Sai Silks (Kalamandir) Limited has expanded its retail footprint by launching a new store under the Kalamandir format in Mysore, Karnataka. The inauguration occurred on August 07, 2026, strengthening the company’s presence in the southern market. This expansion supports the firm’s strategy to increase accessibility for customers seeking traditional silk products through dedicated branded outlets.

The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company notified both the Bombay Stock Exchange and the National Stock Exchange of India Limited regarding the new opening. M.K. Bhaskara Teja, Company Secretary and Compliance Officer, signed the intimation.

Store Details

Brand Portfolio Context

Sai Silks operates multiple retail formats to cater to diverse customer segments. Alongside Kalamandir, the company maintains other brands including Vara Mahalakshmi Silks and KLM Fashion Mall. The new Mysore outlet adds to the existing network of Kalamandir stores, which are known for their focus on premium silk sarees and ethnic wear.

What This Means

The addition of a new store in Mysore indicates continued investment in physical retail infrastructure. For investors, this reflects the company’s confidence in demand growth in tier-2 cities within Karnataka. The move aligns with broader trends in the textile retail sector where brands are prioritizing localized presence to capture regional preferences.

Sai Silks (Kalamandir) Limited has issued a corrigendum to the notice of its 18th Annual General Meeting (AGM), scheduled for August 10, 2026, to rectify omissions regarding maximum tenure limits in two draft resolutions. The Hyderabad-based textile retailer identified that the original notice, dispatched on July 17, 2026, failed to specify the duration of appointment for its incoming Chief Executive Officer (CEO) and the period for which commissions would be payable to independent directors. The revised documents, which supersede the earlier drafts, are now integral to the AGM proceedings and will be voted upon via e-voting.

The corrigendum addresses Item No. 5 and Item No. 7 of the AGM notice. Under Item No. 5, the company seeks shareholder approval for the appointment of Mr. Bharadwaj Rachamadugu as CEO. The revised resolution explicitly states that the appointment is for a period of five years, effective from May 12, 2026. Mr. Rachamadugu, who is currently serving as Senior Vice President, will receive a monthly remuneration of ₹5,00,000. He is a related party, being the son-in-law of Managing Director Nagakanaka Durga Prasad Chalavadi, which necessitates approval under Section 188 of the Companies Act, 2013.

Item No. 7 pertains to the payment of commission to Non-Executive Independent Directors. The original resolution did not define the timeframe for this compensation structure. The corrected resolution specifies that the commission shall be payable for a maximum period of five years, commencing from the financial year 2026-27. The aggregate commission payable to all such directors shall not exceed 0.5% of the net profits of the company per annum, computed in accordance with Section 198 of the Companies Act, 2013. This payment is in addition to sitting fees for attending board or committee meetings.

Mr. Rachamadugu brings over 11 years of experience across retail, finance, and textiles, with more than eight years associated with Sai Silks. His portfolio includes leading the company’s Initial Public Offering (IPO) process, overseeing investor relations, and driving digital transformation initiatives. The Board of Directors, acting on recommendations from the Nomination and Remuneration Committee and the Audit Committee, determined that his remuneration is commensurate with his qualifications and the company’s operational scale.

The proposal to pay commissions to independent directors aims to retain their expertise in strategic leadership, governance, and financial oversight. The Nomination and Remuneration Committee recommended this structure during its meeting on July 15, 2026, noting that independent directors contribute significant time and attention to board deliberations. The actual amount payable to each director will be determined by the Board based on appropriate parameters, within the statutory cap.

Shareholders are advised that votes cast previously on the uncorrected drafts for Items 5 and 7 will be construed in light of these revisions. The e-voting facility and timeline remain unchanged as per the original AGM notice. All other contents of the AGM notice remain unaffected by this corrigendum.