John Kuttukaran Paul, whole-time director of Popular Vehicles and Services Ltd, resigned from the company’s board on October 8, 2026, with immediate effect, following a family settlement among the promoter family, the company told the BSE and NSE in a filing the same day.
The filing was signed by Varun T.V., Company Secretary and Compliance Officer. The company said the family settlement had been intimated to the stock exchanges on October 5, 2026.
In his resignation letter addressed to the board, Paul said the family members had developed distinct visions and strategic aspirations for the growth and governance of the family businesses. He said the family agreed on a settlement to give each member the freedom to pursue their respective goals.
Paul added that the family executed a Memorandum Recording Family Arrangement on October 1, 2026. Under it, management and operational control of the company and its subsidiaries will continue to vest in the continuing promoters, Francis K. Paul and Naveen Philip.
As the outgoing promoter, Paul will step down from his board positions in the listed entity and its subsidiaries. He will take over and focus on specific partnerships, educational trusts and other specified companies forming part of the family business, as agreed upon.
Paul confirmed that his resignation is solely pursuant to the inter-se family settlement agreement and that there are no other reasons for his departure from the board.