Spice Lounge Food Works Limited , formerly known as Shalimar Agencies Limited, has announced a crucial board meeting scheduled for September 24, 2025. The meeting, set to take place at the company's registered office at 3:30 PM, will focus on a significant proposal for Overseas Direct Investment (ODI) in its Wholly Owned Subsidiary, Teksoft Systems INC, based in the United States.

Proposed Investment Details

The board will consider and potentially approve an investment of up to USD 5.00 million (approximately ₹41.50 crore) in Teksoft Systems INC. This strategic move is planned to be executed in one or more tranches, subject to compliance with various regulatory requirements.

Regulatory Compliance

The company has emphasized that the proposed investment will adhere to applicable regulations, including:

• Companies Act, 2013
• Foreign Exchange Management Act (FEMA)
• Reserve Bank of India (RBI) regulations
• Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015

Corporate Governance

In line with its commitment to transparency and regulatory compliance, Spice Lounge Food Works Limited has made this announcement in accordance with Regulation 29(1)(d) and other applicable provisions of the SEBI (LODR) Regulations, 2015. The company has assured stakeholders that further details regarding the outcome of the board meeting will be disclosed following the conclusion of the meeting.

Recent Board Appointments

It's worth noting that this announcement comes on the heels of recent changes to the company's board of directors. On September 19, 2025, Spice Lounge Food Works Limited appointed two new Additional Independent Directors:

1. Mr. Uday Kiran Devineni (DIN: 01920226)
2. Mr. Naresh Thaluru (DIN: 11292446)

Both directors have been appointed for a term of five consecutive years, subject to shareholder approval at the upcoming General Meeting.

Company Background

Spice Lounge Food Works Limited, with its registered office in Hyderabad, Telangana, operates under the CIN: L151226TG1981PLC114084. The company is listed on multiple stock exchanges, including BSE Limited, Metropolitan Stock Exchange of India Limited, and The Calcutta Stock Exchange Limited.

As the company prepares for this significant board meeting, investors and market watchers will be keenly awaiting the outcome and its potential impact on Spice Lounge Food Works Limited's international expansion strategy.

Spice Lounge Food Works Limited , formerly known as Shalimar Agencies Limited, has announced the appointment of two seasoned technology professionals to its board as Additional Independent Non-Executive Directors. The appointments, effective September 19, 2025, are subject to shareholder approval at the upcoming General Meeting.

New Appointments

The company has welcomed Mr. Uday Kiran Devineni and Mr. Naresh Thaluru to its board, each appointed for a term of five consecutive years. These appointments were made on the recommendation of the Nomination and Remuneration Committee and approved by the Board of Directors.

Mr. Uday Kiran Devineni

Mr. Devineni brings over 25 years of experience in the IT sector to Spice Lounge Food Works. With a B.Tech in Mechanical Engineering, he has led diverse teams across various domains including:

• Software development
• IT consulting
• Data analytics

His expertise lies in leveraging machine learning and data mining to improve decision-making processes and help businesses explore new possibilities with data.

Mr. Naresh Thaluru

Mr. Thaluru joins the board as an Infrastructure & Virtualization Consultant with more than 10 years of experience. His areas of expertise include:

• VMware vSphere/VCF
• Cisco UCS/Intersight
• Dell & HPE servers

Additionally, Mr. Thaluru is skilled in SAN design, large-scale upgrades, datacenter migrations, and various storage platforms. His proficiency extends to Horizon VDI, automation (PowerShell/PowerCLI), and delivering secure, scalable, high-availability solutions.

Regulatory Compliance

In compliance with SEBI regulations, Spice Lounge Food Works has confirmed that neither Mr. Devineni nor Mr. Thaluru has been debarred from holding directorial positions by SEBI or any other authorities. This adherence to regulatory requirements underscores the company's commitment to maintaining high standards of corporate governance.

The board meeting for these appointments commenced at 5:00 PM and concluded at 5:40 PM on September 19, 2025. These strategic additions to the board are expected to bring valuable technological insights to Spice Lounge Food Works Limited as it navigates the evolving business landscape.

Shareholders will have the opportunity to approve these appointments at the forthcoming General Meeting, as the company looks to leverage the extensive experience of its new board members in driving future growth and innovation.