Indo Borax & Chemicals has officially announced the appointment of Shashikant Bharuka as its Chief Financial Officer through a board resolution passed on February 25, 2026. The appointment, which takes effect from March 06, 2026, was approved based on recommendations from both the Audit Committee and Nomination and Remuneration Committee.

Board Meeting Outcome

The company's Board of Directors convened on February 25, 2026, from 11:44 a.m. to 12:30 p.m. to deliberate on key organizational matters. The primary agenda included the strategic appointment of Bharuka as Chief Financial Officer and Key Managerial Personnel, along with approval of a draft postal ballot notice for seeking shareholders' approval on proposed resolutions.

Professional Qualifications and Experience

Bharuka brings substantial credentials to his new role, holding dual qualifications as both a Chartered Accountant (CA) and Company Secretary (CS). His professional journey spans over 24 years of post-qualification experience in finance and accounts management, primarily within public listed companies.

Comprehensive Skill Set

His expertise encompasses multiple critical areas including accounting and audit management, financial reporting, accounts finalization, tax compliances, cost savings initiatives, payroll management, control design, and system implementation. Additionally, he has demonstrated proficiency in process improvement, automation initiatives, business support, and stakeholder management.

Career Trajectory

Bharuka's professional background reflects extensive experience across prominent pharmaceutical companies. His most recent tenure was with Lupin Limited, where he focused on corporate accounts, payable and receivable management, and auditor relations. He has resigned and is currently serving his notice period at Lupin.

International Experience

During his tenure at Unichem Laboratories Limited, Bharuka managed the consolidation of foreign subsidiaries across multiple international markets including the USA, South Africa, and Brazil. This global exposure adds valuable international financial management perspective to his role at Indo Borax & Chemicals.

Regulatory Compliance

The appointment follows proper corporate governance protocols, with the company filing the necessary disclosures under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The board also approved a draft postal ballot notice for seeking shareholders' approval on proposed resolutions, which will be dispatched to shareholders in due course. The detailed disclosure was submitted to both BSE Limited (Stock Code: 524342) and National Stock Exchange of India Ltd (Stock Code: INDOBORAX).

Zenrock Chemicals Private Limited has created a pledge over 98,82,230 equity shares of Indo Borax & Chemicals Limited, representing 30.80% of the company's total equity share capital. The pledge was executed on February 03, 2026, to secure debt availed by the promoter, with disclosure made under Regulation 31 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Pledge Transaction Details

The encumbrance was created in favor of Catalyst Trusteeship Limited, acting as trustee for multiple lenders including India Special Asset Fund III, ISAF III Offshore Fund, and Special Situation Fund. The disclosure was formally reported to the National Stock Exchange and Bombay Stock Exchange on February 09, 2026.

Promoter Holdings Structure

Zenrock Chemicals Private Limited, identified as a promoter of Indo Borax & Chemicals Limited, held 98,82,230 shares representing 30.80% of the total share capital before the encumbrance creation. The entire promoter holding has now been pledged as security for debt obligations.

Regulatory Compliance Framework

The disclosure was made pursuant to Regulation 31 of SEBI SAST Regulations, which mandates reporting of share encumbrances by promoters. The notification was signed by an authorized signatory of Zenrock Chemicals Private Limited from Mumbai on February 10, 2026. Indo Borax & Chemicals Limited maintains shares listed on both National Stock Exchange and Bombay Stock Exchange.

Security Arrangement Impact

The pledge creation represents a debt security mechanism rather than a change in ownership structure. Zenrock Chemicals Private Limited retains its promoter status while providing collateral security through share encumbrance. The arrangement involves multiple institutional lenders through Catalyst Trusteeship Limited as the trustee entity, ensuring structured debt security for the involved financial institutions.