Disclosure of details of Appointment and Resignation of Directors/KMPs and Appointment of Independent Directors and Resignation of Chairman and Independent Director and Reclassification ....
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Kandagiri Spinning Mills has undergone a full change of control after acquirer Akshayam Creations LLP completed its open offer under a Share Purchase Agreement signed on 3 February 2025. On 8 August 2025, the entire existing promoter-led management stepped down: Managing Director R. Selvarajan, Non-Executive Directors S. Devarajan and A. Sarayu, CFO S. Vijay Shankar, and Chairman/Independent Director CA S. Elangovan all resigned. In their place, partners of the acquiring LLP were appointed - S. Sivakumar as new Managing Director (3-year term), Adinarayana Sripathy Kumar as Chairman, Manoj Kumar Maurya as CFO (3-year term), and CA R. Raveendran as a new Independent Director. Akshayam Creations LLP has been reclassified as the new Promoter, while around 30 existing promoters (including a deceased shareholder holding 4.18%) have been moved to the Public category.
This is a major change-of-control event for shareholders - the company's promoter group and top leadership have been entirely replaced by the acquirer's team, which may lead to a shift in business strategy. Investors should expect an open offer-related impact on shareholding structure and watch for any new strategic direction from the new management.