Spice Islands Industries Seeks Shareholder Approval for New Director and Expansion into Edible Oils

Spice Islands Industries Limited (SIIL) has announced two significant proposals through a postal ballot notice, seeking shareholder approval for key strategic decisions that could shape the company's future direction and governance.

Appointment of New Independent Director

The company is proposing to appoint Mr. Dipesh Dalvi (DIN: 08572894) as a Non-Executive Independent Director for a five-year term from October 11, 2025, to October 10, 2030. Mr. Dalvi brings a strong financial background to the board, holding a Bachelor of Commerce from the University of Mumbai and a Post Graduate Diploma in Financial Management. His expertise spans taxation, auditing, and financial management, which could prove valuable for SIIL's financial oversight and strategic planning.

Key Details of the Proposed Appointment:

Aspect	Details
Candidate	Mr. Dipesh Dalvi
Position	Non-Executive Independent Director
Term	5 years (Oct 11, 2025 - Oct 10, 2030)
Qualifications	B.Com, PGDFM
Expertise	Taxation, Auditing, Financial Management

Expansion into Edible Oils Segment

In a move that signals a significant diversification of its business portfolio, SIIL is also seeking approval to amend its Memorandum of Association. The proposed amendment would add a new clause to expand the company's operations into the edible oils segment.

Scope of Proposed Expansion:

Manufacturing, processing, and refining of edible oils
Extracting, crushing, blending, and hydrogenating activities
Bottling, packing, and repacking of edible oil products
Marketing, trading, importing, and exporting of edible oils and allied products

This expansion would complement SIIL's existing operations in food and beverages, hospitality, and electric vehicle businesses, potentially opening new revenue streams and market opportunities.

Voting Process and Timeline

The company has set up an e-voting process for shareholders to cast their votes on these proposals:

Event	Date and Time
E-voting Start	October 14, 2025, 9:00 AM
E-voting End	November 12, 2025, 5:00 PM
Results Declaration	By November 14, 2025

Central Depository Services (India) Limited will facilitate the e-voting process, with Mr. Alok Khairwar appointed as the scrutinizer to ensure a fair and transparent voting process.

These proposals reflect SIIL's efforts to strengthen its board with relevant expertise and to diversify its business operations. Shareholders will play a crucial role in determining the company's strategic direction through their votes on these resolutions.

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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.