Leadership overhaul at VIP Industries: Dilip Piramal named Chairman Emeritus, MD Neetu Kashiramka resigns

Two months after announcing a deal to sell a 32% stake to Multipples Group, VIP Industries has announced a series of changes at the top management level. The company said the resignation of Neetu Kashiramka as Managing Director, saying she will continue in employment until October 31, 2025. The company’s board has appointed Atul Jain as an Additional Director (Managing Director) with effect from September 2025 for five years, subject to approval by the members, the company said in an exchange filing.

The board also accepted the resignation of Dilip Piramal as Chairman. Considering his contribution to the company, he has been appointed as Chairman Emeritus for life on an honorary basis. The company said: “No remuneration in any form whatsoever is proposed to be paid to Dilip Piramal. He will not be a member of the Board. “I, Dilip Piramal, Chairman, tender my resignation from the directorship of VIP Industries on account of the acquisition by Multiples Group, and the consequential proposed change in management. I further confirm there is no other material reason other than as mentioned above for my stepping down from the position of Chairman,” wrote Piramal.

The development came two months after Dilip Piramal and family entered into a definitive agreement to sell up to 32% stake in the company to the Multiples Group consortium. The offer price for the transaction was ₹388 per share.

After more than five decades at the helm of VIP Industries, Dilip Piramal stepped away from the driver’s seat. In a candid exchange with Fortune India, the 75-year-old tycoon explained why he sold a controlling stake in the iconic luggage maker to private equity firm Multiples. “I have created a company, which has been a market leader since its inception over the past 53 years. The past three years, however, have been quite troublesome, as we kept losing market share. Also, the younger generation has different ambitions and interests. Hence, I felt a change of long-term management and ownership is essential for the good of the company and its shareholders,” he said. 

The company board, in a meeting today, also approved the appointment of Renuka Ramnath as an Additional Director and Chairperson, while Sridhar Sankararaman has been appointed as an Additional Director. Shalini D. Piramal has been appointed as an Additional Director, and Rajendra Agarwal as an Additional Director.

Multiples Private Equity Fund IV, along with other acquirers such as Samvibhag Securities, Mithun Padam Sacheti, Siddhartha Sacheti, and Profitex Shares and Securities, had announced an open offer to acquire up to 3.71 crore equity shares of VIP Industries.

Meanwhile, the VIP board has also accepted the resignation of Radhika Piramal, as Vice-Chairperson, Executive Director and the resignation of Ashish Saha as Executive Director. Saha will continue in employment as Senior Vice President – Manufacturing & New Projects.

Besides, the board also accepted the resignation of Ramesh Damani. The company said he has also confirmed there is no other material reason other than as mentioned in his resignation letter for stepping down from the position. Shares of VIP Industries fell 2.06% to Rs 438.80 on the BSE today.