Kallam textiles Limited has announced a key board change with the resignation of Mr. Srinivas Petluri as Non-Executive Independent Director. The resignation will take effect on March 21, 2026, marking the end of his tenure with the textile company.

Resignation Details

The company has disclosed the resignation under Regulation 30, providing comprehensive details about the board change. The following table summarizes the key aspects of the resignation:

Reason for Departure

According to the company's disclosure, Mr. Petluri's resignation is attributed to his intention to exploit opportunities in new areas. The decision also reflects his preoccupation with additional commitments that require his attention. The company has emphasized that there are no material reasons for his resignation beyond those specified in the formal resignation letter.

Regulatory Compliance

Kallam Textiles has fulfilled its disclosure obligations by providing the required information to the Bombay Stock Exchange Limited under the corporate governance framework. The company confirmed that several standard disclosure requirements, including brief profile details and relationships between directors, are not applicable in this case of resignation.

Company Background

Kallam Textiles Limited, formerly known as Kallam Spinning Mills Limited, is based in Chowdavaram, Guntur, Andhra Pradesh. The company operates in the textile sector and maintains its corporate governance standards through proper board composition and regulatory compliance.

This board change represents a routine corporate governance matter, with the company ensuring transparent communication to stakeholders and regulatory authorities about the directorial change.

Kallam Textiles Limited has disclosed receiving a caveat petition notice from Union Bank of India regarding proceedings in the High Court of Telangana at Hyderabad. The company informed BSE Limited on 18-03-2026 about receiving this notice served by an advocate on behalf of Union Bank of India concerning the filing of a caveat petition in the High Court.

Legal Proceedings Update

The caveat petition has been filed under Section 148-A of the Code of Civil Procedure in the High Court of Telangana at Hyderabad. This development follows the bank's ongoing enforcement actions under the SARFAESI Act 2002, including asset recovery proceedings against the company.

Background of Asset Recovery Proceedings

The caveat petition relates to Union Bank's ongoing asset recovery efforts against Kallam Textiles Limited. According to the court documents, the bank had issued a Demand Notice under Section 13(2) of the SARFAESI Act on 11-09-2024 and subsequently took possession of secured properties by issuing a Possession Notice dated 12-09-2025. The bank's accounts were classified as NPA on 29-06-2023.

Sale and Auction Proceedings

Union Bank has issued a Sale/Auction Notice dated 06-02-2026 for the sale of secured properties situated in the State of Telangana, with the auction scheduled for 27-02-2026. The caveat petition is filed as a preventive measure to ensure the bank receives notice before any orders are passed on potential writ petitions that Kallam Textiles might file challenging the auction proceedings.

Parties Involved in Proceedings

The caveat petition names several parties as respondents/caveatees in the High Court proceedings:

Legal Strategy and Court Proceedings

The caveat petition is a preventive legal measure filed by Union Bank to ensure they receive notice before any orders are passed on potential writ petitions or interim applications that Kallam Textiles might file against the Sale/Auction Notice dated 06-02-2026. The bank has appointed advocate N V Pruthvi Raju to represent their interests in the High Court proceedings.

Regulatory Compliance

Kallam Textiles made this disclosure under Regulation 30 of SEBI Listing Regulations and the company's policy on determination of materiality for disclosure of events. The company has assured continued updates to the exchange regarding any further developments in this legal matter involving asset recovery proceedings under the SARFAESI Act.