VIP Industries Limited has informed the Exchange regarding Outcome of Board Meeting held on May 26, 2026 i.e. circular resolutions approved by the Board of Directors of the Company on May 26, 2026.
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VIP Industries board approved appointment of two new Independent Directors - Ms. Vaishali Shrikant Bhat and Mr. Sanjay Mahesh Rastogi - effective May 27, 2026, for a term of 5 years each, subject to shareholder approval. Simultaneously, two Independent Directors - Mr. Tushar Jani and Ms. Payal Kothari - resigned effective close of business hours May 26, 2026, citing personal pre-occupations and professional commitments respectively. Both resigning directors have stepped down from their committee positions including Audit Committee and Stakeholders Relationship Committee. The company has placed on record appreciation for their contribution. Both resignations confirm no material reasons beyond those stated.
The simultaneous resignation of two Independent Directors (25% of board) could raise governance concerns temporarily, though the company has proactively replaced them with experienced candidates from FMCG and retail sectors. The appointments require shareholder approval at the next general meeting.