Patels Airtemp (India) Limited, a leading player in the air conditioning and refrigeration industry, has announced two significant changes to its board. On 29th March 2025, the company informed the Bombay Stock Exchange (BSE) about the re-appointment of Mr. Shivang P. Patel as Whole-time Director for a period of three years, effective from 1st June 2025, through a board resolution.

The re-appointment follows the recommendation of the Nomination and Remuneration Committee (NRC), and Mr. Patel's new term will run until 31st May 2028. His remuneration has been revised to Rs. 5,50,000 per month, plus additional perquisites and allowances. This decision is subject to shareholder approval, which will be sought through a Postal Ballot.

Mr. Shivang P. Patel has been with Patels Airtemp since 2014, bringing over a decade of experience to the company. He is a Mechanical Engineer with an MBA in Global Marketing from London. His leadership journey within the company started as an Executive in Business Development, before moving up to Vice President and finally being appointed as Whole-time Director in 2019. He is the son of the late Shri Prakash N. Patel, a founding member of the company, and grandson of the late Shri Narayanbhai G. Patel, the former Chairman.

In addition to Mr. Patel's re-appointment, the company has also appointed Mrs. Nidhi Yash Patel as an Additional and Independent Director on its Board. The appointment is effective from 29th March 2025. Mrs. Patel’s appointment as Independent Director is for a five-year term, ending on 28th March 2030. She meets the criteria for independence as per Section 149(6) of the Companies Act, 2013, and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The appointment is also subject to shareholder approval through Postal Ballot.

Mrs. Patel takes over the position from Mrs. Vinaben B. Patel, who resigned as Non-Executive & Independent Director on 20th March 2025. Mrs. Patel's qualifications and experience align with the company’s strategic goals, and she brings a fresh perspective to the Board.

These appointments align with Patels Airtemp’s commitment to strengthening its leadership and governance. The company has also appointed CS Punit Lath, a Practicing Company Secretary, as the Scrutinizer for the Postal Ballot process to ensure fairness and transparency.

In the same board meeting, the company discussed the details of the remuneration and other conditions for Mr. Patel's re-appointment, as well as the timeline for the Postal Ballot. The process of sending the Postal Ballot Notice, along with the e-voting instructions, will begin soon, following the compliance guidelines set by the Securities and Exchange Board of India (SEBI) and the Ministry of Corporate Affairs (MCA).

Patels Airtemp continues to focus on building a robust and dynamic leadership structure that can navigate the challenges of a rapidly evolving market while maintaining strong governance practices. The re-appointment of Mr. Shivang Patel and the addition of Mrs. Nidhi Yash Patel to the Board are seen as strategic moves to drive the company’s growth and uphold the legacy of its founders.

The company's shareholders are encouraged to participate in the Postal Ballot process once the notice is dispatched to cast their votes on these critical appointments. The company aims to ensure that the appointments are finalized in accordance with shareholder preferences and regulatory requirements.

Patels Airtemp’s commitment to operational excellence and ethical governance continues to be a cornerstone of its corporate strategy, ensuring sustainable growth and long-term value for its stakeholders.

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