PSPasari Spinning Mills521080Leadership appointment or

Additional director appointed; chairman and an independent director resign from the board

Board approved Mr. Prem Bharath Bist as Additional Director (Non-Executive Non-Independent) with effect from October 30, 2026.

By ScoutQuest · Fri 30 Oct 2026, 10:18 PM IST · 2 min read

New Additional Director

Mr. Prem Bharath Bist, Non-Executive Non-Independent, effective October 30, 2026

Chairman Resignation

Mr. Kolagunda Kumar Siddappa resigned as Non-Executive Non-Independent Director and Chairman, effective October 30, 2026

Independent Director Resignation

Ms. Sheila Arvind resigned as Independent Director, effective October 30, 2026

Board changes were disclosed to the exchanges on 30th October 2026, with three decisions taken by the Board on the recommendation of the Nomination and Remuneration Committee.

New additional director

• Mr. Prem Bharath Bist has been appointed as an Additional Director in the Non-Executive Non-Independent category with effect from October 30, 2026.
• The appointment is subject to the approval of shareholders at the next General Meeting of the Company or within three months from the date of appointment, whichever is earlier. He shall be liable to retire by rotation.
• The update states that he has confirmed he is not debarred from holding the office of Director under any SEBI order or other such authority, and that he is not related to any Director on the Board.
• His brief profile: he has completed secondary education and is engaged in private employment, with knowledge of the textile industry and a working knowledge of the silk industry.

Chairman steps down

• Mr. Kolagunda Kumar Siddappa has resigned from the position of Non-Executive Non-Independent Director and Chairman of the Company with effect from the closure of the meeting on October 30, 2026.
• The disclosure records that he holds directorships in no listed entities.

Independent director resigns

• Ms. Sheila Arvind has resigned from the position of Independent Director of the Company with effect from the closure of the meeting on October 30, 2026.
• She has confirmed that there are no material reasons for her resignation other than those mentioned in her resignation letter.
• She is an Independent Director at Avana Electrosystems Limited and Spectraa Technology Solutions Limited. Her committee positions include Audit Committee Member and Nomination and Remuneration Committee Chairperson and Member at Avana Electrosystems Limited, and Audit Committee Chairperson, Nomination and Remuneration Committee Chairperson and CSR Committee Member at Spectraa Technology Solutions Limited.

What a retail investor can take away

• Two directors, including the Chairman, leave the board on the same date that a new Non-Executive Non-Independent Director joins, so the board and its committee composition changes.
• The new appointment is an interim arrangement until shareholders decide, and approval is required within three months or at the next General Meeting, whichever is earlier.
• The departing independent director has confirmed that there are no material reasons for her exit beyond what is stated in her resignation letter.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

About ScoutQuest · Logos provided by Logo.dev