VIP Industries shareholders approve resolutions, new articles of association

VIP Industries Limited held its 58th annual general meeting (AGM) on September 10, 2025, with shareholders approving all eight resolutions, including the adoption of a new set of Articles of Association (AOA). The AOA incorporates provisions from a shareholders' agreement dated July 13, 2025, involving Mr. Dilip Piramal, "the Sellers" (Kemp and Company Limited, DGP Securities Limited, Kiddy Plast Limited, Piramal Vibhuti Investments Limited, Alcon Finance & Investment Limited, DGP Enterprises Private Limited), and "Multiples Group" (Multiples Private Equity Fund IV and Multiples Gift Fund IV). This agreement grants Multiples Group the right to nominate a majority of directors to the board. Mr. Dilip Piramal can recommend an independent director or nominate his wife or a lineal descendant as a non-independent non-executive director.

The approved resolutions included the adoption of the audited standalone and consolidated financial statements for the fiscal year ended March 31, 2025, the re-appointment of Mr. Dilip Piramal as a director, and the appointment of a secretarial auditor. Shareholders also approved the waiver of recovery of excess managerial remuneration paid to Ms. Radhika Piramal (executive vice chairperson), Ms. Neetu Kashiramka (managing director), and Mr. Ashish Saha (executive director) for the financial year 2024-25.

The total valid votes cast for the resolutions ranged from 102,315,494 to 104,135,146, with all resolutions passing by a significant majority. The new AOA, reflecting the shareholder agreement, is effective from either the date of Tranche 1 Completion or when the purchasers serve a control notice, as defined in the restated AOA.