Visaka Industries Limited has strengthened its senior management team with the appointment of Mr. Tota Purushottam as President (Gypsum Boards - Operations), designated as Senior Management Personnel of the company. The appointment was approved by the Board of Directors at their meeting held on April 03, 2026, following recommendation from the Nomination & Remuneration committee.

Appointment Details

The new appointment becomes effective from April 09, 2026, as communicated to the stock exchanges under Regulation 30 of the Securities Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations 2015.

Professional Background

Mr. Tota Purushottam brings extensive experience in the gypsum boards industry, particularly in project execution and process management. His professional journey spans over 22 years in gypsum boards and fiber cement boards manufacturing across diverse geographical markets.

International Experience

His international expertise covers operations in GCC countries including:

• Kuwait
• United Arab Emirates (UAE)
• Saudi Arabia
• Qatar
• Oman

Mr. Purushottam possesses strong technical, operational, and strategic capabilities in handling industrial projects across these markets.

Educational Qualifications

Mr. Purushottam's educational background demonstrates a strong foundation in technical and management disciplines:

Corporate Governance Compliance

The appointment adheres to corporate governance norms, with the company confirming that Mr. Purushottam is not related to any promoters, directors, or Key Managerial Personnel of the company. This ensures independence and maintains the integrity of the senior management structure.

Strategic Significance

The appointment of an experienced professional in gypsum boards operations aligns with Visaka Industries' focus on strengthening its operational capabilities in this segment. Mr. Purushottam's extensive experience in both domestic and international markets, particularly in the GCC region, positions the company to leverage growth opportunities in these markets.

Visaka Industries Limited has submitted a revised disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015, following guidance from BSE Limited received on March 27, 2026. The revised submission provides additional details about the income tax assessment order for Assessment Year 2024-25, which includes a demand notice of ₹92,79,530.

Regulatory Compliance Update

The company filed the revised disclosure in response to BSE's email dated March 27, 2026, concerning the corporate announcement originally submitted on March 25, 2026. The updated information follows SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, ensuring comprehensive regulatory compliance.

Assessment Order Comprehensive Details

The Income Tax Department's Assessment Unit issued the order under Section 143(3) read with Section 144B of the Income-tax Act, 1961, for Assessment Year 2024-25. The department has raised a demand of ₹92,79,530 through a Notice of Demand under Section 156 of the Income-tax Act, 1961. Additionally, penalty notices have been issued in respect of additions to the income stated in the assessment order.

Company's Strategic Response

Visaka Industries has stated that it does not concur with the observations and additions made in the assessment order. The company is currently evaluating the order and believes it has adequate legal and factual grounds to contest the department's findings. Management plans to take necessary steps, including filing an appeal before the appropriate authority.

Financial Impact Assessment

Despite the ₹92.79 lakh demand, the company has clarified that the matter does not have any material adverse impact on its financial position, operations, or other activities. This assessment suggests the company views the tax dispute as manageable within its current operational framework.

The revised disclosure demonstrates the company's commitment to maintaining transparency with stakeholders and ensuring full compliance with SEBI listing regulations and BSE requirements.