Deepak Fertilisers & Petrochemicals has announced a postal ballot notice to seek shareholder approval for four director appointments under Regulation 30 of the SEBI Listing Regulations. The company issued the notice on December 29, 2025, proposing significant changes to its board composition through electronic voting.

Key Director Appointments

The postal ballot covers four special resolutions for director appointments and re-appointments:

New Independent Woman Director Appointment

The company proposes to appoint Dr. Purvi Mehta Bhatt as an Independent Woman Director effective January 1, 2026. This appointment addresses the regulatory requirement under SEBI Listing Regulations for top 1,000 listed entities to have at least one independent woman director. Dr. Mehta will replace Smt. Varsha Purandare, whose second consecutive term ends on January 30, 2026.

Dr. Mehta brings over 28 years of global leadership experience across Asia, Africa, and North America. She holds advanced degrees from M.S. University (India), Tokyo University (Japan), and a doctorate from North Carolina State University (USA). Until May 2025, she served as Senior Advisor for Global Growth and Opportunities at the Bill Gates Foundation and currently serves as Senior Advisor to the Global Centre for Adaptation.

Re-appointments of Existing Independent Directors

Three current Independent Directors seek re-appointment for second terms:

Mr. Sanjay Gupta, an Engineering Graduate and former Chairman & Managing Director of Engineers India Limited, has over 37 years of experience in the hydrocarbon industry. His current first term commenced on February 2, 2023, and will end on February 1, 2026.

Mr. Sitaram Kunte, a 1985 batch IAS officer from Maharashtra cadre, brings 36 years of administrative experience. He served as Chief Secretary, Government of Maharashtra, and spearheaded the state's response to the COVID-19 second wave. His current term also ends on February 1, 2026.

Mr. Terje Bakken, a Norwegian national with an MBA from Bath University, has over 30 years of experience in the international fertilizer and process chemical industry. He served as Executive Vice President in Yara International's management team and Head of Marketing Sales at EuroChem A.G. His current term ends on February 19, 2026.

Voting Process and Timeline

The company has engaged KFin Technologies Limited to facilitate remote e-voting for shareholders. Key dates and details include:

Shareholders whose names appear in the Register of Members or Record of Depositories as on the cut-off date and whose email addresses are registered with the company, RTA, or depositories are eligible to vote. The postal ballot notice has been sent electronically to eligible shareholders, with physical copies not being dispatched in compliance with MCA circulars.

Regulatory Compliance

All proposed resolutions require approval as special resolutions through electronic voting in accordance with relevant MCA and SEBI circulars. The appointments comply with provisions of the Companies Act, 2013, and SEBI Listing Regulations. Each proposed director has submitted declarations of independence and meets the criteria specified under applicable regulations.

The results will be announced by the Chairman or authorized person and communicated to stock exchanges, placed on the company's website at www.dfpcl.com , and on KFin Technologies' website. The company's registered office is located at Sai Hira, Survey No. 93, Mundhwa, Pune - 411 036.

Deepak fertilisers & petrochemicals Corporation Limited has informed stock exchanges about an income tax demand order received by its wholly-owned subsidiary Mahadhan AgriTech Limited (MAL). The regulatory disclosure was made under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Income Tax Demand Details

The Deputy Commissioner of Income Tax, Central Circle, issued a demand order worth ₹19.58 crores under section 170A of the Income Tax Act, 1961, for Assessment Year 2022-23. The order was received by MAL on December 25, 2025, at approximately 5:32 PM.

Nature of Disallowances

The Assessing Officer made certain disallowances while passing the order under section 170A of the Income Tax Act, 1961. However, the company noted that these disallowances were previously deleted by the Income Tax Appellate Tribunal (ITAT) in earlier years and are supported by other judicial pronouncements.

Company's Response Strategy

MAL has taken a legal view that the demand is not tenable and is liable to be set aside in appeal. The subsidiary plans to challenge the order at an appropriate forum, based on the expectation that similar disallowances have been successfully contested in the past.

Financial Impact Assessment

The company has assessed that there is no material impact on the financial, operational, or other activities of either Deepak Fertilisers and Petrochemicals Corporation Limited or its subsidiary MAL. This assessment is based on:

• Previous successful deletions of similar disallowances by ITAT
• Support from other judicial pronouncements
• The company's legal position that the demand lacks merit

Regulatory Compliance

The disclosure was made in compliance with the provisions of Regulation 30 read with sub-para 20, Para A, Part A, Schedule III of the SEBI Listing Regulations. The information has also been made available on the company's website at www.dfpcl.com for stakeholder access.