Akshar Spintex Limited has informed the Exchange regarding Cessation of Parshotam Lakhabhai Vasoya as Independent Director of the company w.e.f. August 22, 2026.
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Akshar Spintex Limited informed the exchanges that the special resolution to reappoint Mr. Parshotam Lakhabhai Vasoya as Independent Director for a second term did not pass at the AGM held on 25th August 2025. The Board had originally proposed the reappointment at its meeting on 1st August 2025, but shareholders rejected the resolution through voting. As a result, Mr. Vasoya's position as Independent Director will fall vacant on or after 22nd August 2026, and the company stated it will look for a replacement. The filing also clarified that Mr. Vasoya is not debarred by any SEBI order and holds no directorship in any other listed company.
This is a notable governance event — shareholders used their voting power to block the reappointment of an independent director, which is uncommon and could raise concerns about board-level disagreements or investor dissatisfaction. The vacancy will only take effect in August 2026, giving the company time to find a replacement, but the underlying message from shareholders may weigh on sentiment toward the stock.