Ruby Mills Limited announced key board changes during its meeting held on December 27, 2025, involving the appointment of a new independent director and the retirement of an existing board member. The decisions were made in accordance with SEBI listing regulations and require shareholder approval for implementation.

Board Meeting Outcome

The board meeting was conducted pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The meeting commenced at 4:30 p.m. and concluded at 5:03 p.m. on December 27, 2025, with directors approving significant changes to the board composition.

New Director Appointment

The board approved the appointment of Shri Paras Khimji Savla as Additional Director and Independent Director for a five-year term. The appointment is subject to member approval and follows all regulatory requirements.

Shri Savla brings extensive professional qualifications to the board, holding chartered accountant credentials from both the Institute of Chartered Accountants of India (ICAI) and the Institute of Chartered Accountants of England and Wales (ICAEW). He has also cleared certifications from IBBI, CFE, and holds a Bachelor of Commerce degree from Mumbai University.

Professional Background and Expertise

The newly appointed director possesses over two and half decades of career experience with extensive expertise across multiple domains. His professional background includes advisory services to corporate, non-corporate entities, and NGOs, with expertise in domestic and international taxation, investment strategies, and transaction structuring.

His specialized areas encompass valuation, mergers, demergers, acquisitions, insolvency resolution, direct tax litigation, Corporate Social Responsibility (CSR), and Environmental, Social, and Governance (ESG). His experience includes working with Big Four accounting firms in Transaction Tax Services, providing him with deep understanding of the Indian tax and regulatory environment.

Director Retirement

Simultaneously, the board noted the retirement of Shri Yogen Shivlal Lathia, who completed his tenure as Independent Director. The retirement follows the completion of his second consecutive term as mandated by regulatory requirements.

Regulatory Compliance

The company confirmed full compliance with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, and relevant BSE and NSE circulars. Shri Paras Khimji Savla has not been debarred from holding director positions by SEBI or any other authority and is not disqualified under Section 164 of the Companies Act, 2013. The board also confirmed that there are no relationships between the new director and other existing directors of the company.

Ruby Mills has announced the finalization of a settlement agreement with Mindset Estates, bringing closure to their development agreement dispute. The resolution marks the end of legal proceedings between the two parties and provides a clear path forward for both organizations.

Settlement Details

The settlement agreement represents a mutual resolution that addresses the issues arising from the development agreement dispute. Both parties have agreed to the terms, effectively ending any ongoing litigation or legal uncertainties related to their previous contractual arrangements.

Impact on Operations

The resolution of this dispute eliminates potential legal costs and uncertainties that could have affected Ruby Mills' business operations. By reaching a settlement, the company can now focus its resources and attention on its core textile business activities without the distraction of prolonged legal proceedings.

Moving Forward

With the settlement finalized, Ruby Mills can proceed with greater clarity regarding its operational and strategic decisions. The resolution demonstrates the company's commitment to resolving disputes through negotiation and mutual agreement, which can be beneficial for maintaining business relationships and avoiding costly litigation processes.