Popular Vehicles & Services , a prominent player in the automotive retail sector, has announced the appointment of Mr. Neeraj Jain as a Non-Executive Independent Director. The appointment, approved by shareholders through a special resolution at the company's 41st Annual General Meeting (AGM), is for a five-year term commencing September 29, 2025.

Appointment Details

Mr. Jain, a distinguished professional with over three decades of leadership experience, brings a wealth of expertise to the board. His appointment was recommended by the Board of Directors and the Nomination and Remuneration Committee, highlighting Popular Vehicles & Services' commitment to strengthening its governance structure.

Professional Background

Mr. Neeraj Jain is a rank-holder Chartered Accountant and Company Secretary with an impressive career spanning more than 30 years. His extensive experience encompasses leadership roles in finance, supply chain, and business management across renowned organizations such as Johnson & Johnson and Hindustan Unilever. Mr. Jain's career trajectory includes positions of increasing responsibility across India, ASEAN, and Asia Pacific regions.

Recognition and Accolades

The newly appointed director's expertise has been widely recognized in the industry. Mr. Jain was honored as one of the 100 most influential CFOs in India in 2016 by CImA. Prior to this, he was acknowledged among the top 100 CFOs in 2015 by 9.9 Media, further attesting to his financial acumen and leadership capabilities.

Compliance and Eligibility

Popular Vehicles & Services has confirmed that Mr. Jain is not related to any existing directors of the company. Furthermore, the company has affirmed that he is not disqualified from holding the office of Director under the provisions of section 164 of the Companies Act, 2013. This appointment aligns with regulatory requirements, including those set forth by SEBI and the Companies Act.

AGM Proceedings

The appointment of Mr. Neeraj Jain was one of several resolutions passed at the company's AGM. The meeting, which took place on September 29, 2025, saw robust participation from shareholders. The AGM, conducted through Video Conferencing (VC) / Other Audio-Visual Means (OAVM), commenced at 04:00 PM and concluded at 04:58 PM.

Shareholder Approval

The resolution for Mr. Jain's appointment received overwhelming support from the shareholders. According to the scrutinizer's report, 99.99% of the valid votes were cast in favor of the resolution, with only a negligible 0.01% against it. This strong endorsement reflects the shareholders' confidence in Mr. Jain's potential contributions to the company's future growth and governance.

Popular Vehicles & Services' decision to bring Mr. Neeraj Jain on board as an Independent Director is expected to further strengthen the company's leadership team and corporate governance practices. His extensive experience in finance and business management across multinational corporations is likely to provide valuable insights as the company navigates the evolving automotive retail landscape.

Popular Vehicles & Services , a prominent player in the automotive retail sector, has reported that used car prices are experiencing a slower decline compared to new vehicles following recent GST rate reductions on automobiles. This insight comes from Naveen Philip, the Managing Director of Popular Vehicles & Services, shedding light on the dynamics of the automotive market in response to recent tax changes.

Used Car Price Trends

According to Philip, used cars are witnessing approximately 50% to 60% of the price reduction observed in new cars. He explained that the slower adjustment in used car prices is attributed to individual vehicle factors such as mileage, which require more time for market realignment.

Impact on Market Segments

Despite the increased affordability of new cars due to GST cuts, Philip does not anticipate a significant migration from the used car segment. He pointed to India's current low car penetration rate of 20-22 cars per 1,000 people as a factor supporting the continued demand for both new and used vehicles.

Growth Drivers

Philip identified two key drivers fueling growth in the automotive sector:

1. GST price reductions
2. RBI's interest rate cuts

These factors are expected to stimulate demand across both new and used car markets.

Market Response

Initial market response has been positive, with Popular Vehicles reporting:

• Increased showroom inquiries
• Higher booking rates

However, Philip cautioned that the sustained retail impact would require monitoring through early October to gauge the long-term effects of these changes.

Stock Performance

Popular Vehicles' stock reflected a slight downturn amidst these market developments. The company's shares closed at ₹146.50 on the NSE, marking a 1.09% decrease.

As the automotive market adjusts to these new dynamics, industry observers will be closely watching how the interplay between new and used car prices evolves, and whether the initial positive response translates into sustained growth for both segments of the market.