Appointment of Sri Venkata Phani Kiran Kumar Immaneni (DIN: 11737207) as an Additional Director (designated as Non-Executive, Independent Director)
SURYALAXMI · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Suryalakshmi Cotton Mills Ltd's board meeting on 25 May 2026 approved the appointment of Sri Venkata Phani Kiran Kumar Immaneni (DIN: 11737207) as an Additional Director, designated as Non-Executive Independent Director, for a 5-year term from 27 July 2026 to 26 July 2031, subject to shareholder approval. He is a banking professional with over 33 years of experience, including 15 years in China and Hong Kong, and previously served as Chief Executive and Country Head for Indian banks' overseas operations. Concurrently, Sri Dhruv Vijai Singh's second and final term as Independent Director ends on 27 July 2026, completing his tenure. The board also approved FY 2025-26 audited results with an unmodified opinion, no dividend recommendation, reappointment of internal/cost/tax auditors, preference share dividend waiver, and extension of redemption of 5 lakh 10% preference shares to August 2029 for better cash flow management.
The new independent director appointment fills a planned board vacancy following Sri Dhruv Vijai Singh's term-end, bringing international banking expertise to the board. The preference share redemption extension and non-cumulative preference share redemption of Rs 2 crore indicate careful cash flow management. Overall, this is a routine board transition with no governance concerns.