Sunil Industries Limited announced that Independent Director Ms. Shruti Ritesh Saraf ceased to be a director of the company effective from the close of business hours on May 26, 2026. The cessation follows the completion of her second term of office as an Independent Director, in accordance with Section 149(11) of the Companies Act, 2013 and Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company disclosed the development in a regulatory filing submitted to BSE Limited. The notification confirmed that the director's tenure concluded upon the expiry of the term on the specified date. Ms. Shruti Ritesh Saraf held the DIN 07521927.

The board expressed gratitude for the valuable contributions made by Ms. Shruti Ritesh Saraf during her tenure and wished her success for future endeavors. The filing included the requisite details regarding the change in directorship as mandated by Schedule III - Para A of Part A of the SEBI Listing Regulations.

The following table outlines the key details of the cessation:

Sunil Industries Limited, an ISO 9001 & 14001 certified company, is headquartered at Rewa Chambers, New Marine Lines, Mumbai. The company's scrip code on BSE is 521232.

Sunil Industries Limited filed its Annual Secretarial Compliance Report for the financial year ended March 31, 2026, confirming adherence to most SEBI regulations while noting a specific deviation regarding the dematerialization of promoter shareholdings. The report, submitted by HSPN & Associates LLP, highlights that 39,900 equity shares, representing 1.63% of the entire promoter shareholding, are yet to be dematerialized.

The review conducted by Hemant Shetye, Designated Partner of HSPN & Associates LLP, covered the compliance of the listed entity with various statutory provisions including the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the SEBI (Prohibition of Insider Trading) Regulations, 2015. The report indicates that the company has complied with the provisions of the examined regulations and circulars, except for the matter concerning the physical shareholding of the promoter group.

Compliance Status and Observations

The report details the specific non-compliance under Regulation 31(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates that 100% of the shareholding of promoters and the promoter group must be in dematerialized form and maintained on a continuous basis. The company stated that the physical shares constitute a miniscule value and management is in the process of communicating with shareholders to dematerialize the shares.

Remedial Actions and Historical Context

The report outlines actions taken to address observations from previous financial years. For the financial year 2024-2025, the company dematerialized 1,000 equity shares, with the remaining shares still in process. In the financial year 2023-2024, the company dematerialized 1,400 equity shares out of a similar holding that was pending conversion at the time.

General Compliance Confirmation

Beyond the specific deviation, the report confirms that Sunil Industries Limited has complied with various other regulatory requirements. These include the adoption and timely updation of policies, maintenance of disclosures on the website, and performance evaluation of the Board and committees. The company also confirmed that no actions were taken against it, its promoters, or directors by SEBI or stock exchanges during the reporting period. Additionally, there were no resignations of statutory auditors, and no additional non-compliances were observed.