Borana Weaves Limited has appointed Ishant Jain as Company Secretary and Compliance Officer, and Kunjal Dalal as Secretarial Auditor, effective July 29, 2026. The Board of Directors approved these appointments during a meeting held on the same day to fill casual vacancies and ensure continuous statutory compliance under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This governance restructuring aims to streamline regulatory oversight following the resignation of the previous Secretarial Auditor, Jitendrakumar Rewashankar Rawal, who stepped down on July 24, 2026.

The appointments were made pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, based on the recommendation of the Nomination and Remuneration Committee. Mr. Jain, an Associate Member of the Institute of Company Secretaries of India (ACS No. A42601), brings over 10 years of experience in corporate secretarial, regulatory, and compliance functions. His role encompasses SEBI regulations, stock exchange compliances, corporate governance, and investor relations. Simultaneously, the Board engaged K. Dalal & Co., with Mr. Dalal as Proprietor, to serve as the Secretarial Auditor until the ensuing Annual General Meeting. Mr. Dalal holds FCS No. 3530 and CP No. 3863, with over three decades of experience in Company Law and Securities Laws.

Key Appointments and Roles

The Board consolidated several compliance functions to enhance governance efficiency. Alongside his role as Secretarial Auditor, Mr. Dalal was designated as the Practising Company Secretary and the Scrutinizer for remote e-voting at the upcoming Annual General Meeting. The filing confirms that there is no relationship between the appointees and the company’s directors, ensuring independent audit coverage.

Regulatory Compliance and Penalty Waiver

The Board also addressed a notice from the National Stock Exchange of India Limited (NSE), Notice No. NSE/LIST-SOP/FINES/0717 dated June 30, 2026. The exchange levied a fine for non-compliance or delayed compliance with Regulation 33 of the SEBI (LODR) Regulations, 2015. Borana Weaves characterized the breach as an inadvertent and unintentional error, stating it was neither deliberate nor motivated by mala fide intentions. The company paid the applicable fine on July 24, 2026, after deducting applicable Tax Deducted at Source (TDS). However, the Board authorized management to submit an application to the NSE seeking a waiver or refund of the penalty, aiming to resolve regulatory discrepancies while maintaining its standing with stock exchanges.

What the Numbers Show

The rapid transition in secretarial oversight is notable. The resignation of the outgoing Secretarial Auditor occurred just five days before the new appointment, suggesting a coordinated effort to minimize any gap in statutory coverage. Furthermore, the consolidation of secretarial auditing, professional secretarial services, and AGM scrutiny under a single firm (K. Dalal & Co.) indicates a strategic move to streamline communication between the company’s internal governance teams and external regulators. This structural change aims to prevent future inadvertent non-compliances that led to the recent NSE penalty.

Borana Weaves has received approval from the Ministry of Textiles to participate in Round 3 of the Production Linked Incentive (PLI) Scheme for Textiles. The company was inducted as a participant in the Man-Made Fibre (MMF) Fabrics segment under the Part-2 category. This development follows a letter of selection dated June 16, 2026, and the company's subsequent confirmation to establish a separate project unit for the scheme.

The Ministry of Textiles conveyed the approval via a letter dated July 18, 2026. The approval is subject to the company abiding by the provisions of the PLI Scheme and its guidelines. The Ministry clarified that the approval does not guarantee disbursement of incentives, which will depend on the verification of cumulative new domestic investment, turnover of notified products, and value addition calculations.

Key Details of Approval

The company confirmed its participation for setting up a separate project unit under the participant company, Borana Weaves Limited, to engage in the PLI Scheme. The approval letter was signed by Bhaskar Kalra, Under Secretary to the Government of India (Manmade Fibre Section).