Varroc Engineering Limited , a global tier-1 automotive component group, has officially concluded the postal ballot process for appointing Mr. Avinash Ramdas Chintawar as Additional Director and Whole Time Director. The company filed the results with stock exchanges under Regulation 30 of SEBI Listing Regulations on December 13, 2025.

Postal Ballot Results

The postal ballot process concluded on December 13, 2025, with exceptional shareholder support for Mr. Chintawar's appointment. The voting was conducted exclusively through remote e-voting facility provided by National Securities Depository Limited (NSDL).

Regulatory Compliance and Process

The company complied with all regulatory requirements under Section 110 of the Companies Act, 2013, and SEBI Listing Regulations. M/s. Uma Lodha & Co., Practicing Company Secretaries, Mumbai served as the scrutinizer for the postal ballot process. The remote e-voting period commenced on November 14, 2025, at 09:00 A.M. and concluded on December 13, 2025, at 05:00 P.M.

Appointment Details and Remuneration Structure

Mr. Chintawar's appointment as Additional Director (Executive, Non-independent) is valid until the next Annual General Meeting or until regularized by shareholders. His role as Whole Time Director spans three years from November 12, 2025, to November 11, 2028, now secured with shareholder approval.

Professional Background

Mr. Chintawar brings over four decades of distinguished leadership experience in the automotive and manufacturing sectors. Prior to joining Varroc Engineering, he served as Managing Director of Bosch Chassis Systems India Pvt. Ltd. from November 2018 to August 2025 and as Chairman of Bosch India Foundation from 2022 to 2025.

Career Highlights

Throughout his career, Mr. Chintawar has demonstrated strategic foresight and operational excellence:

• Enabled transition from Euro I to Euro VI emission norms in India by establishing advanced injector manufacturing capabilities
• Led multiple international projects, including setting up India's largest Export Oriented Unit (EOU)
• Pioneered road safety advancements through large-scale manufacturing of ABS and ESP systems
• Promoted green energy initiatives, including commissioning a 16MW solar power plant at Bosch's Nashik facility

Board Composition

With Mr. Chintawar's appointment now approved, Varroc Engineering's Board comprises eight members, including three Whole Time Directors and three Independent Directors. This strategic appointment strengthens the company's leadership team as it continues navigating the evolving automotive landscape and driving sector innovation.

Varroc Engineering Limited (VEL) has provided clarification to the Bombay Stock Exchange (BSE) regarding the redemption process of its Non-Convertible Debentures (NCDs) with ISIN INE665L07040. The company's response addresses concerns about the structure and schedule of NCD redemptions, emphasizing a partial face value reduction approach rather than early full redemption.

Key Points of Clarification

• Redemption Method: VEL confirmed that the redemption occurs through partial reductions in face value per NCD on scheduled record dates, as outlined in the original issuance terms.
• NCD Count: The number of NCDs remains constant at 25,000 units since allotment.
• Face Value Changes: The original face value of Rs. 1,00,000 per NCD is being reduced in stages according to the redemption schedule.

Recent Redemption Details

Following the most recent partial redemption on September 7, 2025, the NCD structure stands as follows:

Important Notes

• The final maturity date for these NCDs remains September 7, 2028.
• Interest payments continue on the outstanding face value as per the original schedule.
• This clarification comes in response to a BSE inquiry dated October 30, 2025, regarding VEL's intimation submitted on November 10, 2023.

Implications for Investors

This clarification is crucial for investors and market participants to understand the exact nature of Varroc Engineering's NCD redemption process. It ensures transparency in the company's debt management strategy and helps prevent any misinterpretation of the redemption schedule.

Investors should note that while the face value of each NCD is reducing over time, the number of NCDs remains constant. This gradual reduction in face value aligns with the company's predetermined repayment schedule, allowing for a structured approach to debt repayment up to the final maturity date.

Investors are advised to keep track of such corporate actions and their potential impact on the overall investment landscape of Varroc Engineering Limited.