Interim report
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August 2, 2025 To, The Manager Listing Department National Stock Exchange of India Limited 5, Exchange Plaza Bandra-Kurla Complex Bandra (East), Mumbai 400051 To, The Manager Listing Department BSE Limited Floor 25, P. J. Towers, Dalal Street, Mumbai 400 001 Symbol: FINPIPE Scrip Code: 500940 Sub.: Outcome of the Board Meeting held on Saturday, 2nd August 2025 Ref.: Regulation 30 & 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations) Dear Sir / Madam, In terms of the subject referred regulations, the Board of Directors of the Company at its meeting held on Saturday, August 2, 2025, inter-alia, approved and taken on record the following: 1. The Unaudited Financial Results (Standalone & Consolidated) of the Company for the Quarter ended June 30, 2025 along with the Limited Review Report issued by M/s. Walker Chandiok & Co LLP, Chartered Accountants, Statutory Auditors of the Company, pursuant to Regulation 33 of SEBI Listing Regulations; Changes in Board of Directors: 2. Appointment of Mr. Udipt Agarwal (DIN: 11219144) as an Additional Director cum Whole-time Director and Managing Director of the Company Based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors of the Company, at its meeting held on Saturday, August 2, 2025, approved the appointment of Mr. Udipt Agarwal (DIN: 11219144) as under: Additional Director cum Whole-time Director of the Company, to hold office from September 5, 2025 to October 31, 2025; and Managing Director and Key Managerial Personnel for a term commencing on November 1, 2025 and concluding on September 4, 2030, totaling a tenure of five years. This appointment is subject to the approval of the members at the forthcoming 44th Annual General Meeting of the Company.
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3. Appointment of Mr. Rambabu Sanka (DIN: 11218997) as an Additional Director cum Whole-time Director and designated as Director - Technical of the Company On the recommendation of Nomination and Remuneration Committee, the Board of Directors of the Company at its meeting held on Saturday, August 2, 2025, approved the appointment of Mr. Rambabu Sanka (DIN: 11218997) as an Additional Director cum Whole-time Director of the Company and designated as Director - Technical for a term of five years commencing from August 2, 2025 to August 1, 2030, subject to the approval of members at the ensuing 44th Annual General Meeting of the Company. 4. Resignation of Mr. Saumya Chakrabarti (DIN: 09594036) as Director Technical of the Company The Board of Directors took note of the resignation tendered by Mr. Saumya Chakrabarti as Director Technical of the Company on account of personal reasons, effective August 31, 2025. 5. Resignation of Mr. Saurabh Dhanorkar (DIN: 00011322) as Managing Director of the Company Mr. Saurabh Dhanorkar, Managing Director of the Company, will attain the age of 70 years on October 26, 2025. In accordance with the prescribed age limit as stipulated under the Companies Act, 2013 and SEBI Listing Regulations, Mr. Dhanorkar has conveyed his decision not to seek reappointment and will accordingly relinquish his position as Managing Director effective from the close of business hours on October 25, 2025. appreciation for his exemplary leadership and valuable contributions to the Company. 6. Resignation of Mr. Rajesh Balkrishna Rathi (DIN: 00018628) as an Independent Director of the Company The Board acknowledged the resignation submitted by Mr. Rajesh Balkrishna Rathi (DIN: 00018628) from his position as an Independent Director of the Company, citing other professional commitments and pre-occupations. Accordingly, he ceased to be a member of the Board and its Committees with effect from August 2, 2025. Appointment of Secretarial Auditors of the Company: 7. Appointment of M/s. SVD & Associates, Practicing Company Secretaries (Peer Review No. 6357/2025) as Secretarial Auditors of the Company The Board of Directors appointed M/s. SVD & Associates, as the Secretarial Auditors of the Company for a term of five consecutive years to conduct the Secretarial Audit of the Company from the Financial Year 2025-26 to Financial Year 2029-30, subject to approval of members in the ensuing 44th Annual General Meeting of the Company.
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8. The Board of Directors has approved the date for the 44th Annual General Meeting of the Company, which has been scheduled on Friday, September 12, 2025. List of Key Managerial Personnel (KMP) Pursuant to Regulation 30(5) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, below is the list of KMP of the Company, along with their contact details, authorized to determine for the materiality of events /information and for the purpose of making disclosures to Stock Exchange(s) under the said regulation: Sr. No. Name Designation 1 Mr. Saurabh Dhanorkar Managing Director (upto October 25, 2025) 2 Mr. Udipt Agarwal Managing Director (w.e.f. November 1, 2025) 4 Mr. Chandan Verma Chief Financial Officer 3 Mr. Dakshinamurthy Iyer Company Secretary & Compliance Officer Contact Details Finolex Industries Limited Indiqube The Kode11th Floor S. No. 134, Baner Pashan Link Road, Pune 411 045 Tel. No.: 020-27408200/27408567 Email ID: investors@finolexind.com; Website: www.finolexpipes.com Pursuant to Regulation 30 of the SEBI Listing Regulations read with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated 11th November 2024 and SEBI/HO/CFD/CFD-PoD1/P/CIR/2023/123 dated 13th July 2023, the particulars / details with respect to the aforesaid change(s) as required, are enclosed as Annexure A. In compliance with Regulation 46 of the SEBI Listing Regulations, the information is also being uploaded on the website of the Company at https://www.finolexpipes.com/ The Board Meeting commenced at 6:30 p.m. (IST) and concluded at 08:30 p.m. (IST) You are requested to take the above on your records. Thanking you, For Finolex Industries Limited Dakshinamurthy Iyer Company Secretary & Head Legal M. No. A13004 Encl.: As above
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Annexure A Changes in Board of Directors Sr. No. Particulars Mr. Udipt Agarwal Mr. Rambabu Sanka 1. Reason for change viz. appointment, re-appointment, resignation, removal, death or otherwise; Appointment of Mr. Udipt Agarwal (DIN: 11219144) as an Additional Director cum Whole-time Director of the Company with effect from September 5, 2025 to October 31, 2025 and as Managing Director from November 1, 2025 to September 4, 2030, totaling a tenure of five years, subject to the approval of members at the ensuing 44th Annual General Meeting. Appointment of Mr. Rambabu Sanka (DIN: 11218997) as an Additional Director cum Whole-time Director of the Company and designated as Director - Technical for a term of five years from August 2, 2025 to August 1, 2030, subject to the approval of members at the ensuing 44th Annual General Meeting. 2. Date of appointment & term of appointment Please refer Response to Point (1) above Please refer Response to Point (1) above 3. Brief Profile (in case of appointment) Mr. Udipt Agarwal, 56, is a strategic and performance-driven business leader with over three decades of experience across Asia, having successfully led and transformed businesses for leading US and European companies. He has a proven track record in launching and scaling new ventures, executing turnarounds, and driving sustainable growth through innovation and operational excellence. Currently serving as Chief Commercial Officer at Alkyl Amines Chemicals Limited, he oversees business strategy, investments, and P&L management, while leading procurement, supply chain, marketing, and M&A initiatives. Prior to this, Mr. Udipt Agarwal had a distinguished career at Cargill Bio Industrial, where he established the India business and later led the Asia region, expanding into 10 countries and Mr. Rambabu Sanka, 63, holds a Master of Technology in Chemical Engineering from the Indian Institute of Technology, Mumbai. He also holds a Bachelor of Technology in Chemical Engineering from Andhra University and a Post graduate Certificate in Fundamentals of Senior Management from the Open University, United Kingdom. He is currently serving as President-Technical and Senior Management Personnel of the Company from 3rd March, 2025. In this capacity, he oversees the plant operations and functions of the Company. Mr. Rambabu Sanka is a Senior Executive with 39 years of comprehensive experience in the Chemical Manufacturing Sector, including 31 years dedicated to VCM/PVC production. His expertise encompasses leadership
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integrating post-acquisition operations. His earlier tenure at BASF spanned various leadership roles in India and Hong Kong, contributing significantly to business development, market expansion, and team building across multiple segments. He holds a B.Tech. in Chemical Technology from H.B. Technological Institute, Kanpur, and has completed executive education in Strategic Business Leadership from INSEAD. in technical services, process optimization, debottlenecking, and the management of large-scale plant expansions and operations. He has a proven track record in the commissioning of advanced chemical facilities, enhancing operational efficiency, and achieving significant increases in production. He is skilled in production planning, budgeting, variance analysis, and managing shutdowns and turnarounds, all while prioritizing safety and operational continuity. In his prior positions, he has overseen VCM and PVC manufacturing operations (INEOS Technology), serving as Vice President with Reliance Industries Limited, and held the role of Executive Vice President, Technical Services at TCI Sanmar Chemicals S.A.E. 4. Disclosure of relationships between directors (in case of appointment of a director). Mr. Udipt Agarwal does not have any inter-se relationship with any other directors of the Company. Mr. Rambabu Sanka does not have any inter-se relationship with any other directors of the Company. 5. Information as required under BSE Circular Number LIST/COM/14/2018-19 and NSE circular no. NSE/CML/2018/24 dated June 20, 2018 Mr. Udipt Agarwal is not debarred from holding the office of Director pursuant to any SEBI Order or Order of any such authority. Mr. Rambabu Sanka is not debarred from holding the office of Director pursuant to any SEBI Order or Order of any such authority.
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Sr. No. Particulars Mr. Saumya Chakrabarti Mr. Saurabh Dhanorkar 1. Reason for change viz. appointment, reappointment, for resignation, removal, death or otherwise Mr. Saumya Chakrabarti (DIN: 09594036) as a Director Technical resigned on account of personal reasons. Mr. Saurabh Dhanorkar (DIN: 00011322) shall step down from the position of Managing Director upon reaching the age of 70 years. He has conveyed his decision not to seek re-appointment thereafter. 2. Date of cessation (as applicable) & term of appointment / reappointment August 31, 2025 October 25, 2025 3. Brief Profile (in case of appointment) Not Applicable Not Applicable 4. Disclosure of Relationships between directors (in case of appointment of a director) Not Applicable Not Applicable
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Sr. No. Particulars Mr. Rajesh Balkrishna Rathi 1. Reason for change viz. appointment, reappointment, resignation, removal, death or otherwise Mr. Rajesh Balkrishna Rathi (DIN: 00018628) resigned from his position as an Independent Director of the Company, citing other professional commitments and pre-occupations. 2. Date of cessation (as applicable) & term of appointment / reappointment August 2, 2025. 3. Brief Profile (in case of appointment) Not Applicable 4. Disclosure of Relationships between directors (in case of appointment of a director) Not Applicable Additional Information in case of resignation of an Independent Director (Schedule Ill - Para A(7B) of Part A of SEBI LODR) 1 The letter of resignation along with detailed reasons for the resignation as given by the said director A copy letter of resignation enclosed 2 Names of listed entities in which the resigning director holds directorships, indicating the category of directorship and membership of board committees, if any Sudarshan Chemical Industries Limited Committee Position: 1. Stakeholders Relationship Committee 2. Corporate Social Responsibilities Committee 3. Risk Management Committee 4. Finance Committee 5. Share Transfer Committee 3 The independent director shall, along with the detailed reasons, also provide a confirmation that there is no other material reasons other than those provided. The required confirmation has been provided in the enclosed resignation letter.
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Sr. No. Particulars M/s. SVD & Associates 1. Reason for change viz. appointment, reappointment, resignation, removal, death or otherwise Appointment of M/s SVD & Associates as Secretarial Auditors of the Company 2. Date of appointment / reappointment / cessation (as applicable) & term of appointment / reappointment Appointment in the Board Meeting held on August 2, 2025, for a term of five consecutive years from the Financial Year 2025-26 to Financial Year 2029-30, subject to approval of members in the ensuing 44th Annual General Meeting of the Company. 3. Brief Profile (in case of appointment) M/s. SVD & Associates (Peer Review No. 6357/2025) was formed in 2014 by Professionals of varied skill set, to bring out synergy in corporate legal and corporate advisory services with a pivotal role in Secretarial Audit. Catering to a wide range of clients, including a large number of listed and multinational companies, its strength is its team of qualified, experienced and trained professionals who treasure the value of diligence and knowledge. The firm is peer reviewed in terms of the peer review guidelines issued by the ICSI. 4. Disclosure of Relationships between directors (in case of appointment of a director) Not Applicable
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From: PRAKASH CHHABRIA Sent: Saturday, August 2, 2025 14:04 To: DAKSHINAMURTHY IYER <dvi@finolexind.com> Cc: Saurabh Dhanorkar ; GAYATRI CHHABRIA Subject: Re: Acceptance of MDs Resignation Dear Mr. Dhanorkar, Sub: Acceptance of Resignation from the Position of Managing Director I acknowledge receipt of your letter dated 24th July 2025, tendering your resignation from the position of Managing Director of Finolex Industries Limited, effective 25th October 2025. While your decision to step down is understood and respected, I would like to take this opportunity to express my heartfelt appreciation for the exceptional leadership, vision, and dedication you have demonstrated during your tenure. We are grateful for your willingness to support the transition and guide your successor during the handover period. Your continued involvement during this phase will undoubtedly ensure stability and strategic continuity. On behalf of the Board and all employees of Finolex Industries, I thank you for your invaluable service and look forward to your continued association with the Company in an advisory capacity and wish you the very best. Warm regards Prakash P Chhabria Sent from Outlook for iOS