The reference document has been attached herewith.
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On September 2, 2025, the Board of Virat Industries approved the appointment of five additional directors, including three non-executive non-independent directors (Vijay Sane, Bhavook Tripathi, Namrata Dudaney) and two non-executive independent directors (Vilas Potdar, Neha Tikam), subject to shareholder approval. Vilas Potdar was also named Chairman of the Board, and the Audit, Nomination & Remuneration, and Stakeholder Relationship committees were reconstituted. The Board approved adopting a new set of Articles of Association aligned with the Companies Act, 2013, fixed the 35th AGM for September 30, 2025 via video conferencing, and raised the investment/loan/guarantee limit under Section 186 to Rs. 500 Crores. Additionally, Managing Director Adi F. Madan was authorized to negotiate acquisitions of relevant businesses and companies, signalling potential M&A activity ahead.
Shareholders should watch for the AGM on September 30, 2025 where key approvals including new directors, the new Articles of Association, and the increased Rs. 500 Crore investment limit will be sought. The broad acquisition mandate granted to the Managing Director hints at possible inorganic growth moves that could be a positive catalyst if executed well, though no specific targets have been disclosed yet.