Veedol Corporation Limited, formerly known as Tide Water Oil Company (India) Ltd., has announced the appointment of Mr. Brajesh Kumar Srivastava as a Non-Executive and Non-Independent Director, effective August 26, 2025. The appointment, approved by the Board of Directors, is subject to shareholder approval through a postal ballot.

Board Approval and Shareholder Consent

The Board of Directors of Veedol Corporation Limited passed a circular resolution on August 26, 2025, approving Mr. Srivastava's appointment. The company has issued a postal ballot notice dated August 26, 2025, seeking shareholder approval for the appointment through an ordinary resolution. Shareholders will have the option to vote via postal ballot forms or remote e-voting.

About Brajesh Kumar Srivastava

Mr. Srivastava, who holds the Director Identification Number (DIN) 09835338, brings a wealth of experience to the Veedol Corporation board:

• Educational Background: Postgraduate in Physics with an MBA in Human Resource Management
• Professional Experience: Over 32 years of service in various Government of India ministries
• Areas of Expertise: Policy formulation, implementation, operations, human resources, finance, and parliamentary matters
• Current Positions:
  • Deputy Secretary in the Ministry of Heavy Industries
  • Nominee Director on the Board of Andrew Yule and Company Limited

Appointment Details

The company has confirmed that Mr. Srivastava is not debarred from holding the office of Director pursuant to any SEBI order, as required by regulatory guidelines.

Regulatory Compliance

This appointment and the subsequent shareholder approval process are in compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Section 160 of the Companies Act, 2013. The company has duly informed the National Stock Exchange of India Ltd. and BSE Limited of this development.

Veedol Corporation's move to appoint Mr. Srivastava appears to be a strategic decision, potentially leveraging his extensive experience in government operations and policy-making to enhance the company's board expertise.

Veedol Corporation Limited, formerly known as Tide Water Oil Company (India) Ltd., has reported a significant decline in its financial performance for the first quarter. The company's unaudited financial results, released on August 13, reveal a downturn across key financial metrics compared to the same period last year.

Financial Highlights

• Total Income: The company's total income from operations decreased by 3.2% to Rs 385.35 crore, down from Rs 398.23 crore in the previous year's Q1.
• Net Profit: Net profit after tax saw a substantial drop of 39.2%, falling to Rs 16.29 crore from Rs 26.78 crore.
• Profit Before Tax: Net profit before tax and exceptional items declined by 41.6% to Rs 19.70 crore, compared to Rs 33.74 crore.
• Total Comprehensive Income: The company reported a 38.6% decrease in total comprehensive income, which stood at Rs 16.25 crore, down from Rs 26.48 crore.
• Earnings Per Share (EPS): EPS decreased to Rs 9.59 from Rs 15.76 in the same quarter last year.

Comparative Financial Performance

The company maintained its equity share capital at Rs 3.40 crore.

Consolidated Performance

On a consolidated basis, Veedol Corporation reported:

• Total income from operations of Rs 519.37 crore
• Net profit after tax of Rs 49.67 crore
• Earnings per share of Rs 29.23

These figures indicate that while the standalone performance has declined, the consolidated results show a relatively stronger position.

The full unaudited financial results for the quarter are available on the National Stock Exchange and Bombay Stock Exchange websites, as well as on the company's official website at www.veedolindia.com .

Veedol Corporation Limited, headquartered at 'Yule House' in Kolkata, continues to navigate through challenging market conditions. The significant decline in profitability may prompt investors and analysts to closely monitor the company's performance in the coming quarters for signs of recovery or further changes in its financial trajectory.