Bannari amman sugars Limited has announced the resignation of Independent Director Sri M Ponnuswami, effective April 17, 2026. The resignation was communicated to stock exchanges under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Reason for Resignation

The resignation is attributed to regulatory non-compliance rather than any operational or strategic disagreements. Sri M Ponnuswami was unable to appear for the mandatory Online Proficiency Self-Assessment Test within the timeline stipulated under Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014.

This test is a mandatory requirement under Section 150 of the Companies Act, 2013, for all Independent Directors. As Ponnuswami did not fall under any exemption criteria and failed to complete the assessment within the prescribed timeframe, he became ineligible to continue in his role as Independent Director.

Impact on Board Committees

Following his resignation, Sri M Ponnuswami will also cease to be a member of two key board committees:

Director Details and Confirmations

The departing director provided comprehensive details regarding his resignation:

In his resignation letter, Ponnuswami explicitly confirmed that no other material reasons exist for his departure beyond the regulatory compliance issue. He expressed gratitude to the Board of Directors and management for their support during his tenure.

Board's Response

The Board of Directors has formally acknowledged the resignation and placed on record its appreciation for the valuable contributions provided by Sri M Ponnuswami during his tenure as Independent Director. The company has committed to filing necessary forms as required under the Companies Act, 2013, and informing relevant authorities about the directorial change.

The resignation reflects the company's commitment to maintaining strict compliance with regulatory requirements, even when it necessitates difficult personnel decisions at the board level.

Bannari amman sugars Limited has formally disclosed to stock exchanges that it does not qualify as a "Large Corporate" under the SEBI circular framework for the financial year ended March 31, 2026. The disclosure was made on April 09, 2026, to both NSE and BSE in compliance with regulatory requirements.

Regulatory Compliance Framework

The disclosure was made in reference to multiple SEBI circulars governing fund raising by issuance of debt securities by large entities. The applicable circulars include SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018, SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021, and SEBI/HO/DDHS-RACPOD1/P/CIR/2023/172 dated October 19, 2023.

Financial Position Details

The company provided comprehensive details of its financial standing as part of the mandatory disclosure format:

Corporate Information

Bannari Amman Sugars Limited, incorporated with CIN L15421TZ1983PLC001358, has its registered office at 1212, Trichy Road, Coimbatore - 641 018, Tamil Nadu. The company is listed on both NSE (code: BANARISUG) and BSE (code: 500041) with ISIN number INE459A01010.

Compliance Confirmation

The disclosure was signed by C Palaniswamy, Company Secretary, and M Ramprabhu, Chief Financial Officer, confirming that the company does not meet the applicability criteria for Large Corporate status as defined under the SEBI circular framework. This classification determines the company's obligations regarding debt securities issuance and related regulatory compliance requirements.

The company has designated BSE Limited as the stock exchange where any applicable fines would be paid in case of shortfall in required borrowing under the framework, though this applies only to entities classified as Large Corporates.