Vadilal Industries Limited has informed the Exchange regarding Resignation of Mr. Shivakumar Dega as Independent Director of the company w.e.f. February 17, 2026.
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Mr. Shivakumar Dega, an Independent Director who joined Vadilal Industries' board only in May 2025, has resigned with effect from February 17, 2026, after about 10 months on the board. In his resignation letter, he flagged two key disagreements with the board: the hiring of a high-cost CEO that he felt was not justified by the company's cost structure, and the non-payment of minimum wages to workmen, which he described as a significant reputational risk. He said he was 'sticking by his values' after feeling the board was unhappy with him raising the wage issue. Vadilal Industries has constituted a sub-committee and is appointing independent advisors to review compliance with the relevant statute, and claims the review was already underway before the resignation letter arrived. Mr. Dega also serves on the boards of Yes Bank and Intellect Design Arena.
This is a negative signal for the stock — an independent director publicly flagging potential minimum wage non-compliance and questionable CEO hiring costs raises governance red flags. Short-term sentiment may turn cautious as investors await the outcome of the compliance review and any regulatory findings.