Clarification on Corporate Announcement filed under change in management dated 18th march 2025
LOYALTEX · price
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Awaiting price reaction for this filing.
Loyal Textile Mills has clarified to BSE that Mr. RM Shanmugam joined as Chief Operating Officer (COO) effective 6th March 2025, but was initially in a knowledge transfer period until 18th March 2025. His appointment was formally recommended by the Nomination and Remuneration Committee and approved by the Board on 18th March 2025, which is the date the company considers as the official appointment date. BSE had queried why the 12-hour disclosure norm under Regulation 30 (LODR) was not met from the 6th March effective date. The company explained that the formal board approval came only on 18th March, hence the announcement was filed on the same day.
This is a procedural clarification rather than a material event — no change in the actual management decision. The stock price is unlikely to be affected, though it flags a minor compliance delay that the exchange may or may not take further note of.