Disclosure of details of Change in Management - Appointment and Resignation of Directors/KMPs and reclassification of Promoter/Public shareholder pursuant to Open offer
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Kandagiri Spinning Mills has undergone a complete change of management after acquirer Akshayam Creations LLP completed its open offer. The entire existing promoter-director team resigned on 08-08-2025, including Managing Director R. Selvarajan, Non-Executive Directors S. Devarajan and Dr. A. Sarayu, CFO S. Vijay Shankar, and Independent Director and Chairman CA S. Elangovan. In their place, partners of the acquiring LLP have been appointed: S. Sivakumar as Managing Director, Adinarayana Sripathy Kumar as Chairman, Manoj Kumar Maurya as CFO (all 3-year terms), and CA R. Raveendran as an Independent Director. Additionally, 30 existing promoter shareholders, including 3 deceased ones (one of whom, M. Rajamani, held 4.18% equity), have been reclassified as public shareholders, and Akshayam Creations LLP has been reclassified as the new promoter.
This marks a full change of control at the company - the old promoter group has exited and the new acquirer (Akshayam Creations LLP) has taken over the board and management. Shareholders should brace for potential shifts in business strategy, operations, and governance style under the new promoter.