Shalimar Paints Limited has announced a key leadership change with the resignation of Mr. Venugopal Chetlur from his position as Whole-time Director. The company disclosed this development to BSE Limited on March 05, 2026, in compliance with regulatory requirements under SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Director Resignation Details

Mr. Venugopal Chetlur (DIN: 08686707) tendered his resignation from the position of Whole-time Director with effect from close of business hours on Wednesday, March 04, 2026. The resignation was attributed to personal reasons, as stated in the official communication to the stock exchange and confirmed in his resignation letter to the Board of Directors.

Continued Role as Chief Operating Officer

Despite stepping down from the board, Chetlur will continue to serve Shalimar Paints in his capacity as Chief Operating Officer (COO). In this role, he will maintain his responsibilities for the operational management of the company, ensuring continuity in day-to-day business operations. In his resignation letter, Chetlur confirmed that there are no material reasons for his resignation from the Board other than the personal reasons cited.

Regulatory Compliance and Documentation

Shalimar Paints fulfilled its disclosure obligations under Regulation 30 of the SEBI Listing Regulations, providing comprehensive details about the directorial change. The company's disclosure included reference to SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. Company Secretary and Compliance Officer Snehal Saboo (Membership No. A49811) signed the regulatory filing, which was digitally executed on March 05, 2026.

Leadership Transition Impact

In his resignation letter dated March 04, 2026, Chetlur expressed gratitude for his tenure on the Shalimar board, describing it as "a valuable and enriching experience." He acknowledged the trust, encouragement, and collaboration extended by the Chairman, Board Members, and leadership team during his directorial role. The transition maintains operational continuity as Chetlur's expertise remains available to the company through his COO position, allowing Shalimar Paints to retain his operational knowledge while accommodating his personal circumstances. The company has been requested to file the necessary forms and intimations with the Registrar of Companies and stock exchanges accordingly.

OPJ Trading Private Limited has announced the complete divestment of its equity shareholding in Shalimar Paints Limited through open market transactions. The disclosure was made on February 19, 2026, in compliance with Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Transaction Overview

The company sold its entire holding of 500 equity shares in Shalimar Paints Limited on February 17, 2026, through open market transactions. This divestment represents a complete exit from its position in the paint manufacturing company, similar to the recent divestment by Gagan Infraenergy Limited.

Company Structure and Details

Shalimar Paints Limited maintains its equity share capital structure unchanged following this transaction. The company's shares continue to be traded on major Indian stock exchanges.

Regulatory Compliance and Documentation

The disclosure was signed by Jugesh Ahuja, Director of OPJ Trading Private Limited (DIN: 07298030), and submitted to both BSE Limited and National Stock Exchange of India Limited. The transaction falls under the purview of SEBI regulations governing substantial acquisition and disposal of shares.

Promoter Group Impact

OPJ Trading Private Limited was part of the promoter group of Shalimar Paints Limited. Following this divestment, the company's holding in the promoter group structure has been reduced to zero. The comprehensive promoter group includes various individuals, Hindu Undivided Families (HUFs), and corporate entities, with Hella Infra Market Limited maintaining the largest stake at 52.85% of the total equity.

This transaction marks another exit by a promoter group entity from Shalimar Paints Limited, following the recent complete divestment by Gagan Infraenergy Limited of the same number of shares on the same date.