Vedanta Limited completed the dispatch of its postal ballot notice and published newspaper advertisements regarding the appointment of Mr. S.V. Murali Dhar Rao as Non-Executive Independent Director. The company filed regulatory intimations under Regulation 30 of SEBI Listing Regulations following its Board of Directors meeting held on March 31, 2026.

Postal Ballot Notice Dispatch Completion

The company completed the dispatch of postal ballot notices on April 6, 2026, and published newspaper advertisements on April 7, 2026, to inform shareholders about the completion of the dispatch process.

The postal ballot notice seeks shareholder approval for appointing Mr. S.V. Murali Dhar Rao (DIN: 11003912) as Non-Executive Independent Director for a first term of one year, commencing from April 1, 2026, up to March 31, 2027.

E-voting Process and Timeline

The company has initiated the postal ballot process exclusively through remote e-voting to obtain member approval for the director appointment. KFin Technologies Limited has been appointed as the agency to provide e-voting facility.

The postal ballot notice dated March 31, 2026, was sent electronically to members whose names appear in the Register of Members or Register of Beneficial Owners maintained by the Depositories as on the cut-off date.

Board Leadership Transition

The company experienced a significant change in its independent director composition with the completion of Mr. Dindayal Jalan's tenure and the appointment of his successor.

Mr. Dindayal Jalan ceased to hold office as Non-Executive Independent Director with effect from close of business hours on March 31, 2026. The Board placed on record its sincere appreciation for his valuable contributions during his tenure with the company.

New Director Profile and Qualifications

Mr. S.V. Murali Dhar Rao's appointment was recommended by the Nomination & Remuneration Committee and approved by the Board for a first term of one year, subject to shareholder approval. The appointee brings extensive regulatory experience to Vedanta's board.

Professional Background:

• Over three decades of experience in regulating and developing securities markets
• Joined Securities & Exchange Board of India (SEBI) in June 1992
• Elevated to Executive Director in July 2012
• Superannuated from SEBI in January 2025

Current Positions:

• Independent Director at Invesco Trustee Private Limited
• Independent member on Kerala Infrastructure Investment Fund Board
• Senior consultant with Khaitan & Co
• Former part-time member of National Financial Reporting Authority (NFRA)
• Former Board member of Indian Institute of Corporate Affairs (IICA)

Key Contributions at SEBI:

• Instrumental in mutual fund industry growth through Total Expense Ratio rationalization
• Led categorization and rationalization of mutual fund schemes
• Facilitated reduction of listing timeline from T+6 to T+3 for public issues
• Enhanced disclosure requirements including ESG disclosures for listed entities
• Introduced product labelling, swing pricing mechanism, and backstop facility for corporate debt markets

Mr. Rao holds Master of Commerce (M.Com) and Master of Business Administration (MBA) qualifications. The Board confirmed he satisfies independence criteria under the Companies Act, 2013 and Listing Regulations, and is not debarred from holding directorship by SEBI or other authorities.

Composite Scheme Timeline Extension

The Board approved an extension of the timeline for fulfilling conditions precedent under the composite scheme of arrangement involving multiple entities.

The extension was necessitated as certain conditions precedent, including receipt of approvals from governmental authorities, remain pending completion. This marks the second extension, following the previous extension from September 30, 2025 to March 31, 2026. The composite scheme involves arrangements between Vedanta Limited and four resulting companies along with their respective shareholders and creditors under Sections 230 to 232 of the Companies Act, 2013.

Vedanta and Hindustan Zinc are expected to participate in the pre-bid conference for the government's ₹7,280 crore rare earth magnet manufacturing scheme. This development signals potential expansion opportunities for both companies into the strategic rare earth materials sector.

Government Initiative Details

The rare earth magnet manufacturing scheme represents a substantial government investment aimed at strengthening India's capabilities in critical materials production. The ₹7,280 crore allocation underscores the strategic importance of rare earth magnets in various high-technology applications.

Strategic Significance

Rare earth magnets are essential components in numerous applications including electric vehicles, wind turbines, electronic devices, and defense systems. The participation of established players like Vedanta and Hindustan Zinc in this initiative could accelerate India's self-reliance in critical materials manufacturing.

Company Positioning

Both Vedanta and Hindustan Zinc bring significant experience in metals and mining operations, which could prove advantageous in rare earth processing and magnet manufacturing. Their potential involvement in the pre-bid conference indicates serious consideration of this strategic opportunity.

The pre-bid conference will likely provide detailed information about project requirements, technical specifications, and implementation timelines for interested participants in this significant manufacturing initiative.