Shalimar Paints CFO Sachin Naik resigns effective May 30

1 min read Updated on 31 May 2026, 02:20 AM

Reviewed by

Ashish TScanX News Team

AI Summary

Shalimar Paints Limited announced that Chief Financial Officer Sachin Naik resigned effective May 30, 2026, due to better career opportunities. The disclosure was made to BSE and NSE under Regulation 30 of the SEBI Listing Regulations, read with a specific SEBI Master Circular. Mr. Naik confirmed no material reasons beyond career growth and requested the Board accept his resignation at the close of business hours on May 30, 2026.

*this image is generated using AI for illustrative purposes only.

Shalimar Paints Limited Chief Financial Officer Sachin Naik has resigned from his position effective May 30, 2026, citing better career opportunities and professional growth prospects. The resignation was tendered under the applicable provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company disclosed the development to BSE Limited and National Stock Exchange of India Limited pursuant to Regulation 30 of the SEBI Listing Regulations. The disclosure was read with Part A of Schedule III of the said regulations and SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

In his resignation letter addressed to the Board of Directors, Mr. Naik confirmed that there are no material reasons for his resignation other than the stated career opportunities. He requested the Board to accept his resignation with effect from the close of business hours on May 30, 2026.

The following table outlines the key details of the change in Key Managerial Personnel:

Sr. No.	Particulars	Details
1	Name of Key Managerial Personnel	Mr. Sachin Naik
2	Reason for change	Resignation
3	Date of cessation	May 30, 2026
4	Brief profile	Not Applicable
5	Disclosure of relationships between directors	Not Applicable

The company has requested the stock exchanges to take the information on record. The filing was made by Snehal Saboo, Company Secretary & Compliance Officer of Shalimar Paints Limited.

Historical Stock Returns for Shalimar Paints

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-4.27%	-7.08%	-5.77%	-26.20%	-51.73%	-58.79%

Who will Shalimar Paints appoint as the new CFO to ensure financial stability during the transition?

How might the CFO resignation impact the company's upcoming financial reporting and strategic initiatives?

Will the leadership change influence investor confidence or the stock price in the short term?

Read Next Article

Shalimar Paints Completes Postal Ballot Dispatch for Director Appointments

2 min read Updated on 19 May 2026, 12:49 PM

Reviewed by

Jubin VScanX News Team

Add as a preferred
source on Google

AI Summary

Shalimar Paints Limited completed the dispatch of its Postal Ballot Notice on May 14, 2026, seeking shareholder approval via remote e-voting for two board-level resolutions: the re-appointment of Mr. Atul Rasiklal Desai (DIN: 01918187) as Independent Director for a second three-year term, and the appointment of Mr. Abhijeet Jhawar (DIN: 11536278) as an Additional Director. The e-voting window runs from May 15 to June 13, 2026, with CDSL facilitating the process and Mr. Ankush Agarwal of M/s. MAKS & CO. appointed as Scrutinizer.

*this image is generated using AI for illustrative purposes only.

Shalimar Paints Limited has completed the dispatch of its Postal Ballot Notice to seek member approval for the re-appointment of an existing Independent Director and the induction of a new Additional Director. The notice was dispatched on Thursday, May 14, 2026, through electronic mode only to members whose email addresses are registered with the Company or Depositories. The cut-off date for determining eligible members was Friday, May 08, 2026.

The company has informed the stock exchanges that the notice was published in the Financial Express (All Editions) and Jansatta (Hindi Edition) on Friday, May 15, 2026. The Postal Ballot Notice proposes two resolutions for member approval, following a circular resolution passed on May 11, 2026, based on the recommendation of the Nomination and Remuneration Committee.

Resolutions Proposed

The Postal Ballot Notice proposes the following resolutions for approval via remote e-voting:

Sr. No.	Description of Resolution	Type of Resolution
1.	Re-appointment of Mr. Atul Rasiklal Desai (DIN: 01918187) as Independent Director for a second term of three years	Special Resolution
2.	Appointment of Mr. Abhijeet Jhawar (DIN: 11536278) as a Director of the Company	Ordinary Resolution

E-Voting Schedule

The Company has engaged Central Depository Services (India) Limited (CDSL) to provide the remote e-voting facility. The schedule for the remote e-voting period is as follows:

Event	Date and Time
Cut-off date for eligibility	Friday, May 08, 2026
Commencement of e-voting	09:00 a.m. IST, Friday, May 15, 2026
Conclusion of e-voting	05:00 p.m. IST, Saturday, June 13, 2026

Communication of assent or dissent will take place only through the remote e-voting system. The results of the Postal Ballot will be announced within two working days from the conclusion of e-voting.

Key Details of Appointments

The following table summarises the key parameters of both board changes:

Parameter:	Mr. Atul Rasiklal Desai	Mr. Abhijeet Jhawar
DIN:	01918187	11536278
Nature of Change:	Re-appointment	Appointment
Designation:	Independent Director	Additional Director (Non-Executive Non-Independent)
Effective Date:	June 28, 2026	May 12, 2026
Term:	June 28, 2026 to June 27, 2029	Liable to retire by rotation

Scrutinizer and Compliance

Mr. Ankush Agarwal, Partner of M/s. MAKS & CO., has been appointed as the Scrutinizer for conducting the e-voting process. The Postal Ballot Notice is available on the company's website and the websites of BSE and NSE. The disclosures are in compliance with Section 110 and 108 of the Companies Act, 2013, and Regulation 44 of the SEBI Listing Regulations.

Historical Stock Returns for Shalimar Paints

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-4.27%	-7.08%	-5.77%	-26.20%	-51.73%	-58.79%

How might Mr. Abhijeet Jhawar's background and expertise influence Shalimar Paints' strategic direction, particularly in areas like expansion or product innovation?

What impact could the strengthened board composition have on Shalimar Paints' competitive positioning against larger players like Asian Paints and Berger Paints?

Given Mr. Atul Desai's re-appointment for a second term, what key governance or compliance initiatives might he be expected to lead during the 2026-2029 period?