New Company Secretary & Compliance Officer Appointed; Rs.20.27 Crore IPO Balance Redirected to New Stores

Two decisions from the Board and Audit Committee meeting on September 29, 2026.

Tue 29 Sep 2026

Company Secretary Appointment

Ms. Shilpa Kotagiri appointed Company Secretary & Compliance Officer effective October 01, 2026

Previous Company Secretary Resignation

Mr. Bhaskar Teja resigned effective 16.09.2026

IPO Proceeds Reallocation

Rs.20.27 Crores earmarked for warehouses redirected to setting up new stores

Implementation Deadline

New stores to be set up on or before 31st March, 2027

Warehouse Funding

Warehouses will be pursued and funded by internal accruals

What was shared

The Audit Committee and the Board of Sai Silks (Kalamandir) met on September 29, 2026 and took two decisions: a change in the key compliance role, and a re-direction of the remaining IPO money.

Company Secretary change

• Ms. Shilpa Kotagiri appointed as Company Secretary and Compliance Officer, a Key Managerial Personnel, effective October 01, 2026.
• She replaces Mr. Bhaskar Teja, who resigned from the office effective 16.09.2026.
• ICSI membership number A23208; qualifications include B.A. LL.B, LL.M and Company Secretary (ACS); stated expertise in corporate laws.
• No relationship with directors is disclosed (Nil).

This is a statutory role every listed company must fill — the Compliance Officer is the point of contact for the exchanges. The gap between the resignation and the new appointment is short.

IPO proceeds: what changed

• The Company confirms it has utilised the entire IPO proceeds as per the Prospectus dated September 23, 2023 (read with earlier revisions), except Rs.20.27 Crores earmarked for setting up warehouse(s).
• Reason given for the delay: unexpected delays in legal diligence and related matters.
• The Board resolved that this Rs.20.27 crores be deployed for setting up of new stores within a maximum period of six (6) months, i.e., on or before 31st March, 2027.
• The Company will simultaneously pursue setting up the warehouses as originally contemplated in the Prospectus, funded from internal accruals.

Process and approvals

• The Board notes the change is a timeline extension plus an inter-head revision within threshold limits, falling within the Board's powers, so shareholder approval is not required.
• The quarterly Monitoring Agency Report along with the Statement of Deviation will continue to be placed before the Audit Committee and submitted to the stock exchanges.

How investors may read it

On one hand, a second extension on the same warehouse allocation (an earlier extension was communicated on March 29, 2026) shows the original plan has slipped. On the other, the Board is moving the funds into new stores with a defined six-month deadline rather than leaving them idle, and states that interim use of satellite warehouses and alternate options means business operations and growth plans are not hindered.

The Board meeting commenced at 11.45 A.M. and concluded at 2.40 P.M.

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