With reference to announement made on 29th March 2025 at 01:18 :01 pm and as per BSE instruction , we are also attaching Mr. Nanavati''s profile with the letter.
ALICON · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Alicon Castalloy's Board of Directors has decided to seek shareholders' approval for the appointment of Mr. Ajay Nanavati as a Non-Executive, Non-Independent Director with effect from 30th April 2025. Mr. Nanavati's second five-year term as an Independent Director expires on 29th April 2025, and instead of a fresh independent term, the Board is reclassifying him as a non-independent director. Mr. Nanavati brings 40+ years of experience, including 28 years at 3M, and currently serves as Chairman of Alicon Castalloy and Quantum Advisors. He is not related to any other director and holds no shares in the company.
Shareholders will vote on this change at the upcoming AGM. The transition reduces independent oversight on the board since Mr. Nanavati will no longer qualify as independent, which may concern governance-focused investors but retains his industry expertise on the board.