Change in Director / Key Managerial Personnel
Nature of change: Appointment of Additional Director
Name and DIN: Mrs. Aradhana Nayak (DIN: 08536989)
Effective date and tenure: Appointed as Additional Director in the category of Non-Executive Independent Woman Director with effect from August 14, 2026. The term of appointment as an Independent Director shall be for a period of 5 years, subject to shareholder approval.
Brief profile: Mrs. Aradhana Nayak is a postgraduate and holds a Diploma in Electronics and Telecommunication Engineering. She has experience in technical and analytical fields with expertise in electronics and telecommunication systems. Her academic background and technical expertise provide strong analytical and problem-solving capabilities relevant to the company's operations.
Confirmation of eligibility: She has confirmed that she satisfies the criteria of independence prescribed under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. She is not debarred from holding the office of Director by any SEBI order or statutory authority.
Relationship with other directors: Mrs. Aradhana Nayak is not related to any Director or Key Managerial Personnel of the Company.
Key Financial or Operational Approvals
The Board of Directors considered, approved and took on record the Un-Audited Standalone and Consolidated Financial Results of the Company for the Quarter ended June 30, 2026 along with the Limited Review Report from the Statutory Auditors.
Standalone Financial Results (Rs in Lakhs):
- Total Revenue: ₹0.00
- Total Expenditure: ₹219.64
- Loss from Operations before Exceptional Items: ₹(219.64)
- Net Loss for the period: ₹(219.64)
- Basic EPS: ₹(0.17)
Consolidated Financial Results (Rs in Lakhs):
- Total Revenue: ₹0.00
- Total Expenditure: ₹5,115.92
- Loss from Operations before Exceptional Items: ₹(5,115.92)
- Net Loss for the period: ₹(5,115.92)
- Basic EPS: ₹(4.04)
Auditor's Qualification: The auditors noted that the company has not provided for Finance Cost in the Financial Results since there has been no charge or levy of finance cost received from lenders. The same would be provided on receiving such intimation from lenders.
Strategic or Business Context
The company operates only in the Textiles Business segment. The National Company Law Tribunal (NCLT) has initiated Corporate Insolvency Resolution Process (CIRP) against key subsidiaries ShriVallabh Pittie South West Industries Limited (order dated October 10, 2023) and ShriVallabh Pittie Industries Limited (order dated March 7, 2024). Financial information for consolidation was requested from respective IRPs of both companies but was not received as of the result date, so these subsidiaries were not consolidated.
Any Other Material Information
Pending Legal Matter: Indian Bank has filed a petition with NCLT under Section 7 of the Insolvency and Bankruptcy Code, 2016, alleging that the company has defaulted in repayment of dues amounting to ₹35.63 crores. The matter is currently pending before NCLT for admission.
Finance Cost Treatment: The company has borrowings to be repaid to lenders where instances of non-compliance with certain debt covenants occurred and monies were recalled by lenders. No finance cost has been provided in the Financial Results since there has been no charge or levy of finance cost received from lenders.
Subsidiary Information: The consolidated results include:
- 1 Indian subsidiary (Shrivallabh Pittie Enterprises Private Limited) with no revenues, net loss of ₹3.03 lakhs
- 2 foreign subsidiaries (SV Pittie Trading (FZC) LLC and SV Pittie Sohar Textiles [FZC] LLC) with no revenues, net loss of ₹4,893.25 lakhs