Veedol Corporation Limited, formerly known as Tide Water Oil Company (India) Limited, has announced the resignation of its Company Secretary, Shri Saptarshi Ganguly, after an illustrious tenure spanning over 16 years. The development was formally disclosed to both the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on 13th October 2025, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

This announcement marks a significant organisational transition for one of India’s most respected lubricant manufacturing and marketing companies. Veedol Corporation, which has been at the forefront of India's automotive lubricant industry for over a century, is now set to initiate a leadership change at a key governance position.

The Official Disclosure

The company’s disclosure letter, signed by Mr. Arijit Basu, Managing Director, formally notified the exchanges of the resignation and enclosed a copy of the resignation letter received from Mr. Saptarshi Ganguly, who had earlier announced his intent to step down. The filing specifically referenced the sub-para 7C of Para A of Part A of Schedule III of the SEBI LODR Regulations, which mandates listed companies to disclose key managerial resignations promptly.

The correspondence stated that this resignation update should be “deemed to be a disclosure pursuant to Regulation 30 requirements”, ensuring complete transparency as per SEBI norms.

A 16-Year Journey of Transformation

In his heartfelt resignation letter dated 18th July 2025, Mr. Ganguly reflected on his journey with the organisation, expressing deep gratitude and pride in being part of Veedol’s transformative growth story. Joining the company 16 years ago, he played a crucial role in major corporate and regulatory developments.

He wrote, “It has been a wonderful experience so far to be a part of this organisation during which I had not only witnessed but had been a part of milestone achievements and transformations.”

His tenure coincided with several landmark events in the company’s history — including the global acquisition of the “Veedol” brand, setting up of overseas subsidiaries and joint ventures, and major corporate restructuring activities such as share sub-divisions, bonus issues, and the introduction of the Employee Stock Option Plan (ESOP).

One of the most remarkable transformations under his watch was the rechristening of the company from Tide Water Oil Company (India) Limited to Veedol Corporation Limited, reflecting a modernised, globally aligned corporate identity.

Contribution to Corporate Governance

As the Company Secretary, Mr. Ganguly served as the principal compliance officer, ensuring the company’s alignment with regulatory frameworks, corporate governance standards, and SEBI-mandated disclosure practices.

Under his guidance, Veedol Corporation maintained a consistent record of timely filings, transparent communication with investors, and stringent adherence to board governance policies. His deep knowledge of corporate law, SEBI regulations, and compliance frameworks contributed significantly to the organisation’s strong governance reputation.

He was also instrumental in coordinating with the Ministry of Corporate Affairs, Registrar of Companies, and stock exchanges, ensuring that the company’s operations met every statutory requirement.

The Resignation and Notice Period

In his resignation letter, Mr. Ganguly stated his intention to serve a notice period of 85 days, requesting to be relieved from his duties by 10th October 2025. His message reflected both humility and professionalism, as he expressed gratitude to the company’s Chairman, Managing Director, and the Board of Directors for their continued support and guidance throughout his journey.

He also extended appreciation to his colleagues and peers for their collaboration and teamwork, which helped Veedol Corporation achieve numerous milestones in product innovation, expansion, and corporate rebranding.

His letter concluded on a positive note — “I wish the company all the best for all of its future endeavours.”

Veedol Corporation: A Legacy of Trust

Veedol Corporation Limited, headquartered at Yule House, Kolkata, has a long-standing legacy in India’s lubricant and automotive oil segment. The company’s products, sold under the “Veedol” brand, are recognised globally for their quality and performance.

With a presence across automotive, industrial, and marine lubricant sectors, Veedol has strengthened its position both in domestic and international markets, operating subsidiaries and joint ventures across various countries.

The acquisition of the global Veedol trademark allowed the Indian entity to expand its brand reach, positioning it as a strong global player. This transformation required extensive legal, corporate, and strategic planning — areas in which Mr. Ganguly’s contributions were invaluable.

Compliance and Corporate Excellence

During his tenure, Veedol achieved several corporate milestones — from board expansions and audit committee developments to CSR initiatives and policy overhauls. Each of these changes was implemented in line with SEBI and Ministry of Corporate Affairs (MCA) norms.

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