?SHALIMAR

PAINTS

December 27, 2019

Corporate Relationship DepartmentBSE Limited

P.J. Towers,

Dalal Street,

Mumbai - 400 001

Manager - ListingNational Stock Exchange of India Ltd

Exchange Plaza, C-1, Block G,

Bandra Kurla Complex, Bandra (E),Mumbai - 400051

Sub: Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015 - Outcome of Board Meeting of Shalimar Paints Limited ("the Company")held on December 27, 2019

(Scrip Code: BSE - 509874, NSE - SHALPAINTS)

Dear Sir/ Ma'am,

We would like to inform you that the Board of Directors of the Company at their meeting held todayi.e. December 27, 2019 which started at 11:00 a.m. and concluded at ?·.\-0

.. p.m. inter-alia considered

and approved the following agenda items:

a) Appointment of Mr. Ashok Kumar Gupta, Director of the Company (DIN - 01722395) as

Managing Director (KMP) of the Company in the category of Executive, Non - Independent

Director for a period of3 (three) years w.e.f. 27 December 2019, subject to the approval of

the shareholders of the Company.

b) Appointment of Mr. San jay Kumar Gupta (DIN - 07579756) as an Additional Director of the

Company in the category of Non - Executive, Independent Director for a term of 5 (five)

consecutive years w.e.f. 27 December, 2019. Mr. San jay Kumar Gupta_is not debarred from

holding the office of Director by virtue of any order of Securities and Exchange Board of

India or any other such authority.

c) Resignation of Mr. Sandeep Gupta from the position of Chief Financial Officer (KMP) of the

Company w.e.f. 27 December, 2019.

d) Appointment of Mr. Ashish Kumar Bagri as Chief Financial Officer (KMP) of the Company

w.e.f. 27 December, 2019.

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Corporate Office: 1" Floor, Plot No. 28, Sector 32, Gurugram - 122001, Ha

Regd. Office: Stainless Centre, 4'" Floor, Plot No. 50, Sector 32, Gurugram ry.i.,.....

Call: +91 124 461 6600 Fax: +91 124 461 6659 Toll Free: 1800-103-6509

Email Id: askus@shalimarpaints.com Website: www.shalimarpaints.com GIN: L24222HR1902PLC065611

?SHALIMAR? PAINTS

Detailed disclosure as required under SEBI Circular dated 9th September, 2015 with regard to

aforesaid appointment/resignation is enclosed as Annexure I.

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Further, we wish to inform you that in accordance with Regulation 30 (5) of the SEBI (Listing

Obligation and Disclosure Requirements). Regulations, 2015, the Board of Directors have authorized,

Mr. Ashok Kumar Gupta, Managing Director of the Company to determine materiality of an event or

information and to intimate to the Stock Exchanges regarding such material event or information. His

contact details are as under:

Name & Designation: Mr. Ashok Kumar Gupta, Managing Director, Shalimar Paints Limited

Address: l " Floor, Plot no.28, Sector-32, Gurugram, Haryana.Contact No: 0124-4616600

This is for your information and record.

For Shalimar Paints Limited

?ny Secretary

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Annexure I

SI. I Particulars

No

Mr. Ashok

Kumar Gupta

Mr. SanjayKumar Gupta

Mr. Ashish

Kumar BagriMr. Sandeep

Gupta

1 I Reason for changeviz. appointment,resignation,removal, death or

otherwise

Appointment Appointment of I Appointmentof Mr. Ashok Mr. SanjayKumar Gupta, Kumar Gupta, as

Director of the an Additional

Company as Director. The

Managing Board has also

Director for a recommended his

period of 3 appointment as

(three) years Director for a

w.e.f. 27th term of 5 (five)

Resignation

27 December, 127December,2019 2019

27 December,2019

consecutive years

w.e.f. 27th

December, 2019,

subject to the

approval of the

shareholders at

the next Annual

General Meetingof the Company

December,2019, subjectto the approvalof the

shareholders

of the

Company.

of Appointed as

appointment/cessati Managingon (as applicable) Director w.e.f.

& term of 27 December,

appointment 2019

2 I Date

3 I Brief profilecase

appointment)

(in I Annexure-A

of

Annexure-B Annexure-C Not applicable

4 I Disclosure of Mr. Ashok Mr. San jay I Not Applicable I Not Applicablerelationships Kumar Gupta Kumar Gupta is

between directors is not related not related to any

(in case of to any other other Director of

appointment of a Director of the the Company.director). Company.

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Mr. Ashok Gupta

Ashok Kumar Gupta is the Director at Shalimar Paints, India's leading and most iconic paint manufacturer.

In his role at the organization, Mr. Ashok Gupta oversees the overall operations of the brand while also

framing successful growth strategies for the brand.

Holding a Master's degree in Physics and PGDBA, Mr. Ashok Gupta is an industry veteran with over three

decades of experience in leadership positions at reputed organizations including SAIL, Jindal Industries,Surya Roshni, ArcelorMittal etc., specializing in driving business transformation, growth, and profitability.While at Jindal Stainless, Mr. Ashok Gupta was deeply involved in turning the company around from a

loss-making unit to a profitable business. His expertise was once again brought to the fore at APL ApolloTubes Limited, an INR 9,000 crore company, where he recently served as the Managing Director. Under

his leadership, APL Apollo Tubes Limited has consistently grown at a CAGR of 20%. Over the years, the

company has grown from 2.5 lac tons facility to over 25 lac tons facility.

Mr. Ashok Gupta joined Shalimar Paints in June 2018. Under his guidance the Company witnessed an

impressive turnaround and led a successful rights issue worth INR 200 crore. These funds, made available

as working capital, have helped Shalimar Paints become EBITDA positive in the current financial year and

register a year-on-year business growth of more than 30%.

Mr. Gupta's expertise lies in bringing about business transformation by carefully developing strategiesthat fits best in the interest of the company. He has a sharp financial and business acumen and also a

great ability to take the team together. ‘JIYYIO} Wed} UY} aye} OF Ayigqe Jeas

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Mr. Sanjay Kumar Gupta is a Fellow member of The Institute of

Chartered Accountants of India (ICAI)& Insurance Institute of India {Ill)and Associate member of The Institute of Cost & ManagementAccountants of India {ICMA)& The Institute of Company Secretaries of

India {ICSI). He is also alumnus of the Shri Ram College of Commerce

(SRCC), Delhi University. He has over 25 years of experience in

leadership roles across functions in diverse industries like Steel,Financial Services, Housing & Urban infrastructure Finance etc. He is

currently associated with Jindal United Steel Ltd as Chief Financial

Officer.

He had held leadership roles with Jindal Stainless Ltd., Tata Motors

Finance Ltd. & HUDCO. His areas of expertise includes Corporate &

Business Finance, Treasury, Financial Planning & Analysis, CorporateTaxation, Risk Management and Strategic assignments of M&A,

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Ashish Kumar Bagri

Chief Financial Officer - Shalimar Paints

Ashish Kumar Bagri is appointed as the Chief Financial Officer at Shalimar Paints, India's leading and most

iconic paint manufacturer. As the head of the Finance & Accounts Department, Ashish is responsible to

oversee all activities of the finance department, ensuring proper execution of functions, and compliancewith both internal and external legislation and policies. He also oversees the development offinancial and

operational strategies and metrics of the organization.

Ashish is a qualified Chartered Accountant with more than 16 years of experience in Finance. He has

worked with reputed brands like PepsiCo, ITC Limited in the past. He has been instrumental in driving the

consistent evaluation of both short and long-term strategic financial objectives of the organizations he

has been involved with. He has a rich experience of spearheading the transaction processing systems and

implementing operational best practices across the finance department and the wider business.

Ashish with his rich experience spearhead all the processes relating to budgets and consolidation in the

finance department, providing accurate and timely analysis of budgets, forecasts, and financial trends for

access by the entire business. He is actively involved in the initiatives which ensure that there are effective

internal controls in place and ensure compliance with generally accepted accounting principles, state

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