Officer, designated as Key Managerial Personnel. He brings over 12 years of professional experience, including more than 5 years in corporate secretarial and compliance functions. A qualified member of the Institute of Company Secretaries of India (ICSI), Bisht has handled secretarial matters for both listed and unlisted companies and possesses exposure to merchant banking activities.

Arvind Gannimitta joins as the Chief Operating Officer, serving as Senior Management Personnel. He holds a Ph.D. in Pharmaceuticals and has over 26 years of extensive experience in pharmaceutical operations. His background includes managing manufacturing functions and overseeing regulatory requirements within the industry.

Leadership profile summary

The board meeting, which commenced at 10:30 am and concluded at 11:45 am, was held at the company’s registered office in Hyderabad. These appointments comply with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that there are no inter-director relationships among the newly appointed officers.

Sai Parenterals Limited shareholders approved all 12 resolutions at its 25th Annual General Meeting on September 10, 2026. The meeting, conducted via video conference, saw high engagement from institutional and public investors.

The agenda included routine matters such as the adoption of audited financial statements for FY26 and the appointment of secretarial auditors. More significant corporate actions included the reappointment of key board members and the ratification of employee stock option plans.

Board and Management Changes

Shareholders approved the reappointment of Anil Kumar Karusala as a director by rotation and as Managing Director through special resolutions. Mrs. Vijitha Gorrepati was also reappointed as Whole-Time Director. Additionally, Mr. Kunal Kakumanu was appointed as an Executive Director.

All three appointments received overwhelming support. The resolution to appoint Mr. Kakumanu saw 99.91% votes in favour, while the reappointments of Mr. Karusala and Mrs. Gorrepati garnered nearly unanimous approval from the promoter group and public institutions.

Employee Stock Option Plan Ratification

A key focus of the meeting was the ratification of the Sai Parenterals Limited Employee Stock Option Plan 2025 (ESOP Scheme - 2025). Shareholders approved both the main scheme and its extension to subsidiary companies via special resolutions.

While the resolutions passed with requisite majorities, they faced notable opposition from institutional investors. Approximately 26.3% of votes polled by public institutions were cast against the ESOP ratification, compared to less than 0.06% dissent from non-institutional public shareholders.

Related-Party Transactions and IPO Proceeds

The AGM also addressed material related-party transactions (RPTs). Shareholders approved a loan to Sai Singapore Pte. Ltd. for downstream funding to Noumed Pharmaceuticals Pty. Limited in Australia. This ordinary resolution received 90.41% support among voting shareholders.

Another RPT involving ongoing transactions with Noumed Pharmaceuticals for FY27 was approved with 99.96% support. Promoter group members abstained from voting on these related-party matters as per regulatory requirements.

Furthermore, shareholders approved a variation in the objects and terms of utilisation of IPO proceeds, extending the timeline for capacity expansion and R&D centre establishment as originally disclosed in the March 2026 prospectus.

Voting Participation Analysis

Promoter group participation stood at 100%, with all shares held voting in favour of non-conflicted resolutions. Institutional investors showed strong engagement with an 84.97% participation rate. Retail and non-institutional public shareholders participated at a lower rate of 40.68%.

What the Numbers Show

The divergence in voting patterns highlights distinct investor priorities. While promoter and retail shareholders uniformly supported management proposals, institutional investors exercised significant dissent on governance-sensitive items. The 26.3% rejection rate from institutions on the ESOP scheme contrasts sharply with the near-unanimous support for operational RPTs, suggesting institutional scrutiny focused primarily on equity dilution rather than strategic funding structures.