NACL Industries (NACLIND) Sees Major Overhaul: New Owners, Board, and Auditors! 🔄
Big news from NACL Industries Limited (NACLIND)! The company, whose shares last traded at ₹298.9, down 3.5%, is in the midst of a significant corporate shake-up. The biggest headline? Coromandel International Limited (CIL) has officially acquired a controlling stake, becoming the new promoter. 🤝
A New Era for NACL Industries
Effective August 8, 2025, Coromandel International Limited (CIL) has completed the acquisition of a whopping 10,68,96,146 equity shares, representing 53.13% of NACL Industries’ total share capital. This move grants CIL control of the company, marking a pivotal moment in NACL’s journey. Consequently, the erstwhile promoters, including KLR Products Limited and K. Lakshmi Raju, will now be reclassified as ‘public’ shareholders.
Boardroom Reshuffle
With new ownership comes a fresh leadership team. The Board of Directors has seen extensive changes, with several key appointments and resignations:
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New Leadership: Dr. Raghuram Devarakonda has been appointed as the new Managing Director & CEO. His impressive background includes over 28 years of experience in Indian industry and business consulting, with previous stints at Murugappa Group and Accenture. Mr. Sankarasubramanian S and Mr. Natarajan Srinivasan, both with strong ties to the Murugappa Group, have also joined as Non-Executive, Non-Independent Directors. Additionally, Mr. Suresh Subramanian, Mr. B. Raghavendra Rao, and Mr. Sanjiv Lal have been appointed as Non-Executive, Independent Directors, bringing diverse expertise to the board.
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Departing Directors: A number of directors, including the former Chairperson Mrs. K. Lakshmi Raju, Whole Time Director Mr. G.V. Bhadram, and several Independent and Nominee Directors, have tendered their resignations. Their departures are largely attributed to the change in ownership and the desire to facilitate a smooth transition for the new management.
Auditor Change: A Matter of Independence
In a related development, BSR & Co., the company’s statutory auditors, have resigned, effective August 8, 2025. The reason? They cited potential independence implications due to ongoing non-audit services provided to the new holding/ultimate holding company (Coromandel International Limited). To ensure compliance and maintain robust financial oversight, S. R. Batliboi & Associates LLP has been appointed as the new statutory auditors. 💼
These comprehensive changes across ownership, the board, and auditing reflect a strategic realignment for NACL Industries under its new leadership. It will be interesting to watch how these developments shape the company’s future trajectory. Stay tuned for more updates! 🚀
source: Corporate Announcement
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