Bisil Plast Limited, a listed company on BSE, conducted its Board Meeting on 5th July 2025 at its Ahmedabad corporate office. The meeting covered significant corporate governance decisions, including board reconstitution, appointment and resignation of directors, name change proposal, and plans for a postal ballot to secure shareholder approval for these moves.

This detailed article explains every decision taken during the meeting, its implications for investors and shareholders, and the regulatory background that drives such corporate disclosures.

Board Meeting Context

The Board of Directors of Bisil Plast Limited held their scheduled meeting at Office No. 702/3, 7th Floor, Shilp Aaron, Sindhu Bhavan Road, Thaltej, Ahmedabad – 380059. The meeting commenced at 4:00 PM and concluded at 4:30 PM.

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, listed companies must promptly inform stock exchanges about material events, including changes to directors, committee structures, and any corporate actions like name changes.

Bisil Plast Limited has fulfilled this obligation with its formal intimation to BSE Limited, describing in detail the agenda and resolutions passed at the meeting.

Key Outcomes of the Meeting

1. Appointment of Mr. Anandbhai Jadala as Additional Independent Director

The Board, on the recommendation of its Nomination and Remuneration Committee, approved the appointment of Mr. Anandbhai Jadala (DIN: 11187923) as an Additional Non-Executive Independent Director.

This appointment is effective 5th July 2025 and is subject to approval by shareholders through a postal ballot process.

Mr. Jadala brings vast experience in Finance and Management, expected to strengthen Bisil Plast’s governance standards and oversight. His independence will add valuable objectivity to board deliberations, ensuring transparent decision-making aligned with shareholder interests.

Importantly, Mr. Jadala has confirmed he is not debarred by any order of SEBI or other authorities from holding a director's office.

2. Resignation of Mr. Kaushal Dharmeshbhai Patel

Simultaneously, the Board accepted the resignation of Mr. Kaushal Dharmeshbhai Patel (DIN: 10723735) from his role as Non-Executive Independent Director, effective 5th July 2025.

The resignation was due to personal reasons and other professional commitments. Mr. Patel has confirmed that there are no material reasons for his resignation beyond those specified in his letter.

Such transparency is required under SEBI’s disclosure norms, ensuring investors and regulators are fully informed of any governance changes.

3. Proposal to Change Company Name

A major strategic decision taken at the meeting was the approval to change the company's name from "Bisil Plast Limited" to "Karnawati Innovation Limited".

This change is subject to the availability of the new name under Section 4(5) of the Companies Act, 2013, as approved by the Ministry of Corporate Affairs (MCA), and shareholder approval through a postal ballot.

The move signals Bisil Plast’s intention to reposition itself in the market with a refreshed identity that likely reflects its evolving business strategy.

To complete this change, the Memorandum of Association (MOA) and Articles of Association (AOA) of the company will also need to be amended.

Conduct of Postal Ballot

In compliance with corporate governance norms and to ensure shareholder participation, the Board approved conducting a Postal Ballot (E-voting) for these proposals:

• Approval of the company’s name change to Karnawati Innovation Limited.

• Amendment of MOA and AOA to reflect the new name.

• Appointment of Mr. Anandbhai Jadala as an Additional Independent Director.

The Board fixed Friday, 11th July 2025, as the cut-off date to determine shareholder eligibility for voting.

This process will ensure transparency, allowing all eligible shareholders to exercise their voting rights conveniently through electronic means.

Appointment of Scrutinizer

To oversee the postal ballot process in a fair and transparent manner, the Board approved the appointment of M/s Vishakha Agrawal & Associates, a firm of Practicing Company Secretaries, as the Scrutinizer.

This move aligns with SEBI and Companies Act requirements for independent oversight of voting processes, maintaining the integrity of corporate governance procedures.

Reconstitution of Board Committees

Following these changes in board composition, the company also reconstituted three key committees effective 5th July 2025:

Audit Committee:

• Mr. Anandbhai Jadala – Chairperson (Additional Non-Executive Independent Director)

• Mr. Vatsal Sanjaybhai Patel – Member (Non-Executive Independent Director)

• Mr. Jagdip Panachand Vora – Member (Non-Executive Director)

Nomination and Remuneration Committee:

• Mr. Anandbhai Jadala – Chairperson

• Mr. Vatsal Sanjaybhai Patel – Member

• Mr. Jagdip Panachand Vora – Member

Stakeholders Relationship Committee:

• Mr. Anandbhai Jadala – Chairperson

• Mr. Vatsal Sanjaybhai Patel – Member (Non-Executive – Non-Independent Director)

• Mr. Jagdip Panachand Vora – Member

These reconstitutions ensure that statutory requirements under SEBI LODR Regulations are met and reflect the new director’s integration into governance structures.

Regulatory Compliance and SEBI LODR Requirements

Every decision and its disclosure in this meeting is structured to ensure compliance with:

• SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

• SEBI Circular No. SEBI/HO/CFD/CFDPoD1/P/CIR/2023/123 dated 13th July 2023

These regulations mandate transparent, timely, and detailed disclosure of key corporate actions to ensure investors are well-informed.

By publishing Annexures I, II, and III, Bisil Plast Limited demonstrates full compliance with the requirement to provide clear, standardized information about appointments, resignations, and committee structures.

Strategic Implications

The proposed name change suggests a possible strategic repositioning of the company. "Karnawati Innovation Limited" implies a shift toward innovation-driven goals, possibly diversifying beyond traditional plastics manufacturing.

The addition of Mr. Anandbhai Jadala, with his finance and management expertise, signals the company’s commitment to strengthened governance and professional management practices.

The postal ballot ensures shareholder democracy by letting all eligible investors vote remotely, a crucial requirement in modern corporate governance for listed entities.

Investor Takeaways

• Bisil Plast Limited is taking decisive steps to refresh its corporate identity.

• Board composition changes are designed to strengthen independence and professionalism.

• Transparent disclosures ensure investor trust and regulatory compliance.

• Shareholders should watch for the postal ballot notification and participate in the voting process to have a say in these important changes.

Conclusion

Bisil Plast Limited’s Board Meeting on 5th July 2025 demonstrates its commitment to strong corporate governance, shareholder engagement, and strategic evolution.

The planned name change, board reconstitution, and postal ballot process reflect a company preparing for future growth, more professional oversight, and better market alignment.

Investors are encouraged to stay informed, review the postal ballot materials carefully when issued, and actively participate in shaping the company’s future through their votes.

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