Sai Silks Announces Corrigendum for 18th Annual General Meeting; details of CEO Appointment and Director Commission Released
Sai Silks (Kalamandir) Limited has issued a corrigendum to the Notice of its 18th Annual General Meeting (AGM), scheduled for August 10, 2026. The corrigendum supersedes previous draft resolutions regarding two key items: the appointment of the Chief Executive Officer (CEO) and the payment of commission to Non-Executive Independent Directors.The revised notice provides detailed information on these critical matters, which are integral parts of the company's AGM documents.
Appointment of Mr. Bharadwaj Rachamadugu as CEO
Item No. 5 of the corrigendum details the appointment of Mr. Bharadwaj Rachamadugu as Chief Executive Officer (CEO) of Sai Silks (Kalamandir) Limited. The Board of Directors, following a recommendation from both the Nomination and Remuneration Committee and the Audit Committee, appointed Mr. Rachamadugu on May 12, 2026, for a period of five years.The appointment comes with a remuneration package of ₹5,00,000 per month.
Mr. Bharadwaj Rachamadugu is described as a seasoned business leader with over 11 years of experience spanning the retail, finance, and textile sectors. He has been associated with Sai Silks for over eight years, currently serving as Senior Vice President. His expertise includes strategic planning, supply chain management, sales growth, and investor relations.
A key part of his professional history includes playing a central role in the company’s Initial Public Offering (IPO), managing coordination with investment bankers, institutional investors, analysts, and advisors. Mr. Rachamadugu holds qualifications including a degree in Computer Science Engineering and an MBA in Finance from the University of Massachusetts, USA.
Commission Structure for Independent Directors
The corrigendum also seeks members' approval regarding the payment structure for Non-Executive Independent Directors (Item No. 7). The resolution proposes that commission be paid to these directors for a maximum period of five years, commencing from the financial year 2026-27.The proposed limit for this aggregate commission payable to all such Non-Executive Independent Directors shall not exceed 0.5% per annum of the net profits of the Company, calculated as per relevant provisions. The payment of this commission is in addition to the sitting fees paid for attending Board or Committee meetings.
Overview of Changes
The corrigendum ensures that all members are apprised of the finalized and revised draft resolutions concerning Item No. 5 (CEO appointment) and Item No. 7 (Director Commission), which replace the previous drafts circulated in the AGM Notice dated July 17, 2026. All other contents of the original AGM Notice remain unchanged.KALAMANDIR Stock Price Movement
Sai Silks (Kalamandir) Limited shares slipped today, closing at ₹88.26 after shedding ₹2.02 in trading. The equity traded within a range of ₹88.01 and ₹90.95 during the session.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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