Classic filaments Limited has announced the resignation of five directors and key managerial personnel following the successful completion of an open offer, marking a significant transition in the company's leadership structure. The resignations were formally communicated to BSE Limited on March 21, 2026, in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Complete Board Exodus Details

The company witnessed mass resignations of its entire leadership team, all effective from the close of business hours on March 22, 2026. The departing leadership cited the successful completion of the open offer and consequent change in control as the primary reason for their resignations.

Director and CFO Resignation Details

Mr. Bharat Patel formally submitted his resignation from the dual position of Director and Chief Financial Officer, effective from the close of business hours on March 22, 2026. In his resignation letter, he confirmed that the resignation was consequent to the change in control following the successful open offer made by Mr. Sumit Bansal, Mr. Vikkas Bansal, Mr. Tarun Jain, and Mr. Varun Jindal.

Patel confirmed that there are no material reasons for his resignation other than the change in control of the company and stated he has no claim against the company for loss of office except as may be payable in accordance with the terms of his appointment. He also committed to extending necessary cooperation for smooth transition if required.

Managing Director Resignation Confirmation

Mr. Jayanti Gaudani formally submitted his resignation from the position of Managing Director, effective from the close of business hours on March 22, 2026. In his resignation letter, he confirmed that the resignation was consequent to the change in control following the successful open offer made by the same group of acquirers.

Gaudani confirmed that there are no material reasons for his resignation other than the change in control of the company and stated he has no claim against the company for loss of office except as may be payable in accordance with the terms of his appointment.

Regulatory Compliance and Disclosures

The company has filed comprehensive disclosures with BSE Limited under Regulation 30 of SEBI Listing Regulations, providing detailed annexures for each director's resignation. All resigning directors confirmed they hold no other directorships or key managerial positions in any other listed companies.

The independent directors, Mr. Bhavesh Dholiya and Mrs. Arunaben Kachchhi, specifically confirmed that there are no material reasons for their resignations other than those mentioned in their resignation letters. The resignations represent a complete leadership transition following the successful open offer and change in management control of Classic Filaments Limited.

Classic Filaments Limited has announced a major ownership restructuring that will see four new acquirers take control of 68.51% of the company's equity capital. The transaction involves the acquisition of 41,88,549 equity shares from existing promoters through a Share Purchase Agreement, marking a significant change in the company's promoter structure.

Acquisition Details

The acquirers - Mr. Sumit Bansal, Mr. Vikkas Bansal, Mr. Tarun Jain, and Mr. Varun Jindal - have entered into agreements with four existing promoter shareholders. The transaction details are structured as follows:

Regulatory Compliance Framework

The transaction is being conducted in accordance with Regulation 31A(5) and 31A(10) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Upon successful completion of the open offer, the four acquirers will be classified as new promoters of the company, while the existing promoters and related persons will be reclassified under the public category.

Promoter Reclassification Conditions

The company has received undertakings from erstwhile promoters confirming compliance with specific regulatory conditions. Under Clause (b) of sub-regulation (3) of Regulation 31A, the promoters seeking reclassification have committed to several restrictions:

• Not holding more than 10% of total voting rights collectively
• Not exercising control over company affairs directly or indirectly
• Having no special rights through formal or informal arrangements
• Not being represented on the board of directors
• Not acting as key managerial personnel
• Not being classified as wilful defaulters or fugitive economic offenders

Company Compliance Status

As part of the reclassification process, Classic Filaments Limited has confirmed compliance with additional regulatory requirements. The company has verified that trading in its shares is not suspended by stock exchanges and that there are no outstanding dues to SEBI, stock exchanges, or depositories.

Corporate Communication

The formal intimation was communicated to BSE Limited on March 18, 2026, by Mr. Bharat Patel, Director and CFO of Classic Filaments Limited. The communication was made pursuant to the company's listing obligations and ensures transparency in the ownership transition process. This development represents a significant milestone in the company's corporate governance structure and ownership pattern.