Disclosure of proceedings of 49th AGM of the Company held on 29-09-2025 at 11.30 am through Video Conference
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Kandagiri Spinning Mills held its 49th AGM via video conference on 29-09-2025, lasting just 16 minutes. The key event was a change of control: Akshayam Creations LLP acquired the erstwhile promoter's shareholding and made an open offer under SEBI Takeover Regulations, with new leadership taking over Board and Key Managerial Positions on 8th August 2025. The Statutory Auditors issued a qualified opinion flagging material uncertainty related to going concern, and the new Chairman acknowledged the need for a turnaround plan to revive the company. All resolutions were passed, including appointment of new Chairman Mr. Adinarayana Sripathy Kumar, Mr. Manoj Kumar Maurya as Whole-time Director & CFO, and new Statutory Auditors for a 5-year term. Six shareholders registered as speakers but none actually participated, and no queries were raised by members. E-voting results were to be submitted by the Scrutinizer within 2 working days.
Shareholders should note the going concern flag from auditors signals serious financial stress, while the new management's takeover and commitment to a revival plan could be a turning point — but execution risk is high. Watch for the e-voting results and any forthcoming announcements on the turnaround strategy.