Vishal Mega Mart Limited has disclosed a senior management change with the resignation of Mr. Kuldeep Sharma, Vice President – Legal & Compliance, effective March 11, 2026. The company made this announcement in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Resignation Details

Mr. Kuldeep Sharma tendered his resignation from the company on July 23, 2025, citing personal reasons for his departure. The resignation was communicated through an official email to the company's senior management, where he expressed gratitude for the opportunity to serve the organization.

Succession Planning

The company had proactively strengthened its legal and compliance functions by appointing Mr. Sambit Swain as General Counsel – Legal & Compliance on November 13, 2025. With Mr. Sharma's departure, Mr. Swain will oversee the complete legal and compliance operations of the company.

New Leadership Profile

Mr. Sambit Swain brings extensive experience to his role, with over 16 years in the legal domain covering multiple specializations:

• Corporate Law: Comprehensive experience in corporate legal matters
• Litigation: Expertise in legal proceedings and dispute resolution
• Regulatory Affairs: Deep understanding of regulatory compliance
• Data Privacy: Specialized knowledge in data protection laws
• Strategic Advisory: Strategic legal counsel for business decisions

Professional Background

Mr. Swain's career includes significant roles across leading organizations:

Educational Qualifications

Mr. Swain holds advanced legal qualifications that support his professional expertise:

• LL.M. degree from Jindal Global Law School
• LL.B. degree from Amity Law School (Guru Gobind Singh Indraprastha University)

Regulatory Compliance

The company has fulfilled all disclosure requirements under SEBI regulations, providing detailed information about the management change. The announcement was made to both the National Stock Exchange of India Ltd. and BSE Limited, ensuring complete transparency with stakeholders and regulatory authorities.

Vishal Mega Mart Limited has successfully completed the allotment of 1,15,000 equity shares to eligible employees under its Employee Stock Options Plan 2019. The Securities Allotment Committee of the Board of Directors approved this allotment on March 06, 2026, following the exercise of stock options by employees of the company and its subsidiary.

Stock Option Exercise Details

The allotment involved stock options exercised at two different price points, reflecting the varying grant dates and market conditions when the options were originally issued to employees.

Financial Impact

The exercise of these stock options generated significant capital for the company, with the total money realized amounting to Rs. 67,00,655. Each stock option was convertible into one fully paid-up equity share with a face value of Rs. 10.

Regulatory Compliance

The allotment was conducted in full compliance with SEBI regulations, including the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The company filed the necessary disclosures with both NSE and BSE on December 19, 2024, receiving filing numbers NSE/LIST/46052 and DCS/IPO/AK/ESOP-IP/3479/2024-25 respectively.

Share Characteristics

The newly allotted equity shares carry identical rights and privileges as existing shares, ranking pari passu in all respects including dividend entitlement. The shares have been assigned distinctive numbers from 4673002807 to 4673117806 and carry the ISIN number INE01EA01019. No lock-in restrictions apply to these shares, making them freely tradeable upon allotment.

ESOP Plan Framework

Under the Vishal Mega Mart Employees Stock Options Plan 2019, eligible employees have a 10-year exercise period from the date of grant unless the Board decides otherwise. The plan serves as an employee retention and motivation tool, aligning employee interests with shareholder value creation. The company will provide diluted earnings per share calculations in its upcoming financial results as required under SEBI regulations.