Kati Patang Lifestyle Limited appointed Sanjay Kumar Jain as chairperson for a five-year term effective September 7, 2026. The board also approved the annual report for FY26 and scheduled the 34th annual general meeting for September 30, 2026.

Gokul Naresh Tandan resigned as chairperson but will continue serving as managing director. The leadership change addresses SEBI LODR regulations regarding independent director composition after Mr. Jain’s designation changed from independent to non-executive director.

Board Approvals and AGM Details

The board of directors approved the company’s board report and annual report for the financial year ended March 31, 2026. Shareholders are scheduled to vote on these matters at the 34th annual general meeting.

The meeting will be conducted through video conferencing or other audio-visual means. NSDL has been appointed to conduct the online voting procedure, while CS Saket Billa serves as the scrutinizer for both remote and physical voting processes.

Leadership Transition Rationale

Mr. Sanjay K. Jain’s designation change triggered a regulatory requirement adjustment. The company previously maintained a 50% independent director combination. With Mr. Jain moving to a non-executive role, the requirement shifts to one-third independent directors if a non-promoter non-executive director serves as permanent chairperson.

Mr. Tandan offered his resignation from the chairperson role in this context. The board recommends shareholders approve his resignation and Mr. Jain’s appointment at the upcoming AGM. Mr. Jain’s appointment is honorary without payment.

Shareholder Logistics

The register of members and share transfer books will remain closed from September 23, 2026, to September 29, 2026, inclusive. This book closure period determines eligibility for voting rights at the annual general meeting.

The company will dispatch the AGM notice and annual report to shareholders via email where available, or by post through the registrar and transfer agent.

Kati Patang Lifestyle Limited issued a first reminder notice on August 29, 2026, urging shareholders to pay the outstanding first and final call on partly paid-up equity shares. The company set a deadline of September 15, 2026, for the payment of ₹10 per share. Failure to comply will render the shares liable for forfeiture.

The notice pertains to the rights issue approved in July 2025, where the company allotted 1,02,56,651 partly paid-up equity shares at an issue price of ₹20 per share. Shareholders initially paid ₹10 as application money. The remaining balance of ₹10 constitutes the first and final call.

Payment Status and Outstanding Amounts

The company reported receiving the first and final call money on 71,16,572 shares. Consequently, it allotted fully paid-up equity shares to these holders on April 27, 2026. As of the notice date, 31,40,079 partly paid-up equity shares remain unpaid. These shares carry a face value of ₹10 each but have a paid-up value of only ₹5 each.

Payment Window and Methods

Shareholders must remit the payment between September 1, 2026, and September 15, 2026. The company waived interest charges for payments made within this period. Payments are accepted only via NEFT or RTGS into the designated Punjab National Bank account. Cash payments and part payments are strictly prohibited. Third-party payments may be rejected unless verified with scanned cheque copies.

Forfeiture and Conversion Process

The notice warns that non-payment during the stipulated period will lead to the forfeiture of the partly paid-up equity shares, including the amount already paid. This action aligns with the Companies Act, 2013, and the company's Articles of Association. Upon successful payment, the depositories will convert the partly paid-up shares into fully paid-up ordinary shares under ISIN INE237C01016. This corporate action is estimated to complete within two weeks of the payment deadline.

What the Numbers Show

The conversion rate of the rights issue reveals significant participation gaps. While approximately 69% of the allotted shares (71,16,572 out of 1,02,56,651) have been fully paid, roughly 31% remain outstanding. This indicates that a substantial portion of eligible shareholders either declined to exercise their rights fully or failed to meet the initial call deadline, leaving them exposed to forfeiture risks if they do not act within the new window.