Oxford Industries Limited Announces Management Changes and Board Approvals

Oxford Industries Limited Announces Management Changes and Board Approvals​

Oxford Industries Limited has announced significant structural changes following a Board meeting held on July 17, 2026. The updates include a change in management, the appointment of new leadership roles, and proposals for corporate restructuring and capital reduction.

Leadership and Management Changes​

The company confirmed that Mr. Saroj Kumar Choudhury has become the promoter of Oxford Industries Limited following an open offer completed through Merchant Banker M/s. Navigant Corporate Advisors Ltd. Mr. Choudhury, who currently serves as the Managing Director, holds 27,61,576 shares, representing 46.46% of the company's paid-up capital.

Concurrently, the existing promoter, Mr. Mazher N Laila and his Promoter Associated Companies (PACs), have ceased to be promoters and are now classified as public shareholders.

Additionally, the Board appointed Mr. Saroj Kumar Choudhury as the Chief Financial Officer (CFO) of the company effective July 17, 2026. Mr. Choudhury brings over 25 years of experience in IT Infrastructure Management, including security, networking, and project management across service and captive sectors.

Statutory Auditor Update​

The Board has taken note of the resignation of M/s. PAMS & Associates as the Statutory Auditor, effective June 19, 2026. The firm cited geographical constraints, noting that their office in Bhubaneswar made it challenging to manage audit procedures for a company based in Mumbai.

The Board proposed the appointment of M/s. Lipika and Associates as the new Statutory Auditor for a term of 5 years from the financial year 2026-2027 to 2030-2031, subject to shareholder approval at the upcoming Annual General Meeting.

Statutory Auditor Transition Details:

Corporate Restructuring and Expansion​

The Board approved several proposals for the company's future operations and corporate structure:

Registered Office Relocation:
The company proposed shifting its registered office from Maharashtra to Orissa, pending shareholder approval.

Memorandum and Articles of Association (MOA & AOA):
The Board approved the adoption of a new MOA and AOA. This includes an expansion of the Main Object Clause to include:

• Management of hospitals, Medicare, nursing homes, and health care centers.
• Manufacturing, trading, and exporting of pharmaceuticals, cosmetics, and healthcare products.
• Development of applications for managing patient information, clinical records, and laboratory operations.

Capital Reduction:
The Board proposed a reduction of the company's share capital as per Section 66 of the Companies Act, 2013. This is attributed to accumulated business losses and involves a reduction of 99% of the issued and paid-up capital, subject to shareholder approval.

Summary of Proposed Corporate Actions:

Stock Price Movement​

Oxford Industries Ltd shares settled down at ₹8.85, representing a 4.94% decline as of the close on Friday. The stock traded completely flat throughout the day, locking at exactly ₹8.85 for its entire intraday range.