Soma Textiles & Industries has submitted a clarification to the Bombay Stock Exchange regarding a delay in disclosing the settlement of a Reserve Bank of India compounding order. The company addressed queries raised by the exchange on August 25, 2026, concerning the timely reporting of a regulatory penalty payment made in May 2024.

The firm stated that it paid the compounding fee on May 29, 2024, and received acknowledgment from the RBI on May 30, 2024. According to the submission, the company provided the requisite intimation to stock exchanges within 24 hours of this acknowledgment. The intimation included details of the payment and settlement.

Penalty Details

The compounding orders, dated May 22, 2024, pertained to three entities. The total financial outlay involved penalties for the company and two individual promoters.

The company enclosed a copy of the RBI acknowledgment with its clarification to the BSE. It requested that the exchange place these documents on record. The submission was signed by Reena Prasad, Company Secretary and Compliance Officer.

What the Numbers Show

The penalty structure indicates a primary liability on the corporate entity, with Soma Textiles & Industries Ltd bearing ₹46,00,000 compared to ₹4,60,000 each for promoters S.K. Somany and Arvind Somany. This distribution suggests the regulatory breach was attributed predominantly to the company’s operations rather than individual promoter actions.

Soma Textiles & Industries shareholders approved all three ordinary resolutions at its 88th Annual General Meeting (AGM) held on July 31, 2026. The meeting, conducted via Video Conferencing (VC) and Other Audio Visual Means (OAVM), resulted in the adoption of audited financial statements for the financial year ended March 31, 2026, the reappointment of Shrikant Bhairaveshwar Bhat as a director, and the declaration of a final dividend at the rate of 5% per equity share of ₹10 each. The near-unanimous support reflects strong alignment between management and investors on corporate governance and capital distribution policies.

The voting process was scrutinized by Pravin Kumar Drolia, a practicing Company Secretary, pursuant to Section 108 of the Companies Act, 2013 and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Remote e-voting commenced on July 28, 2026, at 9:00 A.M. IST and concluded on July 30, 2026, at 5:00 P.M. IST. Members attending the AGM who had not voted remotely were provided electronic voting facilities during the meeting via the RTA’s InstaPoll platform. The record date for determining voting eligibility was fixed at July 24, 2026.

Voting Results

A total of 15,065 eligible members holding 33,033,000 shares were entitled to vote. The consolidated results show near-unanimous support for all resolutions, with valid votes cast in favor exceeding 99.9% across all items. No invalid votes or abstentions were recorded.

The reappointment of Shrikant Bhairaveshwar Bhat (DIN: 00650380), who retires by rotation, was passed with 8,091,486 votes in favor and 46 votes against. The resolution to declare the final dividend received 8,091,492 votes in favor and 40 votes against. The adoption of financial statements garnered 8,091,492 votes in favor and 40 votes against.

Meeting Proceedings

Mrs. Teja Ranade Gadhoke, Chairman of the Company, presided over the meeting. The Company Secretary confirmed that there were no qualification remarks from the Statutory Auditors or Secretarial Auditors in their respective reports. The Chief Financial Officer addressed queries raised by members regarding the company's operations and financial performance. The meeting concluded at 4:00 P.M. with a vote of thanks.

What the Numbers Show

The overwhelming shareholder support, with less than 0.001% of votes cast against any resolution, indicates strong alignment between management and investors on corporate governance and remuneration policies. The high participation rate, with over 8 million shares voted out of 33 million eligible, suggests active engagement from the investor base despite the virtual nature of the meeting.