VIP Industries , a prominent luggage manufacturer, has entered into a binding agreement to sell its non-core asset, 'VIP House,' located in Prabhadevi, Mumbai. The property is being sold to Kemp & Company Ltd., a part of VIP Industries' promoter group, for ₹40.71 crore.

Transaction Details

The sale of 'VIP House' represents a significant move by VIP Industries to divest a non-core asset. Here are the key details of the transaction:

Related Party Transaction

While the transaction is classified as a related party transaction, VIP Industries has clarified that it does not qualify as a material related party transaction under SEBI Listing Regulations or the company's internal policies. The company has assured that the deal is being executed at arm's length.

Shareholding Information

VIP Industries currently holds 1,909 equity shares in Kemp & Company Ltd., which amounts to 1.77% of Kemp & Company's total shareholding.

Conditional Approval

It's important to note that the sale is subject to receiving shareholders' approval from Kemp & Company Limited.

Potential Implications

This asset sale could provide VIP Industries with additional capital, which may be utilized for various purposes such as:

• Strengthening core business operations
• Debt reduction
• Investment in growth initiatives

However, the company has not disclosed specific plans for the proceeds from this transaction.

As the luggage industry continues to evolve, particularly in the wake of changing travel patterns, VIP Industries' decision to sell this property may be part of a broader strategy to optimize its asset portfolio and focus on its core business activities.

Investors and market watchers will likely keep a close eye on how VIP Industries utilizes the funds from this sale and its impact on the company's financial position and future growth strategies.

VIP Industries has officially announced the results of its postal ballot process, with shareholders demonstrating overwhelming support for all seven proposed resolutions. The company received the scrutinizer's report on December 19, 2025, confirming that all resolutions were passed with requisite majority as per the Companies Act, 2013.

Comprehensive Voting Results

The e-voting process, conducted through National Securities Depository Limited (NSDL), ran from November 19 to December 18, 2025. Ms. Ragini Chokshi of M/s. Ragini Chokshi Co., the appointed scrutinizer, confirmed strong shareholder participation with approximately 98.41 million shares participating in the voting process.

Board Leadership Transformation

Shareholders have approved a comprehensive board restructuring with the appointment of five new directors:

Key Appointments:

• Ms. Renuka Ramnath as Non-Executive, Non-Independent Director-Chairperson with 99.91% approval
• Mr. Sridhar Sankararaman as Non-Executive, Non-Independent Director with 99.89% approval
• Mrs. Shalini D. Piramal as Non-Executive, Non-Independent Director with 99.91% approval
• Mr. Rajendra Agarwal as Non-Executive, Independent Director with 99.75% approval
• Mr. Atul Jain as Managing Director with 99.92% approval

Ms. Renuka Ramnath will lead the board as Chairperson, bringing over 35 years of experience in financial services and private equity to guide the company's strategic direction.

Management Compensation and Financial Flexibility

Shareholders approved Mr. Atul Jain's remuneration package as Managing Director with 97.16% support, the lowest approval rate among all resolutions but still demonstrating strong confidence:

The proposal to increase borrowing limits to ₹625.00 crore under Section 180(1)(c) of the Companies Act, 2013 received 99.31% approval, providing enhanced financial flexibility for expansion and working capital management.

Voting Process and Compliance

The postal ballot process was conducted entirely through electronic mode, with the company dispatching notices to all eligible shareholders on November 18, 2025. The cut-off date for determining voting eligibility was November 14, 2025. All resolutions are deemed to have been passed on December 18, 2025, the last date of e-voting.

The scrutinizer's report confirms that the voting process was conducted in a fair and transparent manner, with proper safeguards and witness verification during the result compilation process.

These approved corporate actions position VIP Industries for strategic transformation under new leadership, with enhanced financial capabilities to navigate market challenges and pursue growth opportunities in the luggage and travel accessories sector.