JSW Dulux Limited Appoints New Directors and Approves Employee Stock Option Scheme
JSW Dulux Limited (formerly Akzo Nobel India Limited) announced several key appointments and approvals following a board meeting held on March 23, 2026.The company appointed Mr. Kaustubh Sudhakar Kulkarni as an Additional Non-Executive Non-Independent Director, effective March 23, 2026. Mr. Kulkarni currently serves as Group Head - Banking, M&A and Strategic Financing at JSW Steel Ltd. He brings over 29 years of experience in debt capital markets, financing solutions, and M&A. Ms. Sutapa Banerjee was also appointed as an Additional Independent Director (Woman Director) for a three-year period, ending March 22, 2029. Ms. Banerjee has over three decades of experience in the financial services industry.
The board approved the “JSW Dulux Limited - Employee Stock Option Scheme 2026” (ESOP 2026) for the grant of stock options to eligible employees of the Company, its Subsidiary Company(ies), and its Holding Company. The scheme covers a total of 3,75,124 shares. The exercise price per option will be the market price of the shares on the grant date, not less than the face value of the share.
Shareholders will vote on the appointment of the new directors, the alteration of the Articles of Association, and the ESOP 2026 through a postal ballot process by way of remote e-voting.
A table detailing the special business resolutions is below:
| Sl. No. | Description of Business | Type of Resolution |
|---|---|---|
| 1 | Appointment of Mr. Kaustubh Sudhakar Kulkarni (DIN 08246083) as a Non-Executive Non-Independent Director of the Company | Ordinary Resolution |
| 2 | Appointment of Ms. Sutapa Banerjee (DIN 02844650) as an Independent Director (Woman Director) of the Company | Special Resolution |
| 3 | Approval of alteration of Articles of Association of the Company | Special Resolution |
| 4 | Approval of 'JSW Dulux Limited - Employee Stock Option Scheme 2026' and grant of employee stock options to the eligible employees of the Company under 'JSW Dulux Limited - Employee Stock Option Scheme 2026' | Special Resolution |
| 5 | Approval of the grant of employee stock options to the eligible employees of the Subsidiary company(ies) of the Company under 'JSW Dulux Limited - Employee Stock Option Scheme 2026' | Special Resolution |
| 6 | Approval of the grant of employee stock options to the eligible employees of the Holding Company of the Company under 'JSW Dulux Limited - Employee Stock Option Scheme 2026' | Special Resolution |
| 7 | Approval to the secondary acquisition of shares through Trust route for the implementation of 'JSW Dulux Limited - Employee Stock Option Scheme 2026' | Special Resolution |
| 8 | Approval of the provision of money by the Company for purchase of its own Shares by the Trust to be constituted under the 'JSW Dulux Limited - Employee Stock Option Scheme 2026' | Special Resolution |
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