Sula Vineyards Limited has announced the resignation of its Company Secretary and Compliance Officer, marking a key leadership transition at the wine manufacturer. The company informed stock exchanges about this development in compliance with regulatory requirements.

Resignation Details

Ms. Shalaka Koparkar, who served as Company Secretary and Compliance Officer (Key Managerial Personnel), has tendered her resignation from the company's services due to personal reasons. The resignation follows proper corporate governance procedures and regulatory compliance.

Regulatory Compliance

The resignation was communicated to both NSE and BSE in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Ms. Koparkar will cease to be a Key Managerial Personnel of the company under Section 203 of the Companies Act, 2013, effective from the close of business hours on December 24, 2025.

The company has fulfilled all disclosure requirements as mandated by SEBI circulars, including detailed information about the cessation and its effective date. This ensures transparency and compliance with stock exchange listing obligations.

Succession Planning

Sula Vineyards has stated that it will formalize the appointment of a suitable candidate subject to necessary approvals, ensuring continuity in corporate secretarial functions.

Ms. Koparkar, who holds membership number A25314, expressed gratitude to the Board of Directors, CFO, and Senior Management for their support during her tenure. She requested the company to file necessary forms with the Registrar of Companies and provide intimation to stock exchanges regarding her resignation.

Corporate Impact

The transition is being managed systematically with a three-month notice period that Ms. Koparkar is serving to facilitate smooth handover of responsibilities. This approach aims to minimize disruption to the company's compliance and secretarial functions while ensuring regulatory continuity.

The resignation represents a routine corporate governance matter handled in accordance with established procedures and regulatory frameworks governing listed companies in India.

ICRA Limited, a prominent credit rating agency, has reaffirmed the credit ratings for Sula Vineyards Limited and its material subsidiary, Artisan Spirits Private Limited, while revising the outlook from Stable to Negative. This change affects various fund-based and non-fund based facilities of the company.

Rating Actions

The rating actions taken by ICRA are as follows:

Implications

The revision in outlook from Stable to Negative suggests that ICRA perceives an increased risk in the company's credit profile. While the ratings have been reaffirmed, indicating that the fundamental credit quality remains intact, the negative outlook implies that there may be factors that could put downward pressure on the ratings in the near to medium term.

Recent Developments

In a separate development, Artisan Spirits Private Limited (ASPL), a wholly-owned subsidiary of Sula Vineyards Limited, received a favorable rectification order regarding a previous tax assessment. The order has resulted in the dropping of a significant tax demand:

• Original demand: INR 21,33,54,743
• Dropped amount: INR 21,33,54,743 (comprising tax of INR 9,69,71,770, interest of INR 9,19,99,769, and penalty of INR 2,43,83,204)

This rectification relates to the H Form under the Central Sales Tax Act, 1956, and may have positive implications for the company's financial position.

Investor Considerations

Investors and stakeholders should note that while the core ratings remain unchanged, the negative outlook warrants closer monitoring of Sula Vineyards' financial performance and market conditions. The detailed rationale for the rating action is available on ICRA's website ( https://www.icra.in/ ).

As the wine industry continues to evolve, Sula Vineyards' ability to navigate market challenges and maintain its financial health will be crucial in the coming periods.