TVS Motor Company has officially appointed Ms. Kalpana Unadkat as an Additional Director and Non-Executive Independent Director to its board. The appointment was approved by the Board of Directors at their meeting held on December 15, 2025, marking a strategic addition to the automobile manufacturer's governance framework.

Board Approval and Postal Ballot Process

The board meeting, which commenced at 10:20 AM (IST) and concluded at 10:55 AM (IST), approved Ms. Unadkat's appointment for a period of five consecutive years, effective December 15, 2025. The company has initiated a postal ballot process under Section 110 of the Companies Act, 2013, to seek shareholder consent for the appointment through special resolution.

Professional Background and Expertise

Ms. Kalpana Unadkat, 55 years old, brings over a decade of boardroom experience and more than 25 years of cross-border legal and governance expertise to TVS Motor Company. She is a dual-qualified solicitor from India and the UK, having served as a senior partner at Khaitan & Co. and former Co-Head of Ashurst's India Practice in London.

Specialization and Experience

Ms. Unadkat specializes in cross-border joint ventures and M&As (international and domestic), corporate governance laws, and offers practical solutions to clients on doing business in India. She has extensive experience in leading diverse teams in dynamic environments while achieving success in competitive markets.

Current Board Positions

Ms. Unadkat currently serves as an independent director on the boards of several notable companies:

Recognition and Awards

Ms. Unadkat has been recognized with various awards including:

• Trailblazer Women Achiever Awards 2023 by FICCI FLO
• Corporate Governance Lawyer for India
• Corporate Governance Lawyer of the Year Award in 2018-2019
• The Rising Women of the Year Award in 2019 by Economic Times and Spencer Stuart
• Female Lawyer of the year, Women in Law Awards
• Women Super Achiever Award in 2017

Strategic Significance

The appointment strengthens TVS Motor Company's board composition with additional independent oversight and governance expertise. Ms. Unadkat is not related to any Director of the Company and is not debarred from holding the Office of Director by virtue of any order passed by SEBI or any other authority. Her multi-sector board experience and corporate governance expertise position her well to contribute to the company's strategic initiatives and governance practices. The company will arrange to send copies of the Postal Ballot Notice to stock exchanges for information and records as per regulatory requirements.

HSBC has downgraded TVS Motors to Hold rating while setting a target price of ₹4,000 per share. The global investment bank's revised stance on the Indian two-wheeler manufacturer represents a change from its previous rating on the stock.

Rating Details

The brokerage firm has established the following parameters for TVS Motor:

Market Implications

The Hold rating typically suggests that HSBC views the stock as fairly valued at current levels, with limited upside potential in the near term. The ₹4,000 target price provides investors with the brokerage's assessment of the stock's fair value based on their analysis of the company's fundamentals and market conditions.

TVS Motor Company operates in the competitive Indian two-wheeler segment, manufacturing motorcycles, scooters, and three-wheelers. The company's performance is closely tied to domestic demand patterns and rural market conditions, which influence overall industry dynamics.