Padam Cotton Yarns Limited concluded its 32nd Annual General Meeting on September 30, 2026, approving key corporate actions including the appointment of a new independent director and an increase in authorized share capital. The meeting, held at the company's registered office in Karnal, saw the adoption of standalone financial statements for FY26.

The board proposed and shareholders approved the appointment of Dharmesh Mithabhai Patel as a non-executive independent director. This addition strengthens the board's governance structure. Additionally, members consented to increasing the authorized share capital, necessitating a subsequent alteration to the capital clause of the Memorandum of Association.

Financial adoption and auditor appointment

Shareholders received, considered, and adopted the standalone audited financial statements for the year ended March 31, 2026. The statutory auditors' report on these statements contained no qualifications, reservations, or adverse remarks. The meeting also confirmed the appointment of M/s. Piyush Kothari & Associates, Chartered Accountants, to fill a casual vacancy in the auditor position.

Voting and attendance details

The meeting commenced at 12:00 pm and concluded at 12:30 pm. A total of 32 members attended the session. Remote e-voting facilities were provided in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Mr. Ashish Goyal served as the scrutinizer for the voting process. Results were scheduled for publication on the company website and CDSL within two working days.

Board composition changes

The following directors were present during the proceedings:

The inclusion of Dharmesh Patel marks a shift in the independent director roster, while the existing leadership team maintained continuity throughout the fiscal year review.

Padam Cotton Yarns Limited board approved a rights issue of up to ₹27 crore on September 10, 2026. The move aims to raise capital through equity shares offered to existing shareholders.

The board also decided to relocate the company's corporate office within Ahmedabad.

Rights Issue Details

The board authorized the issuance and allotment of equity shares with a face value of Re. 1 each. The aggregate amount for the issue is capped at ₹27 crore. Eligible equity shareholders as on the record date, to be notified subsequently, will be able to participate in the issue.

The issuance is subject to receipt of regulatory and statutory approvals. It will be conducted in accordance with Section 62(1)(a) of the Companies Act, 2013 and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Corporate Office Shift

Padam Cotton Yarns Limited will shift its corporate office from Unit No. C-801 on the 8th Floor of Krish Cubical in Thaltej to 118, Sun Gravitas on the 1st Floor near Shyamal Bridge in Satellite, Ahmedabad. The books of accounts will be maintained at the new location.