SEL Manufacturing Company Limited has informed stock exchanges about the resignation of its Company Secretary cum Compliance Officer, marking a key leadership change in the organization's compliance function.

Leadership Transition Details

Ms. Ratika Khandelwal (A-62610), who served as Company Secretary cum Compliance Officer, has resigned from her position due to personal reasons. The resignation became effective from the close of business hours on March 13, 2026.

Regulatory Compliance

The company has fulfilled its regulatory obligations by notifying both BSE Limited and National Stock Exchange of India Limited about this leadership change. The intimation was made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The notification specifically complies with sub-para 7C of Para A of Part A of Schedule III of LODR Regulations, ensuring transparency in corporate governance matters. The company also referenced SEBI Circular No SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, demonstrating adherence to current regulatory guidelines.

Formal Documentation

Ms. Khandelwal submitted her formal resignation letter to the Board of Directors, expressing gratitude for the opportunities and learning experiences during her tenure. In her resignation letter, she acknowledged the support and cooperation extended by the Board of Directors and management throughout her association with the company.

The resignation letter also requested the Board to arrange for filing necessary forms and compliances with the Registrar of Companies, ensuring proper procedural completion of her departure.

Company Information

SEL Manufacturing Company Limited, with CIN L51909PB2000PLC023679, operates from its registered office at 274, Dhandari Khurd G.T. Road Ludhiana- 141014. The company trades on stock exchanges with scrip code 532886 on BSE and symbol SELMC on NSE.

The notification was signed by Director Meghna Mahendra Savla (DIN: 09152133) on March 14, 2026, completing the formal communication process to stakeholders and regulatory authorities.

SEL Manufacturing Company Limited , a once-prominent player in the textile industry, has reported alarming financial results for the quarter ended September 30, 2025, painting a grim picture of the company's current state and future prospects.

Financial Performance

The company's financial results reveal a dire situation:

All figures in Rs crore

Operational Challenges

SEL Manufacturing is grappling with severe operational issues:

• Major plants remain shut during the quarter
• Shifted to job work operations at one unit instead of manufacturing activities
• Accumulated total losses of Rs 72,616 crore since implementing its resolution plan

Debt Default

The company's financial distress is further evidenced by significant debt defaults:

• Defaulted on quarterly installments of Rs 21,500 crore due from September 2023 to September 2025
• Unpaid interest of Rs 15,214 crore for the period July 2023 to September 2025

Corporate Insolvency Resolution Process

In light of the company's financial turmoil:

• Shareholders passed a resolution to initiate Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code 2016
• The extraordinary general meeting for this resolution was held on October 13, 2023

Auditors' Concerns

The company's auditors have expressed material uncertainty about SEL Manufacturing's ability to continue as a going concern, citing:

• Severe liquidity constraints
• Inability to meet financial obligations

Board Meeting and Results Approval

Despite the challenging circumstances, the company's Board of Directors met on November 10, 2025, to approve the unaudited financial results for the quarter and half-year ended September 30, 2025. The meeting commenced at 12:30 P.M. and concluded at 03:25 P.M.

The financial crisis at SEL Manufacturing underscores the challenges faced by the textile industry and raises questions about the company's turnaround efforts. Stakeholders will be closely watching the outcome of the insolvency resolution process and any potential restructuring plans.