Filatex Fashions Limited has received no-objection certificates from both BSE Limited and National Stock Exchange of India Limited for the reclassification of two promoters under SEBI regulations, marking a significant development in the company's corporate structure.

Exchange Approvals Received

The company informed the stock exchanges on April 10, 2026, about receiving no-objection certificates for promoter reclassification under Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Both exchanges issued their approvals on April 09, 2026.

Promoters Seeking Reclassification

The reclassification involves two promoters who will move from the "Promoter" category to "Public" category, subject to approval from members in their meeting. This represents a different set of promoters compared to a previous application that was withdrawn.

Regulatory Compliance Requirements

Both BSE and NSE have granted their no-objection for the reclassification request, with specific compliance requirements outlined in their approval letters. The exchanges have mandated that the company ensure compliance with subsequent relevant disclosures of material events related to this reclassification.

Previous Application History

This development follows a previous reclassification application that was withdrawn in April 2026, which involved different promoters - Mr. Mahavir Golechha and Ms. Shailaja Katar - who decided to maintain their promoter status. The current application represents a separate corporate action involving Prashant Kumar Sethia and Rajkumar Sethia.

The communication was signed by Prabhat Sethia, Managing Director with DIN 00699415, and digitally authenticated on April 10, 2026. The company has requested both exchanges to update their records accordingly, with the reclassification now subject to member approval in the upcoming meeting.

Filatex Fashions Ltd. successfully concluded its Board of Directors meeting on April 3, 2026, approving several significant proposals for capital expansion and fundraising. The meeting, which was previously scheduled in compliance with Regulation 29 of SEBI regulations, resulted in multiple strategic decisions to strengthen the company's financial position.

Foreign Currency Convertible Bonds Approval

The board has approved raising funds through Foreign Currency Convertible Bonds (FCCBs) for an aggregate amount not exceeding USD 100 million. The issuance will be conducted in one or more tranches, subject to member approval and regulatory clearances.

The proposed issuance will be undertaken in accordance with the Companies Act, 2013, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and other applicable laws. The board has also constituted an FCCB Committee to oversee and execute the proposed issuance.

Authorized Share Capital Increase

The board approved a significant increase in the company's authorized share capital to accommodate future growth requirements. The expansion reflects the company's strategic vision for scaling operations.

Investment and Lending Approvals

The board considered and approved proposals for providing loans, guarantees, securities, and investments up to ₹2,000 crores under Section 186 of the Companies Act, 2013. This approval exceeds the prescribed limits and requires shareholder approval through a Special Resolution in General Meeting.

Governance and Compliance Measures

The company has appointed Mr. Sachin Singh, Practicing Company Secretary (Membership No. 67686, CP No. 28269), as the Scrutinizer for the upcoming Extra-Ordinary General Meeting. The board meeting commenced at 2:15 PM IST and concluded at 4:15 PM IST.

The formal communication was signed by Prabhat Sethia, Managing Director (DIN: 00699415), and submitted to BSE Limited and National Stock Exchange of India Limited. All proposals are subject to necessary regulatory approvals and shareholder consent through appropriate resolutions.