Bliss GVS Pharma: Santosh Parab approved with 97.04%

Postal ballot result: 97.04% votes in favour

Bliss GVS Pharma Ltd said shareholders have approved the appointment of Santosh Parab as a Non-Executive, Non-Independent Director through a postal ballot. The resolution was passed with 97.04% of polled votes in favour, according to the company’s disclosure on the scrutinizer’s report. Voting for the postal ballot closed on September 19, 2026. The result disclosure is dated September 22, 2026 (16:00:42).

The update comes at a time when the company is also going through a wider change-of-control process tied to a Share Purchase Agreement (SPA) and a mandatory open offer. Board and management changes have been a recurring theme in the company’s disclosures during 2026, including a CEO transition and multiple governance-related filings.

What the company sought approval for

The postal ballot notice sought shareholder approval via remote e-voting for Parab’s appointment as a Non-Executive, Non-Independent Director. Bliss GVS Pharma had stated that Parab was appointed as an Additional Director by the board on July 3, 2026. The company referenced this as a change in management disclosure under Regulation 30 of the SEBI (LODR) Regulations.

The remote e-voting window for the postal ballot ran from August 21, 2026 to September 19, 2026. The company had said results would be declared on or before September 22, 2026, which aligns with the date on the scrutinizer’s report disclosure.

How Parab’s role changed during 2026

Bliss GVS Pharma also disclosed that Independent Director Santosh Parab completed his second and final term, and ceased to be a director and member of all committees with effect from May 25, 2026. The subsequent steps in July and September indicate a change in his designation and board position, moving from an independent director tenure to a non-executive, non-independent role following shareholder approval.

This sequence is notable because it shows the company formally rebuilding its board composition through regulatory filings and shareholder voting, rather than only board-level appointments. Such steps are closely tracked during control transactions, where board reconstitution is often part of the post-transaction integration process.

Timeline of key governance events

The company’s disclosures provide a clear sequence from board appointment to shareholder ratification.

Board and leadership snapshot referenced by the company

In the context provided, a leadership and board snapshot “as of FY 2024-25” lists:

• SN Kamath as Managing Director
• Santosh Parab as Independent Director
• Shilpa Bhatia as Independent Director
• Nandkumar Kashinath Chodankar as Chairman and Independent Director

Separately, the company’s management table also identifies Aditi Bhatt as Company Secretary and Compliance Officer, and Nandkumar Chodankar as Chairman. The context additionally lists several executives, including Mr. Shibroor Narsimha Kamath as MD, CEO and Director, with pay shown as 7.76M.

CEO transition: Rahul Adakmol to take over from July 15, 2026

Bliss GVS Pharma announced that Rahul Adakmol would take over as Chief Executive Officer effective July 15, 2026. The outgoing CEO, Narsimha Shibroor Kamath, was stated to be stepping down as CEO effective July 14, 2026, while continuing as Managing Director. The company positioned this as a leadership transition aimed at continuity in senior management.

The same set of updates also referenced that the board appointed Santosh Parab as Additional Director effective July 3, 2026, linking the governance changes to a broader reshaping of leadership responsibilities.

The wider backdrop: SPA-driven change of control and mandatory open offer

Bliss GVS Pharma has been at the centre of a change-of-control process after an SPA signed in May 2026 triggered an open offer obligation under SEBI’s takeover regulations (SAST), 2011, as amended. The acquirer is Anupam Rasayan India Limited, and the offer is made along with its wholly owned subsidiary Mates Visa Consultancy Private Limited as a person acting in concert (PAC). SBI Capital Markets Limited is named as the manager to the offer.

The open offer was a cash offer for up to 26.00% of the expanded voting share capital, covering up to 2,77,26,848 fully paid-up equity shares (face value ₹1 each) at ₹299 per share. Assuming full acceptance, the total consideration was stated as ₹829.03 crore.

Open offer outcome: negligible tendering at ₹299 vs market price

According to the post-offer report, public participation was negligible because the prevailing market price was described as trading significantly above the offer price (current market price around ₹648.6 in the provided context). Only 1,669 equity shares were tendered and accepted, for a total consideration of ₹4,99,031.

The offer opened on July 28, 2026 and closed on August 10, 2026. Payment of consideration was completed on August 24, 2026. Post-offer, the public shareholding was stated to remain practically unchanged at 52.18% (5,56,47,358 shares).

A key disclosure line also stated that the underlying transaction under the SPA remained “unconsummated” as per the post-offer advertisement, indicating that the SPA closing and related control transfer steps were still pending at the time of that report.

Market reference points and company details shared in disclosures

A price reference in the provided context states that as of June 6, 2025 at 10:01 AM, Bliss GVS Pharma shares were at ₹739.9 on NSE and ₹740.1 on BSE. Separately, the company’s listing identifiers are shown as NSE: BLISSGVS and BSE: 506197, with “ASM” flagged.

The company’s address and contact details in the context are: 102, Hyde Park, Saki Vihar Road, Andheri (East), Mumbai 400072, India; telephone 91-22-4216 0000; website https://www.blissgvs.com; email info@blissgvs.com.

Why the director vote matters for investors tracking control changes

The 97.04% approval for Parab’s appointment provides a clear shareholder-backed signal on board composition at a time when the company is dealing with a proposed change in control. Board and management transitions often become critical milestones in takeover-linked timelines, especially when investors are watching for the formal completion of the SPA and subsequent reconstitution of the board.

Separately, the company’s disclosures also included other governance items, including the passing of resolutions to adopt audited financial statements and re-appoint Narsimha Shibroor Kamath as Managing Director and CEO with 97.68% approval, and the acceptance of the resignation of GM Sachin Saboo effective July 24.

Conclusion

Bliss GVS Pharma’s postal ballot outcome confirms shareholder approval for Santosh Parab’s appointment as a Non-Executive, Non-Independent Director, with voting support of 97.04%. The decision sits alongside a CEO transition effective mid-July 2026 and a takeover-related open offer process where tendering was negligible at ₹299 per share. Investors will continue to track disclosures on the SPA closing, which was described as unconsummated in the post-offer advertisement, and any subsequent board and management reconstitution steps.