Asahi Songwon Colors Limited Confirms Non-Applicability of SEBI Large Corporate Framework

Asahi Songwon Colors Limited has officially communicated to stock exchanges that it does not fall under the 'Large Corporate' category as defined by SEBI's framework for fund raising through debt securities. The company submitted its non-applicability disclosure to both BSE and NSE on April 9, 2026, confirming it does not meet the prescribed criteria under SEBI circular SEBI/HO/DDHS/CIR/P/2018/144.

Financial Position and Borrowing Status

The company's disclosure reveals key financial parameters that determine its classification under the SEBI framework. As of March 31, 2026, Asahi Songwon Colors Limited reported outstanding borrowings significantly below the large corporate threshold.

Parameter	Details
Outstanding Borrowings (March 31, 2026)	Rs 64.70 crore
Credit Rating	CARE A; Positive
Rating Agency	Care Ratings Limited
Designated Stock Exchange for Fine Payment	BSE Limited

Regulatory Framework and Compliance

The SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018, establishes specific criteria for identifying large corporates and mandates certain borrowing requirements through debt securities. Companies classified as large corporates must raise a specified portion of their incremental borrowings through debt securities rather than bank loans.

The framework includes a penalty mechanism where entities face a fine of 0.2% of any shortfall in mandatory borrowing through debt securities, levied at the end of each two-year block period starting from FY 2022. Companies must designate a stock exchange for fine payment in case of non-compliance.

Corporate Governance and Disclosure

The disclosure was formally signed by Joseph Saji Varghese, Company Secretary and Compliance Officer, and Pratik Shah, Chief Financial Officer, demonstrating proper corporate governance protocols. The communication was addressed to both major Indian stock exchanges where the company's shares are listed.

Company Profile

Asahi Songwon Colors Limited operates from its registered office at "Asahi House", Thaltej, Ahmedabad, Gujarat. The company maintains ISO 14001:2015 certification, indicating its commitment to environmental management standards. With CIN L24222GJ1990PLC014789, the company has been incorporated since 1990 and continues to maintain transparency in regulatory compliance and financial disclosures.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.25%	+0.13%	+24.83%	-16.89%	-34.49%	-28.21%

Asahi Songwon Colors Limited has announced the resignation of Mr. Sudhin Bhagwandas Choksey from his position as Non-Executive Independent Director, effective from close of business hours on April 04, 2026. The company informed stock exchanges about this board change in compliance with regulatory requirements.

Resignation Details

Mr. Choksey submitted his resignation through a letter dated April 04, 2026, which was received by the company via email on April 05, 2026 at 7.46 am (IST). The director cited current time constraints as the primary reason for stepping down from his position on the board.

Parameter:	Details
Director Name:	Mr. Sudhin Bhagwandas Choksey
DIN:	00036085
Position:	Non-Executive Independent Director
Resignation Date:	April 04, 2026
Reason:	Current time constraints
Communication Method:	Email received April 05, 2026 at 7.46 am (IST)

Regulatory Compliance and Additional Disclosures

The company has fulfilled its disclosure obligations under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Following the initial intimation dated April 05, 2026, the company submitted additional details on April 08, 2026, as required under clause 7 of Para A of Part A of Schedule III of SEBI LODR.

Company Secretary & Compliance Officer Joseph Saji Varghese signed the regulatory filing, ensuring proper documentation of the board change. The disclosure follows the requirements outlined in SEBI Master Circular no. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, regarding changes in Directors and Key Managerial Personnel.

Director's Other Board Positions

Mr. Choksey holds directorships in multiple listed entities, demonstrating his extensive experience in corporate governance. His current board positions and committee memberships span across various sectors.

Listed Entity:	Committee Positions
Gujarat Ambuja Exports Limited:	Audit Committee (Member), Risk Management Committee (Member), Nomination and Remuneration Committee (Member), CSR Committee (Member)
CSB Bank Limited:	Risk Management Committee (Chairman), Nomination and Remuneration Committee (Member), CSR Committee (Member), Stakeholders Relationship Committee (Member)
Fairchem Organics Limited:	Audit Committee (Chairman), Risk Management Committee (Member), Stakeholders Relationship Committee (Member)
India Shelter Finance Corporation Limited:	Risk Management Committee (Member), Stakeholders Relationship Committee (Member)
The Sandesh Limited:	Audit Committee (Chairman), Risk Management Committee (Chairman), Nomination and Remuneration Committee (Member)

Confirmation and Documentation

In his resignation letter, Mr. Choksey confirmed that there are no other material reasons for his resignation beyond the time constraints mentioned. The company has assured that all necessary forms will be submitted to the Office of the Registrar of Companies, Gujarat, in accordance with applicable regulatory requirements.

The resignation represents a routine corporate governance matter handled in accordance with established regulatory frameworks, with the company maintaining complete transparency throughout the process.