Vadilal Industries, on February 21, 2026, informed the BSE and NSE that Independent Director Shivakumar Dega (also known as Shiv Shivakumar) has resigned from the Board with effect from February 17, 2026. The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The company placed on record its appreciation for Shivakumar’s support and contribution during his tenure. Following his resignation, he has ceased to be a member of the Board of Directors and its committees, and the company is reconstituting its Board committees.
Shivakumar was Chairman and Independent Director of the company. He is currently an Operating Partner with Advent, a $100 billion global private equity firm. Prior to this, he led global strategy and business development at the Aditya Birla Group. He has held leadership roles across organisations, including Chairman of PepsiCo South Asia, Managing Director and Vice President of Nokia India, and Vice President and CEO of Philips India’s Consumer Electronics division.
Why Did Shivakumar Resign?
The filing states that in his resignation letter, Shivakumar raised concerns regarding compliance with certain statutory provisions. In his resignation letter, Shivakumar specifically highlighted concerns around non-payment of minimum wages, terming it a statutory violation. He stated that the company had paid certain factory workers less than the mandated minimum wage and flagged this as a matter of legal and governance concern. He also indicated that he had raised the issue with the Board and management on multiple occasions.
Vadilal said it had initiated an internal assessment of compliance before receiving the resignation letter and reiterated that the Board remains committed to maintaining high standards of governance and compliance.
Taking note of these observations, the Board and Independent Directors have constituted a subcommittee to review compliance with the relevant statutory provisions. They are in the process of appointing independent advisors to support the review.
As part of the disclosures required upon resignation of an Independent Director, the company enclosed the resignation letter and confirmed that Shivakumar has stated there are no other material reasons for his resignation apart from those mentioned in his letter dated February 17, 2026.
The filing also lists his other directorships in Yes Bank and Intellect Design Arena, along with his membership in board committees at Yes Bank. |
