Winsome Yarns Limited announced that Manish Bagrodia has vacated the office of Non-Executive Non-Independent Director effective July 10, 2026. The decision follows the constitution of a new Board of Directors on June 23, 2026, pursuant to the resolution plan approved by the National Company Law Tribunal (NCLT). The change was noted and approved by the Monitoring Committee in its meeting held on July 10, 2026.

The resignation is part of the corporate restructuring following the approval of the resolution plan by the Hon'ble NCLT, Chandigarh Bench. The resolution plan was submitted by Mohini Health & Hygiene Limited, the Successful Resolution Applicant, under the Insolvency and Bankruptcy Code, 2016. The NCLT had previously admitted the company into the Corporate Insolvency Resolution Process (CIRP) on December 22, 2023, following an application by Financial Creditor Edelweiss Asset Reconstruction Company Limited.

Regulatory Context

The disclosure was made in compliance with Regulation 30 read with Part A, Para A of Schedule III to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. It also references SEBI Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The powers of the Board of Directors had been suspended since the initiation of CIRP, vesting with the Interim Resolution Professional and subsequently the Resolution Professional.

Details of Change

The following table summarizes the key details regarding the change in directorship:

The filing was submitted by Anil Kohli, Designated Partner & Authorized Signatory of ARCK Resolution Professionals LLP, acting as the Monitoring Professional for Winsome Yarns Limited.

Winsome Yarns Limited has reconstituted its Board of Directors with the appointment of six new members, including Vipan Kumar as Executive Director and Mahesh Fogla as Non-executive Independent Director, effective June 23, 2026. The decision was taken by the duly constituted Monitoring Committee via video-conferencing, following the approval of a resolution plan by the National Company Law Tribunal (NCLT), Mumbai Bench-VI. This move marks the transition of the company from the Corporate Insolvency Resolution Process (CIRP) to operational control under the new board, subject to shareholder approval.

The appointments comply with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The resolution plan was submitted by Successful Resolution Applicant Mohini Health & Hygiene Limited. Prior to these appointments, the powers of the Board were suspended and vested with the Resolution Professional, M/s. ARCK Resolution Professionals LLP, following the initiation of CIRP in December 2023.

The newly appointed directors bring diverse experience in construction, finance, and infrastructure. Vipan Kumar, aged 47, has over 18 years of experience in the construction and real estate sector. Avnish Sarvapriya Bansal, appointed as Non-executive Director and Chairperson, holds a Master's in Business Administration and has previously led a company's transformation in the cotton products sector.

Board Composition

The board now includes three independent directors, ensuring compliance with corporate governance norms. The table below details the designations and categories of the appointed directors:

Independent Directors and Expertise

Mahesh Fogla, a Fellow Member of the Institute of Chartered and Cost Accountants of India, brings over 25 years of experience in finance and strategic planning. Sanjeev Nahar, a civil engineer with over 28 years of experience, has managed more than 20 million sq. ft. of residential and commercial projects. Bibhudutta Satpathy, an infrastructure executive with 34 years of experience, has directed projects worth over ₹12,000 crore.

The term of appointment for all directors is effective from June 23, 2026, and is subject to the approval of members. The tenure extends until the ensuing General Meeting or within three months from the date of appointment, whichever is earlier. The independent directors are not liable to retire by rotation, while the executive and non-executive directors are liable to retire by rotation.