Skipper Limited appointed R N Nayak as Additional Director (Non-Executive Independent) at its board meeting held on October 12, 2026, for a term of 5 consecutive years from October 12, 2026 to October 11, 2031, subject to shareholder approval.

The board also approved the incorporation of a private company as a wholly owned subsidiary and issued a postal ballot notice to seek member approval for Nayak's appointment as an Independent Director. Mrs. Anu Singh, Company Secretary and Compliance Officer, was authorised to decide the timeline of the postal ballot. The board meeting commenced at 4:30 pm and concluded at 5:23 pm.

Director appointment details

Nayak (DIN: 02658070) was appointed on the recommendation of the Nomination and Remuneration Committee. The company confirmed that he is not debarred from holding the office of director by virtue of any SEBI order or any other such authority. He is not related to any of the directors of the company.

The key details of the appointment are as follows:

Profile of the incoming director

Nayak is a former Chairman and Managing Director of Power Grid Corporation of India Limited (PGCIL). He holds a master's degree in Electrical Engineering from IIT Kharagpur and a graduation degree from NIT Rourkela in 1977. He brings over 40 years of experience in senior positions at Central Public Sector Undertakings in the power sector, including PGCIL and NTPC.

During his tenure at PGCIL, he led a team of about 10,000 employees and oversaw more than doubling of assets, revenue, and profit in just over three years. He introduced several technologies in India, including 800 kV UHV HVDC, 1200 kV UHV AC, Smart Grid, RE Integration into the Indian Grid, and state-of-the-art technology in Load Dispatch Centers for real-time grid management.

He has received multiple recognitions, including the "Outstanding Entrepreneurship Award" at the Asia Pacific Entrepreneurship Awards 2014 India and the Best CEO in Power Sector award in the 2013, 2014, and 2015 All-Asia Executive Team rankings by Institutional Investor. He currently serves on the boards of several companies, including Odisha Power Transmission Corporation Limited, TP Northern Odisha Distribution Limited, TP Western Odisha Distribution Limited, GRIDCO Limited, Diamond Power Infrastructure Limited, Yash Highvoltage Ltd, IMP Power, OHPC, GEDCOL, Powerica Ltd, and Future Smartec (OPC) Private Limited. He also serves as a consultant to the World Bank Group, Washington.

Wholly owned subsidiary incorporation

The board approved the incorporation of a private company as a wholly owned subsidiary of Skipper Limited. The proposed entity will be classified as a related party upon incorporation.

The final name of the subsidiary will be subject to approval by the Ministry of Corporate Affairs. The disclosures were made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Skipper Limited received a rectified show cause notice from the Assistant Commissioner Office of State Tax (GST) Bhubaneswar II, Odisha, proposing a demand of ₹40,95,59,214 (approximately ₹40.96 crore). This amount replaces the earlier proposed demand of ₹2,27,53,28,966 (₹227.53 crore), marking a significant reduction in the disputed liability.

The rectification notice, bearing reference number MA211026001510Z and dated October 1, 2026, was issued under Section 73 of the CGST/OGST Act, 2017. It supersedes the original notice dated September 30, 2026 (Ref. No. ZD210926037570H), which had cited discrepancies between GSTR-1, GSTR-2A, and GSTR-3B filings. Skipper disclosed this development to stock exchanges on October 2, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Company response and legal stance

In its disclosure, Skipper stated that it wholly disputes the revised demand. The company characterized the notice as being based on erroneous findings and an incorrect appreciation of facts and applicable legal provisions. The company maintains that the demand is not tenable and asserts strong substantive grounds to contest it.

Key points from the company's response include:

• The proposed amount does not represent an ascertained liability or an expected financial outflow.
• Skipper intends to pursue all appropriate legal remedies against the notice.
• The company does not accept the liability proposed in the rectified notice.

Financial impact assessment

Skipper clarified that there is no material impact on its financial position, operations, or other activities resulting from this notice. The disclosure explicitly states that the quantum of claims is not applicable (NA) in terms of accepted liability, as the matter remains under dispute.

The company confirmed that this intimation is also available on its official website for investor reference.