Shankar Laxmandas Dulhani Resigns as Saraswati Saree Depot Chairman

KOLHAPUR — Saraswati Saree Depot Limited (SSDL) announced on Friday that its Executive Chairman, Shankar Laxmandas Dulhani, has resigned from his post effective June 5, 2026. The departure of the veteran leader marks a major transition for the Maharashtra-based apparel wholesaler and retailer, which recently debuted on public exchanges. The company's board of directors is now moving to initiate formal succession protocols to stabilize governance frameworks and protect stakeholder value.

Sudden Departure Reshapes Executive Board

The textile and ethnic wear manufacturer informed Indian stock exchanges of the change in leadership in a late-day regulatory filing. According to the official corporate disclosure submitted to both the National Stock Exchange of India Limited (NSE) and BSE Limited, Shankar Laxmandas Dulhani stepped down from his combined position as Chairman and Executive Director.

While the official announcement did not specify an explicit personal or operational reason for the departure, the board of directors confirmed it has accepted the resignation and placed on record its deep appreciation for his long-term contribution to the enterprise's transformation from a local partnership into a listed corporate entity.

Governance Adjustments and Financial Backdrop

The resignation follows closely after the company's full-year corporate updates. On May 29, 2026, the company held an audited board review at its Kolhapur headquarters to finalize its fourth-quarter and full-year financial outcomes. Corporate filings indicate that the apparel wholesaler reported a full-year net profit margin drop to 3.7%, down from 5.0% in the previous fiscal cycle, driven primarily by rising operating overheads across its distribution channels.

With the chairmanship now vacant, the board must restructure its internal committees. This includes adjusting the Stakeholders' Relationship Committee, where Dulhani served as a core executive member alongside Managing Director Vinod Dulhani and Independent Director Pallavi Korgoankar.

Official Sources Section

The administrative shift was officially detailed via statutory compliance documentation filed under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notification was authorized and distributed to market authorities by the compliance office of the company based out of Uchagaon, Kolhapur.

Quote Section

"According to officials, the board is prepared to maintain continuity of operations across its regional supply hubs and will announce a updated leadership structure in due course in compliance with SEBI guidelines."

Why It Matters

Changes in top-level governance at major wholesale textile organizations can alter wholesale supplier credit terms, impact investor sentiment, and change long-term real estate footprint strategies. For wholesale buyers, shareholders, and institutional investors, this high-profile exit requires close tracking of incoming leadership to ensure the brand's expansive distribution network across Maharashtra, Karnataka, and Goa maintains its historical operational momentum.

Key Facts at a Glance

• Immediate Effect: Executive Chairman Shankar Laxmandas Dulhani resigned from his administrative role effective June 5, 2026.

• Regulatory Compliance: The company processed the exit under Regulation 30 of SEBI LODR rules.

• Committee Reconstitution: The exit leaves an executive vacancy in the Stakeholders' Relationship Committee.

• Operational Location: Headquartered in Kolhapur, Maharashtra, the firm operates key supply lines across western India.

FAQ Section

Who will manage the operational duties of the company after this resignation?

Day-to-day operations continue under current Managing Director and Chief Executive Officer Vinod Dulhani, along with the existing executive board members.

Where can investors verify the official resignation filings?

The full regulatory filing can be accessed on the investor relations portals of the National Stock Exchange of India Limited and BSE Limited.

Does this change affect the trading of the company's stock?

While managerial adjustments can create brief market volatility, the company's standard business channels, inventory distribution, and commercial sales continue without suspension.

Source: Saraswati Saree Depot Investor Relations, National Stock Exchange of India Corporate Announcements Portal