Vadilal Dairy International Limited has officially notified the Bombay Stock Exchange regarding the loss of a share certificate and subsequent request for duplicate certificate issuance, in compliance with regulatory requirements.

Regulatory Notification Details

The company submitted its intimation on March 19, 2026, pursuant to Regulation 39(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notification was signed by Managing Director Shailesh Gandhi and addressed to BSE under scrip code 519451.

Share Certificate Information

The lost certificate details are as follows:

Registrar Communication

MUFG Intime India Private Limited, serving as the company's Registrar and Transfer Agent, had initially informed Vadilal Dairy about the share certificate loss on March 12, 2026. The registrar confirmed receipt of documents from the shareholder on March 6, 2026, and acknowledged that all submitted documentation was in proper order.

Compliance Process

In accordance with SEBI Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8 dated January 25, 2022, the company will issue a 'Letter of Confirmation' to the affected shareholder after completing all required formalities. MUFG Intime India Private Limited noted that the duplicate certificate issuance process involves extensive legal formalities and may be time-consuming.

Market Protection Measures

Vadilal Dairy has specifically requested BSE to inform all broker members not to deal with the aforementioned share certificate in any manner, ensuring market integrity and preventing unauthorized transactions involving the lost certificate.

The company, incorporated under CIN L15200MH1997PLC107525, maintains its registered office at Plot No. M-13, MIDC, Tarapur, Navapur Road, Boisar, District Palghar - 401506.

Vadilal Industries has disclosed additional details regarding the resignation of Mr. Shivakumar Dega from his position as Independent Director and Chairman, revealing serious governance concerns that prompted his departure. The resignation, effective February 17, 2026, was driven by the company's failure to pay minimum wages to factory workers, which Dega characterized as a statutory violation with significant legal and reputational implications.

Resignation Background and Timeline

Mr. Dega served on the board for ten months after joining in May 2025, attending all 10 board meetings during his tenure. His resignation letter, dated February 17, 2026, detailed his concerns about the company's non-compliance with minimum wage requirements under the Minimum Wages Act 1948 and Code of Wages 2019.

Minimum Wage Violation Concerns

In his resignation letter, Dega highlighted that the company had paid factory workers less than the minimum wage, describing this as a "serious offence" that could lead to legal action for forced labour under Article 23 of the Indian Constitution. He expressed concern that the company's results and share price were "inflated to the extent of this amount of underpayment."

Dega had consistently opposed this practice, formally documenting his objections in writing to the board in January 2026 and raising the issue at the February Audit Committee meeting. He also warned the CEO about these concerns in phone calls during October 2025 and January 2026.

Company Response and Remedial Actions

Vadilal Industries acknowledged that it had initiated an assessment of compliance with relevant statutory provisions prior to receiving the resignation letter. The board has committed to expediting this assessment and has taken the following steps:

Additional Directorship Details

As part of the regulatory disclosure, the company revealed that Mr. Dega holds directorships in other listed entities, including Yes Bank Limited and Intellect Design Arena Ltd. He also serves on multiple board committees at Yes Bank Limited, including the Nomination and Remuneration Committee and Corporate Social Responsibility Committee.

Regulatory Compliance and Future Steps

The company has fulfilled its disclosure obligations under SEBI (LODR) Regulations, 2015, by notifying both the National Stock Exchange and BSE Limited. Company Secretary Rashmi Bhatt signed the regulatory filings, confirming adherence to corporate governance procedures. The board has expressed its commitment to maintaining the highest standards of governance and compliance while addressing the concerns raised by the departing chairman.