Suryalakshmi Cotton Mills Board Approves FY26 Audited Results; Reappoints Auditors
Suryalakshmi Cotton Mills approved audited financial results for FY26. No dividend was recommended for FY26. Key auditors were reappointed for FY27. Sri Dhruv Vijai Singh ceases as Independent Director on July 27, 2026, with Sri Venkata Phani Kiran Kumar Immaneni appointed as Additional Director from the same date.
The outcome includes the approval of audited financial results, which is a standard requirement. The re-appointment of auditors and director changes are routine corporate governance matters. The extension of preference share redemption and the redemption of other preference shares are financial management decisions. No dividend declaration is a neutral event for shareholders.
The announcement details the outcome of a board meeting, including financial results, auditor re-appointments, and director changes. While it covers routine corporate actions, there are no significant positive or negative financial highlights or strategic shifts that would strongly influence sentiment.
Suryalakshmi Cotton Mills Limited announced the outcome of its Board Meeting held on May 25, 2026. The Board approved the Audited Financial Results for the fourth quarter and financial year ended March 31, 2026, along with the Statutory Auditors' report, which was issued with an unmodified opinion.
The company's Board has decided not to recommend any dividend for the financial year 2025-26. Additionally, the Board approved the waiver of preference dividend for FY2025-26 for both 10% Cumulative Redeemable Preference Shares and 5% Non-Cumulative Redeemable Preference Shares, following consent from the respective shareholders.
Key appointments and re-appointments were also approved. M/s. K.Vijayaraghavan & Associates, LLP, M/s. S.Hariharan & Associates, and M/s. Brahmayya & Co. were re-appointed as the Internal Auditors, Cost Auditors, and Tax Auditors, respectively, for the Financial Year 2026-27.
The Board approved the notice for the 63rd Annual General Meeting (AGM) and authorized the Chairman to finalize its date and time. Arrangements for the appointment of a scrutinizer and e-voting for the upcoming AGM were also approved. The Directors' Report, including the Management Discussion and Analysis Report and Corporate Governance Report for FY2025-26, was also approved.
Sri Dhruv Vijai Singh will be completing his second and final term as an Independent Director on July 27, 2026. Subsequently, the Board approved the appointment of Sri Venkata Phani Kiran Kumar Immaneni as an Additional Director (Non-Executive and Independent Director) for a term of five years commencing July 27, 2026, subject to member approval.
The Board also approved the reconstitution of its committees, effective July 27, 2026, to reflect the changes in directorship. Furthermore, the redemption period for 5,00,000 10% Cumulative Redeemable Preference Shares was extended to August 17, 2029, and 2,00,000 5% Non-Cumulative Redeemable Preference Shares were approved for redemption on June 30, 2026, from the company's profits. The Board Meeting commenced at 12:30 p.m. and concluded at 4:30 p.m.
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