Zuari Agro Chemicals director resigns citing personal commitments

Athar Shahab has resigned as Non-Executive Director of Zuari Agro Chemicals Limited effective June 2, 2026, due to personal and other professional commitments. The resignation was submitted to the Chairman and is effective from the close of business hours on the stated date. Shahab confirmed there are no material reasons for the resignation other than those disclosed.

Resignation Details

The departure was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Shahab held the position of Non-Executive Director and tendered his resignation citing an inability to devote the required time and attention to the Company.

Particulars	Details
Director Name	Athar Shahab
DIN	01824891
Designation	Non-Executive Director
Effective Date	June 2, 2026
Reason	Personal and other professional commitments

In his resignation letter, Shahab expressed appreciation for the support and cooperation extended by fellow Directors and the management during his tenure.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.17%	-3.04%	-8.92%	-17.16%	-1.85%	+125.47%

Zuari Agro Chemicals has informed stock exchanges that it received final orders on May 22, 2026, from the Regional Director, Western Region-I, Ministry of Corporate Affairs, Mumbai. This follows the interim orders received on May 14, 2026, concerning compounding applications filed under Section 441 of the Companies Act, 2013. The company confirmed that the alleged violations now stand compounded following the receipt of compounding fees.

Background of the Case

The regulatory proceedings relate to alleged non-compliances under Section 129 read with IND AS-36. The violations pained to the impairment assessment and disclosure requirements regarding the investment in Mangalore Chemicals & Fertilizers Limited for the financial years 2019-20 to 2022-23. The applications were submitted by the Executive Director, Promoter Directors, Directors, and Key Managerial Personnel (KMPs), including former directors and KMPs.

Order Details

The final orders were passed in respect of 10 compounding applications. The table below summarises the key regulatory details:

Parameter	Details
Issuing Authority	Regional Director, Western Region-I, Ministry of Corporate Affairs, Mumbai
Applicable Section (Filing)	Section 441, Companies Act, 2013
Alleged Violation Section	Section 129 read with IND AS-36
Date of Final Order	May 22, 2026

Financial Implications

Zuari Agro Chemicals stated that there is no material impact on its financials, operations, or other activities due to the final orders. The listed entity itself was not levied any compounding fees. However, an aggregate amount of Rs. 22.25 lakhs was levied on the individuals involved, specifically the Executive Director, Promoter Directors, Directors, and KMPs, including former directors and KMPs.