Shree Renuka Sugars Limited has announced comprehensive leadership restructuring following its board meeting held on 17th March 2026. The changes mark a significant transition in the company's executive structure, with new appointments across key leadership positions as communicated to NSE and BSE through regulatory filing under Regulation 30.

Board Meeting Outcomes

The board meeting, conducted on the recommendation of the Nomination and Remuneration Committee, approved several critical leadership changes effective from April 2026. The meeting commenced at 2:30 pm and concluded at 3:45 pm on 17th March 2026.

Atul Chaturvedi's Transition

Atul Chaturvedi will step down from his role as Executive Director and Chairman, transitioning to Non-Executive Director (Non-Independent) effective 1st April 2026. In his resignation letter dated 25th February 2026, Chaturvedi cited his advancing age as the primary reason for his inability to devote full time to managing the company's day-to-day affairs.

Chaturvedi brings over four decades of extensive experience in the agri-commodities sector, including edible oils, oilseeds, sugar, grains and allied value chains. He previously held senior leadership positions within the Adani Group, including CEO of Adani Wilmar Limited and CEO – Agri Business at Adani Enterprises Limited.

New Leadership Appointments

Madhu Rao as Chairman

Madhu Rao, currently serving as an Independent Director, has been designated as the new Chairman of the Board effective 1st April 2026. Rao is a fellow member of the Institute of Chartered Accountants of India and was previously associated with Shangri-La Hotels & Resorts for approximately 30 years in various senior roles including CFO, President & Vice Chairman and Executive Director. His current term as Independent Director runs from 27th June 2023 to 26th June 2028.

Susheel Kumar Kamboj as MD & CEO

The company has appointed Susheel Kumar Kamboj as Chief Executive Officer effective 23rd March 2026 and as Managing Director & CEO for a 5-year term beginning 1st April 2026. Kamboj holds a B.Sc. in Agriculture from Haryana Agricultural University and an MBA in Agri Business Management from Symbiosis Institute of International Business, Pune.

Regulatory Compliance and Approvals

All leadership changes comply with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026. The board has confirmed that none of the appointed individuals are debarred from holding their respective offices by SEBI or any other regulatory authority.

The changes in Chaturvedi's designation and Kamboj's appointment as Managing Director are subject to shareholder approval through postal ballot. The company has filed the necessary intimation with NSE (Symbol: RENUKA) and BSE (Scrip Code: 532670).

Shree Renuka Sugars Limited has announced a postal ballot notice seeking shareholder approval for material related party transactions (RPTs) worth Rs. 25,627 crores with three Wilmar group entities for the financial year 2026-27. The company has scheduled e-voting from March 10, 2026 to April 8, 2026, with results expected by April 10, 2026.

Postal Ballot Schedule and Process

The company has established a comprehensive timeline for the postal ballot process, with all communications being conducted electronically in compliance with Ministry of Corporate Affairs circulars.

The postal ballot notice has been sent electronically to shareholders whose email addresses are registered with the company's registrar KFin Technologies Limited or depositories. CS Gaurav Kulkarni of SKGK Associates LLP has been appointed as the scrutinizer to monitor the e-voting process.

Material Related Party Transactions Overview

The company is seeking approval for three significant related party transactions, all with entities under the Wilmar group umbrella. These transactions are considered material as they exceed 10% of the company's annual consolidated turnover of Rs. 10,914 crores for FY 2024-25.

Transaction Details with Wilmar Sugar Pte. Ltd.

The largest transaction involves Wilmar Sugar Pte. Ltd. (WSPL), valued at Rs. 20,625 crores, representing 189% of the company's annual consolidated turnover. This comprehensive arrangement includes multiple components:

Purchase of Raw Sugar (Rs. 11,720 crores): The transaction involves purchasing raw sugar with pricing indexed to the Intercontinental Exchange (ICE) New York Sugar No. 11 contract. Payment terms include a maximum credit period of 180 days with interest applicable at SOFR + 250 basis points.

Sale of Sugar Products (Rs. 6,280 crores): The company will sell both raw and white sugar along with other sugar-related products, with pricing linked to ICE London Sugar No. 5 contract on a cash-against-documents basis.

OTC Commodity Derivatives (Rs. 2,625 crores): The arrangement includes over-the-counter commodity derivative products and futures derivatives to hedge commodity price risks, indexed to ICE New York No. 11 or London No. 5 contracts.

Wilmar Sugar India Private Limited Transactions

The second major transaction involves Wilmar Sugar India Private Limited (WSIPL) for Rs. 3,002 crores, comprising three distinct elements:

• Sugar Purchases (Rs. 3,000 crores): Procurement of both raw and white sugar and related products covered under chapter 17 of HS Code
• RoDTEP Scrips Purchase (Rs. 1 crore): Acquisition of Refund of Duties and Taxes on Exported Products scrips at competitive market rates
• Employee Cost Reimbursement (Rs. 1 crore): Charging salary costs of a company employee providing services to WSIPL

Wilmar Agri Trading DMCC Agreement

The third transaction with Wilmar Agri Trading DMCC involves sugar sales worth Rs. 2,000 crores, representing 18.32% of the company's annual consolidated turnover. This arrangement focuses on exporting sugar products to Middle East and North Africa markets, with pricing indexed to London Sugar No. 5 or New York Sugar No. 11 contracts.

Strategic Rationale and Compliance

The company has justified these transactions based on operational efficiency, supply chain reliability, and strategic advantages within the Wilmar group's global network. All transactions are structured to be conducted at arm's length basis, except for the employee cost reimbursement arrangement.

The Audit Committee, comprising independent directors, approved these transactions on February 4, 2026, followed by Board approval on February 5, 2026. The committee confirmed that promoters will not benefit from these transactions at the expense of public shareholders.

Voting and Regulatory Framework

Shareholders as of the March 6, 2026 cut-off date are eligible to participate in the e-voting process. The transactions require approval through ordinary resolutions, with related parties restricted from voting on these proposals as per SEBI Listing Regulations.

The company has made the postal ballot notice available on its website, stock exchange platforms, and KFin Technologies' e-voting portal. Technical support for e-voting is available through both NSDL and CDSL platforms for demat account holders.