In a recent regulatory filing pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Chemiesynth (Vapi) Ltd. announced the reappointment of Mr. Sandip S Zaveri as the Managing Director of the company. This move comes based on the recommendation of the Nomination and Remuneration Committee, and his new term will commence from 1st October 2024 and continue till 30th September 2029, subject to approval from the company’s shareholders.

The board believes that this reappointment will be crucial for maintaining operational continuity and strategic direction for the company’s ongoing and future projects. The Board Meeting where the decision was taken was held on 30th September 2024, between 2:00 PM and 3:00 PM.

Professional Background of Sandip Zaveri

Mr. Sandip S Zaveri has been associated with Chemiesynth (Vapi) Ltd. since 30th June 2001 and has over 19 years of industry experience in the chemical manufacturing and chemical business development sectors. His academic background includes a Bachelor of Engineering (BE) and a Master of Science (MS) in Chemical Engineering from the Stevens Institute of Technology, USA.

Over the years, he has been instrumental in shaping Chemiesynth’s technical infrastructure, strategic partnerships, and managerial excellence. According to the company’s board, Zaveri not only possesses sound engineering and technical knowledge but also demonstrates strong general management skills, making him a highly valuable asset for the organisation.

Board's Justification for Reappointment

The Board of Directors has expressed its strong support for the reappointment, stating that Mr. Zaveri's deep industry knowledge and leadership skills are essential for the smooth functioning and long-term success of the company. The reappointment is also aligned with the company’s commitment to corporate governance and regulatory compliance.

Importantly, the board emphasized that the extension of Zaveri's tenure will help ensure strategic consistency, which is crucial especially as Chemiesynth continues to navigate an evolving chemical industry landscape, driven by regulatory changes, global demands, and sustainability initiatives.

Conflict of Interest and Board Approval

The company clarified that none of the directors except Mr. Sandip Zaveri and Mr. Satish Zaveri (a relative of Mr. Sandip Zaveri) have any personal interest in this resolution. This disclosure ensures transparency and aligns with corporate governance best practices.

The Board has recommended the resolution for approval by the shareholders, which is expected to be tabled in the upcoming Annual General Meeting or an Extraordinary General Meeting.

Regulatory Compliance and SEBI Norms

This reappointment has been disclosed in accordance with SEBI's Listing Obligations and Disclosure Requirements, demonstrating Chemiesynth’s commitment to maintaining regulatory transparency and good governance standards. The company continues to maintain its credibility through such proactive and structured disclosures.

Strategic Importance for Chemiesynth

The continuation of Mr. Zaveri’s leadership comes at a time when the chemical sector in India is undergoing rapid transformation, especially in the context of Make in India initiatives, ESG compliance, and supply chain diversification. His experience will be critical for product innovation, market expansion, and technological advancements in Chemiesynth’s operations.

Moreover, his long-standing leadership ensures that there will be no disruption in ongoing projects or future plans, which is particularly important for investor confidence and stakeholder relations.

Looking Ahead

With this reappointment, Chemiesynth (Vapi) Ltd. looks set to continue on a path of strategic growth and stability, under the guidance of a seasoned leader with a proven track record. Shareholders, analysts, and stakeholders are likely to welcome this move, especially considering the consistency and performance that Mr. Zaveri has brought to the table over the past two decades.

The resolution will now move to the next stage, where shareholder approval is expected to be a formality, given the Board’s strong recommendation and Zaveri’s contributions.

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