Winsome Yarns Limited has reconstituted its Board of Directors with the appointment of six new members, including Vipan Kumar as Executive Director and Mahesh Fogla as Non-executive Independent Director, effective June 23, 2026. The decision was taken by the duly constituted Monitoring Committee via video-conferencing, following the approval of a resolution plan by the National Company Law Tribunal (NCLT), Mumbai Bench-VI. This move marks the transition of the company from the Corporate Insolvency Resolution Process (CIRP) to operational control under the new board, subject to shareholder approval.

The appointments comply with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The resolution plan was submitted by Successful Resolution Applicant Mohini Health & Hygiene Limited. Prior to these appointments, the powers of the Board were suspended and vested with the Resolution Professional, M/s. ARCK Resolution Professionals LLP, following the initiation of CIRP in December 2023.

The newly appointed directors bring diverse experience in construction, finance, and infrastructure. Vipan Kumar, aged 47, has over 18 years of experience in the construction and real estate sector. Avnish Sarvapriya Bansal, appointed as Non-executive Director and Chairperson, holds a Master's in Business Administration and has previously led a company's transformation in the cotton products sector.

Board Composition

The board now includes three independent directors, ensuring compliance with corporate governance norms. The table below details the designations and categories of the appointed directors:

Independent Directors and Expertise

Mahesh Fogla, a Fellow Member of the Institute of Chartered and Cost Accountants of India, brings over 25 years of experience in finance and strategic planning. Sanjeev Nahar, a civil engineer with over 28 years of experience, has managed more than 20 million sq. ft. of residential and commercial projects. Bibhudutta Satpathy, an infrastructure executive with 34 years of experience, has directed projects worth over ₹12,000 crore.

The term of appointment for all directors is effective from June 23, 2026, and is subject to the approval of members. The tenure extends until the ensuing General Meeting or within three months from the date of appointment, whichever is earlier. The independent directors are not liable to retire by rotation, while the executive and non-executive directors are liable to retire by rotation.

Winsome Yarns Limited has announced a delay in the submission of its audited financial results for the quarter and year ended March 31, 2026, citing ongoing Corporate Insolvency Resolution Process (CIRP) proceedings. The company stated that the preparation and finalization of the audited financial statements are currently under process but could not be completed within the stipulated timelines due to factors beyond its control.

The National Company Law Tribunal (NCLT) admitted an insolvency petition filed by Financial Creditor M/s Edelweiss Asset Reconstruction Company Limited on December 22, 2023. Consequently, the powers of the Board of Directors were suspended and vested with the Interim Resolution Professional and subsequently the Resolution Professional, M/s. ARCK Resolution Professionals LLP.

The disclosure highlights that the Corporate Debtor is not a fully operational entity, and most employees have left the company since the initiation of CIRP. Additionally, the entity lacks sufficient funds to make necessary payments to remaining employees on time, which has further contributed to the delay in finalizing the financial results.

Anil Kohli, Designated Partner & Authorized Signatory of ARCK Resolution Professionals LLP, confirmed that the Resolution Professional is closely monitoring the process. The company expressed regret over the delay and affirmed its commitment to submitting the audited financial results to the Stock Exchange upon completion of the reconciliation and verification exercise.