NACL Industries Limited , a prominent player in the agrochemical sector, has announced significant changes to its leadership and board composition following a postal ballot voting process that concluded on September 17, 2025. The shareholders overwhelmingly approved nine resolutions, marking a new chapter in the company's governance structure.

Key Leadership Appointment

The most notable change is the appointment of Dr. Raghuram Devarakonda as the new Managing Director & Chief Executive Officer of NACL Industries. Shareholders approved a three-year term for Dr. Devarakonda, effective from August 08, 2025, to August 07, 2028. His remuneration package includes a monthly basic salary of Rs. 12,01,350, with the potential for performance incentives up to 70% of his annual basic pay.

Board Expansion and Independent Directors

The postal ballot also resulted in the appointment of several new directors to strengthen the company's board:

• Mr. Natarajan Srinivasan and Mr. S Sankarasubramanian were appointed as Directors of the company.
• Three new Independent Directors were added to the board for five-year terms:
  1. Mr. Suresh Subramanian
  2. Mr. B Raghvendra Rao
  3. Mr. Sanjiv Lal

These appointments are expected to bring diverse expertise and fresh perspectives to NACL Industries' strategic decision-making process.

Changes in Statutory Auditors

Shareholders approved the appointment of M/s. S.R. Batliboi & Associates LLP, Chartered Accountants, as the new Statutory Auditors of the company. They will fill the casual vacancy caused by the resignation of the previous auditors and will hold office until the conclusion of the upcoming Annual General Meeting in 2025.

Amendments to Articles of Association

The company also received approval to amend its Articles of Association. This change is related to the termination of a previous share subscription and shareholders' agreement, reflecting evolving corporate governance structures.

Shareholder Participation and Approval Rates

The postal ballot saw participation from 260 shareholders out of a total of 43,381. Notably, all resolutions passed with an overwhelming majority, each receiving over 99.99% votes in favor. This high approval rate demonstrates strong shareholder confidence in the proposed changes and the future direction of NACL Industries.

NACL Industries Limited, known for its presence in the agrochemical industry, is poised for a new phase of growth and development with these leadership and governance changes. The strong mandate from shareholders suggests a positive outlook for the company's strategic initiatives under the new leadership team.

NACL Industries Ltd, a prominent player in the agrochemical sector, has announced a series of significant corporate actions, including multiple board appointments and amendments to its Articles of Association, following the acquisition of a controlling 53% stake by Coromandel International Limited.

Board Appointments and Restructuring

The company has issued a postal ballot notice seeking shareholder approval for the appointment of several new directors:

1. Mr. Natarajan Srinivasan, a seasoned finance professional with over 35 years of experience, including significant roles within the Murugappa Group.
2. Mr. S Sankarasubramanian, who brings nearly 30 years of experience in finance, operations, and general management from the Murugappa Group.
3. Dr. Raghuram Devarakonda, proposed as Managing Director & CEO, with over 30 years of experience in Indian industry and business consulting.
4. Mr. Suresh Subramanian, Mr. B Raghvendra Rao, and Mr. Sanjiv Lal, all proposed as Non-executive Independent Directors, bringing diverse expertise in finance, banking, and agrochemical sectors respectively.

Key Management Changes

Notably, Dr. Raghuram Devarakonda's appointment as Managing Director & CEO comes with a proposed remuneration package including a monthly basic salary of Rs. 12,01,350 and variable pay up to 70% of annual basic pay. This appointment is set for a three-year term, subject to shareholder approval.

Corporate Governance and Structural Changes

The company is also seeking approval for:

1. Appointment of new statutory auditors, S.R. Batliboi & Associates LLP, to replace the resigned auditors B S R & Co.
2. Amendments to the Articles of Association, following the termination of a previous shareholders' agreement.

Voting Process

NACL Industries has set up an e-voting period from August 19 to September 17, for shareholders to cast their votes on these proposals.

Strategic Implications

These changes come in the wake of Coromandel International Limited's acquisition of a controlling stake in NACL Industries. The board restructuring and management changes appear to be part of a broader strategy to align the company's leadership with its new ownership structure and to potentially leverage synergies between NACL and Coromandel International.

The proposed appointments bring a wealth of experience from the Murugappa Group, which owns Coromandel International, suggesting a potential integration of management practices and strategic alignment between the two entities.

As NACL Industries navigates this transition, the new leadership team, if approved, will face the challenge of steering the company through the competitive agrochemical landscape while potentially exploring new growth opportunities under the Coromandel umbrella.

Shareholders will play a crucial role in shaping the company's future direction through their votes on these significant corporate actions.