Submission of outcome of Board Meeting held on 12th April, 2025
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The Board of Novelix Pharmaceuticals met on 12 April 2025 and accepted the resignation of Mr. Gattu Gnana Prakash as an Independent Director, effective the same day, citing personal reasons. In his place, the Board appointed Mr. Jivamohan Divakar Valluri (a former journalist and editor) as an Additional Non-Executive Non-Independent Director. The Board also reconstituted its Audit Committee, Nomination & Remuneration Committee, and Stakeholders Relationship Committee to reflect the change. Additionally, the company approved convening an Extra-Ordinary General Meeting (EGM) on 9 May 2025 through video conferencing, with a cut-off date of 2 May 2025 for e-voting eligibility.
For shareholders, the change reduces independent oversight on the Board as an Independent Director leaves and is replaced by a Non-Independent Director. The upcoming EGM suggests an important matter requiring shareholder approval, and investors should watch for the agenda items once the EGM notice is published.