Whole-Time Director S. Indirakumar resigned from Indrayani Biotech Limited effective March 16, 2026, citing persistent governance failures, statutory non-compliance, and financial mismanagement. The director alleged that the company's affairs were conducted unilaterally by the dominant management group, excluding him from decision-making despite holding over 10.7% of the issued share capital. This resignation follows previous disclosures made by the company on March 20, 2026, and March 24, 2026, regarding the matter.

The resignation letter highlights severe statutory breaches, including an Income Tax demand of ₹13,29,94,040 for Assessment Year 2023–24. Indirakumar stated that GST collected from clients between September 2025 and January 2026 was neither filed nor remitted to the government. Additionally, Tax Deducted at Source (TDS) deducted from employee salaries was not deposited with the authorities for four consecutive financial years, spanning 36 months. The company also reportedly failed to pay ESI and EPF dues from October 2025 onwards.

Governance and Operational Issues

Indirakumar alleged that Board meetings held on September 30, 2025, and February 26, 2026, violated mandatory notice provisions under the Companies Act, 2013. He claimed his requests for agenda inclusion and participation via video conferencing were ignored. Furthermore, Board minutes for the past seven years were allegedly withheld, and dissenting views were not recorded.

The director also raised concerns about related party transactions involving HSL Agri Solutions Ltd., which he claimed was used to route supply chain operations without Board approval or disclosure. He alleged this resulted in the diversion of company profits.

Financial Liabilities and Demands

The resignation details a significant financial crisis within the catering operations, which were merged into the company in 2018. Indirakumar noted that no dividend had been declared or paid to shareholders since the merger in April 2018. He listed outstanding interest liabilities on private finance loans and an Axis Bank overdraft facility, which has been frozen.

Indrayani Biotech stated in its regulatory filing that it is seeking appropriate legal advice on the way forward and reserves its rights in this regard. The company disclosed the resignation letter to BSE Limited on May 27, 2026, pursuant to Regulation 30 of the LODR Regulations.

Indrayani Biotech Limited has revised the timeline for its partly paid-up rights issue, extending the subscription window by one month. The Rights Issue Committee approved the changes at its meeting on May 25, 2026, shifting the issue period to allow shareholders more time to participate.

The rights issue was originally scheduled to be open from May 27, 2026 to June 25, 2026. Under the revised schedule, the issue will now open on June 25, 2026 and close on July 24, 2026. Consequently, the last date for on-market renunciation of rights shares has been moved from June 16, 2026 to July 20, 2026.

Revised Rights Issue Schedule

The company confirmed that apart from the adjustments to the opening, closing, and renunciation dates, there are no other changes to the issue documents. The revised Letter of Offer (LOF), Abridged Letter of Offer (ALOF), Composite Application Form (CAF), and Entitlement Letter will be available on the BSE website and the company's official website.

Ramya Ravi, Company Secretary and Compliance Officer, signed the disclosure regarding the schedule revision.