Uday Jewellery Industries Limited, a prominent name in the jewellery industry, has announced key changes to its Board of Directors as of August 31, 2024. The company's Board meeting, which commenced at 11:00 A.M. and concluded at 11:50 A.M., saw the approval of two significant appointments and the resignation of a longstanding board member.

1. Appointment of Shri Siddharth Goel: The Board has appointed Shri Siddharth Goel (DIN: 03022978) as a Non-Executive Independent Director of the company. This decision, based on the recommendation of the Nomination and Remuneration Committee, marks a strategic move for Uday Jewellery Industries as they seek to strengthen their leadership team. Shri Siddharth Goel brings over 23 years of experience in managing the complex operational and financial aspects of businesses, particularly in the metal and steel products sectors. His role on the Board will include active participation in key committees such as the Audit Committee, the Nomination & Remuneration Committee, and the Stakeholders Relationship Committee of Narbada Gems & Jewellery Limited. His appointment is for a term of five consecutive years, subject to the approval of the company's members, and is aligned with the applicable provisions of the Companies Act, 2013, and SEBI Listing Regulations.

2. Appointment of Shri Balasubramanyam Danturti: In addition to the above, the Board has also approved the appointment of Shri Balasubramanyam Danturti (DIN: 10753430) as a Non-Executive Independent Director. Shri Balasubramanyam brings with him a wealth of experience in the banking and financial sectors, having started his career with Andhra Bank in 1986. Over a career spanning more than three decades, he has handled key assignments in credit management, foreign exchange, and treasury operations. His expertise extends to managing personal wealth, investor relations, and generating profits from investments in equity and debt markets. His last role was as the Group Head of Investor Relations at Adani, Ahmedabad, where he played a crucial role in rolling out SOP-driven IR Assurance programs across various business units. His appointment is also for a term of five consecutive years, effective immediately, subject to member approval.

3. Resignation of Shri Vikram Goel: The Board also took note of the resignation of Shri Vikram Goel (DIN: 05104754), who has served as a Non-Executive Independent Director. Shri Vikram Goel tendered his resignation on August 30, 2024, citing pre-occupation and personal commitments as the reasons for stepping down. His resignation is effective from the closure of business hours on August 31, 2024. The Board expressed its sincere appreciation for Shri Vikram Goel's valuable contributions during his tenure, acknowledging the significant impact he had on the company's growth and governance.

The Board of Directors has ensured that the transition is smooth, and the newly appointed directors are expected to continue the company's legacy of strong governance and strategic growth. The relevant details and necessary compliance information as required under the SEBI Listing Regulations and SEBI Circular dated July 13, 2023, have been duly noted and shared with the concerned authorities.

In conclusion, these changes reflect Uday Jewellery Industries' commitment to enhancing its leadership team and ensuring sustained growth and stability in the industry. The appointments of Shri Siddharth Goel and Shri Balasubramanyam Danturti bring a fresh perspective to the Board, while the resignation of Shri Vikram Goel marks the end of a significant chapter in the company's history. Stakeholders and shareholders alike will be keenly watching the developments that these changes will bring in the near future.

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