On April 4, 2025, IGC Industries Limited (formerly known as IGC Foils Limited) held a meeting of its Board of Directors to discuss and approve several key resolutions. The meeting, which was conducted at the company's corporate office in Telangana, focused on strategic decisions aimed at improving the company's corporate structure and expanding its business.

One of the notable decisions made was the appointment of Mr. Omprakash Pyarelal Sonar as a Non-Executive Independent Director of the company. Mr. Sonar brings over seven years of professional experience in the trading industry, specializing in product sales and brand development. His expertise in expanding market reach and driving business growth through online sales strategies is expected to be a valuable addition to the Board. His appointment will be effective from April 1, 2025.

In a significant corporate restructuring move, the Board also approved the regularization of Mr. Omprakash Pyarelal Sonar as a Non-Executive Independent Director of the company, subject to the approval of the shareholders in the upcoming Extra-Ordinary General Meeting (EOGM).

Additionally, the meeting saw the approval of the change in designation for Mr. Ziauddin Mohammad, who will now serve as the Managing Director of the company. His role will be regularized as an Executive Director and Managing Director in the forthcoming EOGM.

A major business development was the approval of the acquisition of 65,40,443 equity shares of CNX Corporation Limited (CCL) for a total consideration of Rs. 31.39 crore. The purchase will be completed through a share swap arrangement, where IGC Industries will issue up to 2,61,61,772 fully paid-up equity shares at Rs. 12 per share to the shareholders of CNX Corporation, effectively making CNX Corporation an associate of IGC Industries.

To facilitate the acquisition, the Board also approved an increase in the authorized share capital of the company from Rs. 35 crore to Rs. 61 crore. This will allow the company to issue additional equity shares in line with the proposed acquisition. Alongside this, the Board proposed an alteration of Clause-V in the company's Memorandum of Association to accommodate the increase in share capital.

The Board further accepted the resignation of several key personnel effective from April 1, 2025, including Mr. Salman Mahibub Sayyad as Managing Director, Ms. Avani Savjibhai Godhaniya as Non-Executive Independent Director, Mr. Ramesh Kumar as Executive Director, and Mr. Ramesh Kumar Nayanmal Saraswat as Non-Executive Independent Director.

With respect to the next steps, the Board has scheduled an Extra-Ordinary General Meeting (EOGM) for the approval of these resolutions, including the acquisition of CNX Corporation, changes in directorate, and increase in authorized share capital. The notice for this meeting will be circulated to the shareholders along with all necessary documentation.

These decisions mark a significant step in IGC Industries' growth strategy as the company looks to expand its operations and strengthen its position in the market. The acquisition of CNX Corporation is seen as an important move towards increasing the company's market presence, operational efficiency, and overall business synergy.

This meeting reflects the company's commitment to optimizing its corporate governance, strategic acquisitions, and expansion through a proactive approach to shareholder approvals and regulatory compliance. All regulatory filings and shareholder communications will follow in due course to ensure full transparency and compliance with the applicable laws and regulations.

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