Spice Islands Industries Appoints New Independent Director, Reshapes Board Committees, and Expands into Edible Oil Business

Spice Islands Industries Limited , formerly known as Spice Islands Apparels Limited, has announced significant changes to its board composition and business operations. The company's Board of Directors, in a meeting held on October 11, 2025, made several key decisions that are set to shape the future direction of the organization.

New Independent Director Appointment

Mr. Dipesh Dalvi has been appointed as an Additional Director in the category of Independent Director for a term of five years, effective October 11, 2025. This appointment is subject to shareholder approval. Mr. Dalvi brings a wealth of experience in taxation, audits, and financial matters to the board. He holds a Bachelor of Commerce degree from the University of Mumbai and a Post Graduate Diploma in Financial Management from Welingkar Institute of Management Development and Research, Mumbai.

Board Committee Restructuring

Following the appointment of Mr. Dalvi, the company has reconstituted four key committees:

Committee Name	Chairman	Members
Audit Committee	Mr. Dipesh Dalvi	Mr. Shivanand Rama Hemmady, Ms. Shikha Sethia Bhura
Nomination and Remuneration Committee	Mr. Shivanand Rama Hemmady	Ms. Shikha Bhura, Mr. Dipesh Dalvi
Stakeholders Relationship Committee	Mr. Dipesh Dalvi	Ms. Shikha Sethia Bhura, Mr. Sandeep Jamnadas Merchant
Independent Directors Committee	Ms. Shikha Sethia Bhura	Mr. Shivanand Rama Hemmady, Mr. Dipesh Dalvi

This restructuring aims to enhance corporate governance and leverage the diverse expertise of board members across critical functional areas.

Expansion into Edible Oil Business

In a strategic move to diversify its operations, Spice Islands Industries has approved the addition of a new clause to its Memorandum of Association. This amendment allows the company to enter the edible oil business, encompassing manufacturing, processing, refining, and trading of various edible oils and related products.

The new clause outlines a comprehensive scope for the edible oil segment, including:

Manufacturing, processing, and trading of various edible oils such as sunflower, soybean, mustard, groundnut, rice bran, palm, and olive oils
Establishing oil mills, solvent extraction plants, refineries, and packaging units
Dealing in by-products and derivatives from oil processing
Cultivation and trading of oilseeds and related agricultural produce
Research and development in oilseed and edible oil technologies

Shareholder Approval Process

The company has approved a draft postal ballot notice to seek shareholder votes on these changes. M/s. Alok Khairwar & Associates, Practicing Company Secretaries, has been appointed as the scrutinizer for the e-voting process to ensure fairness and transparency.

These developments signal Spice Islands Industries' intent to strengthen its governance structure while exploring new business avenues in the edible oil sector. Shareholders and market observers will be keenly watching how these changes impact the company's future growth and performance.

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Spice Islands Industries Limited , formerly known as Spice Islands Apparels Limited, has made a strategic move into the hospitality sector by leasing a hotel property in Veraval, Gujarat. The company, listed on the Bombay Stock Exchange (BSE: 526827), announced the lease agreement in a regulatory filing on September 9, 2025.

Key Details of the Lease Agreement

Property: Hotel Somprabha in Veraval, Gujarat
Leased Area: 178.27 square meters of commercial hotel building
Lease Period: 11 months (November 1, 2025, to October 1, 2026)
Lessor: Hotel Somprabha Partnership Firm

Strategic Rationale

Spice Islands Industries cited the high tourism potential and increasing tourist inflow in Veraval as the primary reasons for this strategic move. The company aims to capitalize on the growing hospitality market in the region by operating the leased property for its hospitality business.

Property Specifications

The leased property, known as "Hotel Somprabha," is situated on a plot of non-agricultural land measuring 1840.90 square meters. The hotel building itself is located on a sub-plot admeasuring 178.27 square meters, which is part of a larger survey area.

Regulatory Compliance

In compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Spice Islands Industries promptly disclosed the details of this material event to the BSE. The company confirmed that this transaction does not fall under the category of related party transactions, ensuring transparency in its operations.

Company Background

Spice Islands Industries Limited, headquartered in Mumbai, has traditionally been known for its apparel business. This move into the hospitality sector marks a significant diversification of the company's portfolio, potentially opening up new revenue streams and growth opportunities.

The company's decision to enter the hospitality industry in Gujarat aligns with the state's growing reputation as a tourist destination. With this strategic lease, Spice Islands Industries is positioning itself to benefit from the expanding tourism sector in the region.

As the company embarks on this new venture, stakeholders will be keenly watching how this diversification impacts its business model and financial performance in the coming quarters.