Walchandnagar Industries Limited has successfully resolved its arbitration dispute with Aicitta Intelligent Technology Private Limited through an amicable settlement. The company disclosed the resolution under Regulation 30 of SEBI Listing Regulations on March 5, 2026, marking the end of legal proceedings that began with a petition filed under Section 9 of the Arbitration and Conciliation Act, 1996.

Settlement Details and Financial Recovery

The dispute resolution was formalized through Consent Terms signed on March 4, 2026, between the parties involved. Under the settlement agreement, Walchandnagar Industries will recover a substantial amount from the respondents.

The recovered sum represents refunds of Inter-Corporate Deposits (ICD) that Walchandnagar Industries had arranged for Aicitta, along with legal and other expenses incurred by the company for this project.

Dispute Background and Parties

The original dispute involved Aicitta Intelligent Technology Private Limited and its promoters, Arjun Das and Vikram Sarin, as respondents. The company had initially filed a petition seeking appropriate interim reliefs under the Arbitration and Conciliation Act, 1996, which was disclosed to stock exchanges in May 2025.

Project Withdrawal and Future Impact

As part of the mutual understanding reached between the parties, Walchandnagar Industries has decided to withdraw from the disputed project entirely. The company stated that it will not be participating in the said project going forward, effectively ending its involvement in the venture that led to the original dispute.

The settlement terms indicate no additional financial impact on the company beyond the recovery of the specified amount. This resolution allows Walchandnagar Industries to close this chapter and focus on its core business operations without the burden of ongoing litigation.

Regulatory Compliance

The disclosure was made in compliance with Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, along with relevant SEBI Master Circulars. The company has fulfilled its obligation to inform both NSE and BSE about the settlement, ensuring transparency for its stakeholders and investors.

Walchandnagar Industries Limited announced the re-appointment of Mr. Chirag C. Doshi as Managing Director & CEO for a period of 3 years effective April 1, 2026. The decision was made during the Board of Directors meeting held on January 29, 2026, under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Leadership Continuity

The board approved the re-appointment of Mr. Chirag C. Doshi based on the recommendation of the Nomination and Remuneration Committee. This marks his continued leadership role with the company, where he has been working since 1997 in various capacities.

Executive Profile and Experience

Mr. Chirag C. Doshi brings extensive experience to his continued leadership role, having worked with the company since 1997 in various capacities. The company highlighted his excellent contribution in day-to-day operations during his tenure as MD and subsequently as MD & CEO. His current term has been particularly notable for his role in the transformation of the company and efforts to bring the company back to profitability and make it long-term debt-free.

Family Relationships in Leadership

The disclosure revealed family relationships within the leadership structure. Mr. Chakor L. Doshi, who serves as Chairman, is the father of Managing Director & CEO Mr. Chirag C. Doshi. He is not related to any other Director of the Company.

Registered Office Relocation

The board has also approved relocating the company's registered office from its current Mumbai location to Pune. The move involves shifting from Flat No. 3, Walchand Terraces, Tardeo Road, Mumbai - 400 034 to Siddharth Towers, Building No.1, 9th Floor, S.No. 12/3-B, G. A. Kulkarni Path, Kothrud, Pune - 411 038.

Regulatory Compliance

Both decisions align with regulatory requirements under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosures were made pursuant to Regulation 30, read with Schedule III of the regulations and SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The re-appointment of the Managing Director & CEO requires shareholder approval as per corporate governance norms.