Maruti Interior Products Limited Announces Board Leadership Changes with New Chairperson
Maruti Interior Products Limited has restructured its board leadership with Mrs. Parul Paresh Lunagaria changing from Executive to Non-Executive Director role, resulting in discontinuation of executive remuneration. Simultaneously, Mr. Nipun Mahendrabhai Doshi, an existing Independent Director with over 13 years of legal experience, has been appointed as the new Chairperson while maintaining his independent status and existing remuneration structure.
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Maruti Interior Products Limited has announced significant changes to its board structure following a meeting held on February 27, 2026. The company's Board of Directors convened at 6:30 P.M. at the registered office to consider and approve key leadership transitions that will reshape the company's governance framework.
Board Designation Changes
The most notable change involves Mrs. Parul Paresh Lunagaria (DIN: 09157413), who has transitioned from her role as Executive Director to Non-Executive Director. This change, effective from February 27, 2026, was approved based on recommendations from the Nomination and Remuneration Committee.
| Parameter: | Details |
|---|---|
| Director Name: | Mrs. Parul Paresh Lunagaria |
| DIN: | 09157413 |
| Previous Role: | Executive Director |
| New Role: | Non-Executive Director |
| Effective Date: | February 27, 2026 |
| Tenure: | Liable to retire by rotation |
| Age: | 55 years |
| Qualification: | Under Graduate |
| Experience: | Human Resource Development (HRD) |
As a consequence of this designation change, Mrs. Lunagaria's executive remuneration, including salary, perquisites, and other benefits, has been discontinued with effect from February 27, 2026. Going forward, she will be entitled only to sitting fees for attending Board and Committee meetings, within statutory limits.
New Chairperson Appointment
In a parallel development, the Board has appointed Mr. Nipun Mahendrabhai Doshi (DIN: 09398522) as the new Chairperson of the Board. Mr. Doshi, who was already serving as an Independent Director, will continue in his independent capacity while taking on the additional responsibility of leading the Board.
| Parameter: | Details |
|---|---|
| Director Name: | Mr. Nipun Mahendrabhai Doshi |
| DIN: | 09398522 |
| Previous Role: | Independent Director |
| New Role: | Chairperson and Independent Director |
| Effective Date: | February 27, 2026 |
| Status: | Non-Executive Independent Director |
| Age: | 45 years |
| Qualification: | B.Com., LL.B. |
| Experience: | Over 13 years as practicing Advocate |
| Specialization: | Civil and Revenue matters |
Director Profiles and Experience
Mrs. Parul Paresh Lunagaria brings extensive experience in Human Resource Development, with special focus on welfare and development of women workers. She has been primarily engaged in HR activities, possessing practical exposure in workforce coordination, employee support functions, and women-centric workplace initiatives. Her contributions have strengthened employee relations and maintained a supportive work environment, particularly for women employees.
Mr. Nipun Mahendrabhai Doshi is a practicing Advocate with over 13 years of experience in Civil and Revenue matters. He brings significant legal and regulatory experience in banking, recovery, property, and revenue matters to his role as Chairperson.
Governance and Compliance Framework
The newly appointed Chairperson will maintain his status as a Non-Executive Independent Director, with no changes to his independence status or tenure. The appointment represents an internal restructuring of leadership roles rather than a fundamental change in board composition. Mr. Doshi's remuneration structure remains unchanged, with entitlement limited to sitting fees and commission, excluding any additional remuneration for the Chairperson role.
Both appointments have been made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has confirmed that neither Mrs. Lunagaria nor Mr. Doshi is debarred from holding directorial positions by any SEBI order or other regulatory authority, in accordance with BSE circular requirements.
Family Relationships and Disclosures
As part of mandatory disclosures, the company has revealed that Mrs. Parul Paresh Lunagaria maintains family relationships within the organization. She is the spouse of Mr. Paresh Purushotam Lunagaria (the Managing Director), mother of Mr. Nirbhay Paresh Lunagaria and Mr. Nirmal Paresh Lunagaria, and daughter-in-law of Mr. Purushotam Rudabhai Lunagaria. No such relationships were disclosed for the newly appointed Chairperson, Mr. Doshi.
The Board meeting, which began at 6:30 P.M., concluded at 7:00 P.M. on February 27, 2026, with all necessary regulatory filings and disclosures being submitted to the BSE Limited as required under applicable regulations. The revised outcome was communicated to BSE on March 02, 2026.
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