Resignation by Shri Shantanu Daga, Non Executive Non Independent Director.
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Mr. Shantanu Daga, a Non-Executive Non-Independent Director, resigned from the board of Deepak Spinners Ltd on 14 September 2025 with immediate effect, citing differences of opinion with the company's leadership. In his resignation letter, he flagged five consecutive quarters of net losses, which he described as unprecedented in the company's history since 1984. He also raised concerns about the promotion of a recently recruited senior executive to director despite losses occurring under his guidance. Most notably, the letter references the September 2024 arrest of the Chairman and Managing Director on charges of fraudulently transferring the wealth of his parents—including the 88-year-old Chairman Emeritus who founded the company—to himself and his spouse.
This is a significant negative signal for shareholders. A director publicly highlighting alleged fraud by the Chairman/MD, persistent quarterly losses, and questionable governance practices points to serious instability at the promoter level. Investors should expect heightened scrutiny, possible regulatory action, and material downside risk until the company clarifies these issues and the stock is likely to remain under pressure.