NACL Industries Limited has informed the Exchange regarding Resignation of iIndependent Directors of the company w.e.f. August 08, 2025.
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Coromandel International Limited (CIL) completed the acquisition of a 53.13% stake (10,68,96,146 shares) in NACL Industries on August 8, 2025, becoming the new promoter and taking control of the company. As part of the changeover, 10 directors resigned with immediate effect, including 5 Independent Directors, the Chairperson (K Lakshmi Raju), the Whole Time Director (G V Bhadram), and two Nominee Directors linked to the old promoter group. The board appointed Dr. Raghuram Devarakonda as the new Managing Director & CEO for a 3-year term, along with 2 new Non-Executive Non-Independent Directors and 3 new Independent Directors. Statutory auditor B S R & Co resigned mid-term citing independence concerns related to the new holding company, and S.R. Batliboi & Associates LLP was appointed in its place. The erstwhile promoter group was reclassified to 'public' shareholder category, and amendments to the Articles of Association were approved.
This is a major change-of-control event for NACL Industries, with Coromandel International (a large Murugappa Group company) now driving strategy. Shareholders should expect operational synergies and a possible re-rating, though the full board and auditor transition will take time to settle. The resignation of B S R & Co mid-term due to group-level independence issues is a one-off consequence of the takeover and not a red flag on past financials.