With reference to BSE email dated 6.8.2025, we hereby submit revised outcome containing additional details required under SEBI Circular dated Nov 11 2024 - Resignation of Independent Director
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On the reaction day the stock moved 1.5 pts less than Nifty Microcap 250 and 1.1 pts less than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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B.K. Patodia, Non-Executive Chairman, retired from the board on August 5, 2025 citing advancing age and health concerns, and was given a lifetime 'Chairman Emeritus' title. His elder son Umang Patodia, already Managing Director, was elevated to Chairman for a five-year term effective August 6, 2025. Independent Director V.N. Balakrishnan also resigned on the same date citing age and personal reasons, while C.K. Gopalakrishnan Nair was reappointed as Independent Director for a second five-year term. Q1 FY26 (standalone) results showed revenue from operations of Rs 1,119 lakhs (down from Rs 1,365 lakhs YoY) and a net loss of Rs 236 lakhs, roughly flat versus the Rs 237 lakh loss a year ago. The auditor flagged a material going-concern uncertainty, noting eroded net worth and the company's reliance on a new debt restructuring plan with lenders to revive cotton yarn manufacturing.
Shareholders are seeing a clear promoter-family succession with the founder's son taking over as Chairman, which provides continuity but also concentrates promoter control. The persistent quarterly losses and going-concern flag continue to weigh on the stock, though a new resolution plan with lenders and planned restart of yarn manufacturing could be a turnaround trigger if approved.