Velox Shipping and Logistics Limited appointed Omkar Prakash Kulkarni as its Company Secretary and Compliance Officer with immediate effect on October 15, 2026. The appointment was approved by the Board of Directors based on the recommendation of the Nomination and Remuneration Committee.

Kulkarni is an Associate Member of the Institute of Company Secretaries of India (ICSI) with Membership No. A74067. He holds a Master's degree in Commerce (M.Com) and a Bachelor's Degree in Law (LLB). The company stated that he possesses requisite qualifications and skills in secretarial compliances, with extensive experience in corporate law, listing regulations, and related regulatory processes.

Appointment details

The appointment was made in terms of Section 203 of the Companies Act, 2013, and Regulation 6 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was filed with BSE Ltd. under Regulation 30 read with Para A of Part A of Schedule III of the SEBI Listing Regulations.

The Board meeting to approve this appointment commenced at 12:30 pm and concluded at 1:10 pm on October 15, 2026. The company confirmed that Kulkarni is not related to any of the Directors or Key Managerial Personnel (KMPs) of the company.

The filing noted that the information regarding relationships between directors was not applicable for this specific role change, although it clarified his lack of relation to existing board members. The company also stated that disclosures required pursuant to specific BSE and NSE circulars regarding unlisted companies were not applicable.

Velox Shipping and Logistics Limited has formally terminated its proposed acquisition of a 98% ownership interest in Consolidated Container Shipping Line LLC, Dubai. The decision, communicated via a Termination Agreement executed on October 1, 2026, follows mutual agreement between the parties to discontinue the transaction due to prevailing regional uncertainties.

The company had initially disclosed the investment proposal on December 19, 2025, intending to acquire the stake for a purchase consideration of ₹5 crore. The termination agreement specifies that Velox Shipping shall have no further obligation to make any payment, capital contribution, or investment towards the proposed transaction. Consequently, no ownership interest was acquired, and no monetary or contractual claims arise from the cancellation.

Reasons for Termination

The filing cites a combination of factors leading to the discontinuation of the deal. The parties identified specific risks that rendered the proposed investment unviable in the current environment:

• Geopolitical instability in the region
• Security concerns affecting operations
• Commercial and financial uncertainties
• Operational and legal complexities
• Strategic misalignment given the above factors

Deal Structure and Impact

The original proposal involved acquiring a majority stake in the Dubai-based entity through a purchase consideration of ₹5 crore, with the USD equivalent to be determined by applicable exchange rates. The Termination Agreement clarifies that the transaction did not involve any related party disclosures, as the entities are not related to the promoter group.

What the Numbers Show

The termination of this deal preserves Velox Shipping's cash reserves of ₹5 crore that were earmarked for the acquisition. Since the company held no prior ownership interest in the target entity, the balance sheet remains unaffected by any write-downs or impairment losses associated with the cancelled asset. The absence of any penalty or break-up fee mentioned in the disclosure suggests a clean exit with no immediate financial liability incurred by the listed entity.