Veedol Corporation has accepted the resignation of Murli Vasudevan, Vice President – Sales (After Market), with effect from close of business on December 24, 2026. The announcement was made via a disclosure to stock exchanges under SEBI listing regulations.

Vasudevan cited personal grounds for his departure in his resignation letter addressed to Managing Director R N Ghosal. He expressed appreciation for the opportunities and support received during his tenure and committed to ensuring a smooth transition of responsibilities during the notice period.

Disclosure details

The company filed this information under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure confirms the cessation of Vasudevan’s services as Senior Management Personnel (SMP).

Regulatory compliance

The filing was signed by Abhijit Satish Tikekar, Company Secretary & Head - Legal & CSR. The disclosure includes the resignation letter as an annexure, adhering to the requirements prescribed under Sub-Para 7C of Part A of Schedule III of the SEBI Listing Regulations.

Veedol Corporation approved an unsecured short-term loan of up to ₹10 crore to its promoter, Andrew Yule & Company Limited, during the financial year 2026-27. The transaction, sanctioned at a simple interest rate of 12% per annum, is intended to support the borrower's working capital requirements.

The Board of Directors passed this resolution during its 356th meeting held on September 28, 2026. The loan must be repaid in full, along with accrued interest, no later than March 31, 2027. This move follows the repayment of a previous loan taken by Andrew Yule & Company Limited in the fiscal year 2025-26.

Transaction terms and structure

The facility is structured as an unsecured short-term loan with specific conditions outlined in the board resolution. Andrew Yule & Company Limited holds a 24.30% stake in Veedol Corporation, establishing it as a related party. The company clarified that Veedol does not hold any shares in Andrew Yule & Company Limited.

Related party disclosure

The transaction falls under related party transactions and is stated to be conducted at arm's length. The disclosure notes that there are only two common directors on the boards of both entities. The board confirmed that the loan does not impose any restrictions or liabilities on the management or control of the listed entity.

As of the date of the resolution, only an enabling resolution has been passed. Proper documentation and the execution of the loan agreement will occur when the funds are actually disbursed. Details regarding the outstanding amount will be furnished at that time.

What the numbers show

The approval of this credit line highlights the ongoing financial interdependence between Veedol Corporation and its promoter group. While the loan is capped at ₹10 crore, the explicit mention of the previous year's loan repayment indicates a recurring cycle of short-term liquidity support from the listed entity to the promoter. The 12% interest rate provides a yield on idle cash for Veedol, but the unsecured nature of the loan places the entire recovery risk on the promoter's ability to meet the March 2027 deadline.