Loyal Textile Mills Limited Announces Resignation of CEO and Appoints Executive Director M E Manivannan
Loyal Textile Mills Limited has announced significant changes in its top leadership, effective following the resignation of Chief Executive Officer Mr. N Srinivasan. The company has entrusted the overall management and operations to Executive Director Mr. M E Manivannan.Mr. N Srinivasan tendered his resignation from the position of CEO (Key Managerial Personnel) due to personal reasons. His resignation letter was dated June 9, 2026.
The Board of Directors addressed this matter through a circular resolution passed on June 10, 2026. Based on the recommendation of the Nomination and Remuneration Committee, the Board has appointed Mr. M E Manivannan, Executive Director and Key Managerial Personnel, to manage the company's overall operations.
Mr. N Srinivasan will be relieved from his duties with effect from the close of business hours on June 30, 2026.
Key details regarding this change in management are summarized below:
| Particulars | Details |
|---|---|
| Reason for change (resignation) | Resignation of Mr. N Srinivasan from the position of Chief Executive Officer (CEO) due to personal reasons. |
| Date of cessation | Close of business hours on June 30, 2026 |
| Additional Information | Mr. N Srinivasan confirmed that there are no material reasons for his resignation other than those stated in his resignation letter. |
The Board of Directors has formalized the transition, entrusting the management and operations to Mr. M E Manivannan, Executive Director (DIN: 02229808).
LOYALTEX Stock Price Movement
Today, the stock saw a slight upward tick, managing to close at ₹204.5 after gaining 0.25%. The equity traded within an extremely tight range during the session, reflecting minimal movement.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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