HEG Board Approves Scheme Effectiveness, Sets Record Date, Appoints New Leadership

HEG Limited's Board of Directors, in a meeting held on August 24, 2026, has approved key decisions regarding the Composite Scheme of Arrangement. The Board took on record the certified copy of the National Company Law Tribunal's order dated August 13, 2026, which sanctioned the Scheme. The Scheme is set to become effective on Tuesday, September 01, 2026. Consequently, Monday, September 7, 2026, has been fixed as the record date for determining shareholders eligible to receive consideration as per the Scheme.

Under the Scheme, for the demerger of the Demerged Undertaking into HEG Graphite Limited, each shareholder of HEG Limited will receive one fully paid-up equity share of ₹2 in HEG Graphite Limited for every one equity share held in HEG Limited. For the amalgamation of Bhilwara Energy Limited with HEG Limited, shareholders of Bhilwara Energy Limited will receive eight fully paid-up equity shares of ₹2 each in HEG Limited for every seven equity shares of ₹10 each held in Bhilwara Energy Limited.

Following the effectiveness of the Scheme, the Board has approved several changes in Key Managerial Personnel (KMP) and Senior Management, effective September 01, 2026. Shri Vivek Chaudhary and Shri Ravi Kant Tripathi will cease as Company Secretary & Compliance Officer and Chief Financial Officer, respectively, due to their transfer to HEG Graphite Limited. Ms. Neha Rajvanshi has been appointed as the new Chief Financial Officer, and Shri Ravi Gupta as the new Company Secretary & Compliance Officer. Shri Ravi Jhunjhunwala will relinquish his roles as Chairman, Managing Director & CEO but will continue as a Non-Executive Non-Independent Director. Shri Riju Jhunjhunwala has been elevated from Vice-Chairman to Chairman, Managing Director & CEO, subject to shareholder approval. Additionally, several new Additional Directors have been appointed, and existing directors have resigned to facilitate the Board's reconstitution. The company also proposes to change its name to "HEG Advanced Materials Limited" and rename "HEG Graphite Limited" to "HEG Limited" post-scheme effectiveness.

The Board also approved the reconstitution of various committees, including the Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, Risk Management Committee, and Corporate Social Responsibility & ESG Committee, effective September 01, 2026. Key Managerial Personnel have been authorized to determine the materiality of events and information. The Board meeting commenced at 01:30 PM IST and concluded at 04:00 PM IST.