Filatex Fashions Ltd appointed Pratik Bharatbhai Panchal and Rutvikbhai Mukeshbhai Beladiya as Additional Directors to its Board for a period of five years effective July 07, 2026. The decision was taken during a board meeting held on Tuesday, July 07, 2026. These appointments are subject to the approval of the shareholders of the company.

Based on the recommendation of the Nomination and Remuneration Committee, the Board approved the appointment of Mr. Pratik Bharatbhai Panchal (DIN: 10721812) as an Additional Director in the category of Non-Executive, Independent Director. Additionally, the Board approved the appointment of Mr. Rutvikbhai Mukeshbhai Beladiya (DIN: 10726964) as an Additional Director (Non-Executive).

Director Profiles

Pratik Panchal is an Information Technology graduate with experience in software testing, technical support, and operations management. His expertise includes the Software Testing Life Cycle (STLC), test case preparation, defect reporting, functional testing, regression testing, and user acceptance testing. He has also worked in sales, web research, and cinema operations.

Rutvik Beladiya is an MBA graduate specializing in Finance and Marketing. He has a foundation in business analysis, market research, and strategic planning, gained through internships in business operations and retail marketing. His skills include sales analysis, customer behavior assessment, and cross-functional coordination.

Appointment Details

The disclosures were made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and relevant SEBI Master Circulars. The company confirmed that the appointees are not debarred from holding the office of Director by any SEBI order or other authority.

Filatex Fashions Limited reported a consolidated net profit of ₹283.21 lakh for the year ended March 31, 2026, a decline of 70% from ₹941.95 lakh in the previous year. Revenue from operations for the fiscal year stood at ₹11,544.23 lakh, down 38% from ₹18,580.78 lakh in FY25. The board approved the audited financial results for both standalone and consolidated entities during a meeting held on May 29, 2026. The company published the results in newspapers on May 31, 2026, in compliance with Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The statutory auditor, M/S KPSJ & Associates LLP, issued an unmodified opinion on the results. However, the auditor's report highlighted emphasis of matters, including long outstanding trade receivables without provision for bad debts, non-provision of gratuity liability in accordance with Ind AS 19, and the absence of an enabled audit trail feature in the company's accounting software.

Board Decisions and Governance

In addition to the financial results, the board took note of fines imposed by BSE Limited and National Stock Exchange of India Limited for non-compliance with Regulation 31A(3)(a) and Regulation 6(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company stated it is committed to strengthening its compliance framework to prevent recurrence.

Following the resignation of Mr. Dhruv Rameshbhai Chauhan, the board approved the reconstitution of several committees. Ms. Sonali Sandeep Joshi, Non-Executive Independent Director, was appointed as the Chairperson of the Audit Committee and as a member of the Nomination & Remuneration Committee, Stakeholders Relationship Committee, Corporate Social Responsibility Committee, and Independent Directors Committee.

Financial Performance

The standalone financial results reflected a similar trend, with a net profit of ₹280.49 lakh for FY26 compared to ₹937.33 lakh in the prior year. Standalone revenue from operations was ₹11,219.33 lakh, a decrease from ₹17,848.18 lakh in FY25. For the quarter ended March 31, 2026, the company reported a standalone net profit of ₹32.68 lakh and revenue of ₹2,207.79 lakh.

The board also considered a Conciliation Report received under the Online Dispute Resolution (ODR) Mechanism regarding a dispute between the company and Mr. Bhushan Saindane. The meeting commenced at 8:00 PM and concluded at 8:30 PM on May 29, 2026.