Sun Retail Limited has officially informed the Bombay Stock Exchange (BSE) about its unique corporate structure, declaring that the company operates without an identifiable promoter as on March 31, 2026. This declaration carries significant regulatory implications for the company's compliance requirements under securities market regulations.

Regulatory Declaration Details

The company submitted its formal declaration under Regulation 31(4) & 31(5) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The key aspects of this declaration include:

Compliance Implications

The absence of an identifiable promoter means that Sun Retail Limited is exempt from certain provisions of SEBI's takeover regulations. Specifically, the company stated that "the provisions of regulation 31(4) & 31(5) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 are not applicable to our Company."

This status typically occurs in companies where:

• No single entity or group holds significant control
• Shareholding is widely distributed among public investors
• Management operates independently without promoter influence

Corporate Authorization

The declaration was authorized and signed by Dharamjit Bhupatsinh Mori, who serves as the company's Whole-Time Director & CFO. The document was digitally signed and submitted from Ahmedabad on April 3, 2026.

This formal declaration ensures that Sun Retail Limited maintains transparency with regulatory authorities and stock exchanges regarding its corporate governance structure and compliance status under current securities regulations.

Sun Retail Limited has announced significant changes to its board composition and committee structure following a board meeting held on March 24, 2026. The company appointed a new director and reconstituted its key governance committees to strengthen its organizational framework.

Director Appointment

The board of directors appointed Mr. Rajesh Chinubhai Sutaria (DIN: 02102686) as an Additional Non-Executive Non-Independent Director effective March 24, 2026. The appointment was made based on the recommendation of the Nomination and Remuneration Committee and is subject to approval by shareholders at the upcoming Annual General Meeting.

Mr. Sutaria brings extensive experience as a warehouse and logistics professional with proven expertise in inventory management, supply chain optimization, and team leadership. His background includes skills in streamlining warehouse operations, improving efficiency, and ensuring timely, cost-effective deliveries with a focus on accuracy, safety, and continuous process improvement.

Committee Reconstitution

Following the board changes, the company reconstituted three key committees effective March 21, 2026. The restructured committees ensure proper governance and compliance with regulatory requirements.

Audit Committee

Nomination and Remuneration Committee

Stakeholders Relationship Committee

Regulatory Compliance

The board meeting was conducted from 04:15 P.M. to 04:40 P.M. on March 24, 2026. All decisions were made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that Mr. Sutaria is not debarred from holding the office of director by virtue of any SEBI order or other regulatory authority, and he has no inter-se relationships with other board members.

The appointment and committee reconstitution reflect the company's commitment to maintaining strong corporate governance standards and ensuring effective oversight of its operations across key functional areas.