Spice Islands Industries Limited , a company listed on the Bombay Stock Exchange (BSE: 526827), has announced significant changes to its board composition and business objectives. The company's shareholders have approved two special resolutions through a postal ballot, marking important developments in its corporate structure and future direction.

New Independent Director Appointment

Mr. Dipesh Dalvi (DIN: 08572894) has been appointed as a Non-Executive Independent Director for a five-year term, effective from October 11, 2025. The appointment, which received strong shareholder support, aims to enhance the company's corporate governance framework.

Key details of the appointment include:

• Term: Five years (not liable to retire by rotation)
• Shareholder Approval: 91.34% votes in favor
• Voting Participation: 2,183 votes cast out of 4,300,000 total shares

Mr. Dalvi brings a wealth of experience to the board:

• Educational Background: Bachelor of Commerce from the University of Mumbai and a Post Graduate Diploma in Financial Management from Welingkar Institute
• Expertise: Extensive experience in direct and indirect taxation, statutory and internal audits, financial audits, and matters related to Income Tax, GST, and other tax laws

Expansion of Business Objectives

In a strategic move, Spice Islands Industries has also received shareholder approval to expand its business scope. The company plans to add a new clause to the Main Objects (Clause 3A) of its Memorandum of Association.

Voting results for this resolution:

While specific details of the new business objectives were not provided in the immediate disclosure, this amendment suggests that Spice Islands Industries is positioning itself for potential diversification or expansion of its current operations.

Shareholder Participation and Corporate Governance

The postal ballot, conducted through remote e-voting, saw participation from a small fraction of the company's shareholders. Out of 4,300,000 total shares:

• Only 2,183 votes were cast, representing about 0.05% of the total shareholding
• Public non-institutional shareholders were the primary participants in the voting process

This low turnout highlights potential areas for improvement in shareholder engagement and participation in corporate decision-making processes.

As Spice Islands Industries Limited moves forward with these changes, stakeholders will be watching closely to see how the new independent director and expanded business objectives will shape the company's future strategies and performance in the market.

Spice Islands Industries Limited , formerly known as Spice Islands Apparels Limited, has received shareholder approval for a significant expansion of its business activities. The company, through a postal ballot concluded on November 12, 2025, has secured the green light to diversify its operations into four new segments: Food and Beverages, Hospitality Business, Electric Vehicles, and Edible Oil.

Business Expansion Details

The company's Memorandum of Association has been amended to include the following new business segments:

1. Food and Beverages: This segment will encompass the manufacturing and trading of processed foods, health foods, beverages, dairy products, confectionery items, and packaged drinking water.

2. Hospitality Business: Spice Islands Industries will now engage in real estate development, construction, hotels, and property management.

3. Electric Vehicles: The company plans to enter the leasing and rental business for all types of vehicles, including electric vehicles.

4. Edible Oil: This segment will focus on manufacturing, processing, refining, and trading of various edible oils including sunflower, soybean, mustard, and palm oil, along with allied products.

Postal Ballot Results

The company conducted a postal ballot through remote e-voting to seek shareholder approval for these changes. The voting results are as follows:

Additionally, shareholders approved the appointment of Mr. Dipesh Dalvi (DIN: 08572894) as a Non-Executive Independent Director for a term of five years, with 1,994 votes (91.34%) in favor and 189 votes (8.66%) against.

Voting Participation

The total number of votes cast (2,183) represents 0.05% of the company's total outstanding shares (4,300,000). The promoter and promoter group, holding 2,687,390 shares, did not participate in the voting process.

Market Implications

This strategic diversification marks a significant shift for Spice Islands Industries, potentially opening up new revenue streams and growth opportunities. The move from its previous focus as an apparels company to these diverse sectors could reshape the company's business model and market positioning.

Investors and market watchers will likely be keen to observe how the company implements these new business lines and the potential impact on its financial performance in the coming quarters.