Disclosure of details of Change in Management - Appointment and Resignation of Directors and KMPs and resignation of Chairman and Independent Director and reclassification of Promoter/Public ....
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Awaiting price reaction for this filing.
Kandagiri Spinning Mills has undergone a complete change of management following the takeover by Akshayam Creations LLP. The existing promoter Managing Director R. Selvarajan, two Non-Executive Directors (S. Devarajan and Dr. A. Sarayu), and CFO S. Vijay Shankar all resigned with immediate effect on 08-08-2025. Independent Director and Chairman CA S. Elangovan also resigned as part of the change of control. Four new directors have been appointed from the acquiring LLP: S. Sivakumar as Managing Director, Adinarayana Sripathy Kumar as Chairman, Manoj Kumar Maurya as CFO, and CA R. Raveendran as Independent Director. Additionally, Akshayam Creations LLP and its partners have been reclassified as promoters, while 30 existing promoters have been reclassified to public shareholders after transferring their shares to the acquirer. Deceased promoter M. Rajamani (holding 4.18% equity) was also reclassified to public pending share transmission.
This represents a full change of control at Kandagiri Spinning Mills, with new management from the acquirer LLP now running the company. Shareholders should expect a shift in strategic direction and possible operational restructuring under the new promoter group. Stock may see continued volatility as the market digests the new management and awaits further announcements on business plans.