Saraswati Saree Depot names Rajesh Dulhani chairman after predecessor's exit
The executive director takes over immediately following last week's resignation. The nano-cap firm settles its top leadership gap.
— 2 earlier stories on Saraswati Saree Depot Ltd. →What's new
- Rajesh Dulhani, an existing executive director, becomes chairman immediately after Shankar Laxmandas Dulhani resigned last week.
- Independent director Maniklal Karmakar exits the board on June 19 upon term completion.
- Two independent directors, Yatiraj Marda and Amar Thorat, are reappointed for five-year terms pending shareholder approval.
Why this matters
For a company with a ₹228 crore market cap, a chairman's sudden resignation creates outsized key-person risk. The immediate internal promotion fills that void without external search delay. The move restores governance clarity at the top, though the lack of a fresh external hire suggests the Dulhani family retains control.
What we're watching
- Whether the new chairman's 'over three decades' of experience translates into any strategic shift.
- Shareholder approval for the reappointed independent directors at the AGM.
- Any follow-on changes in management roles under the new chairman.
The full read
Saraswati Saree Depot wasted no time. Rajesh Dulhani, an existing executive director with over three decades in apparel, was named chairman immediately after Shankar Laxmandas Dulhani's resignation last week. For a ₹228 crore market-cap company, that kind of leadership vacuum is material. The board also handled routine governance: independent director Maniklal Karmakar exits on June 19 upon term completion, while Yatiraj Marda and Amar Thorat are reappointed for five-year terms pending shareholder vote. The quick internal promotion resolves the succession question without external search, but it also signals the Dulhani name stays at the top.
Questions answered
- Why was a new chairman appointed so quickly?
- The previous chairman, Shankar Laxmandas Dulhani, resigned last week. The board moved immediately to promote executive director Rajesh Dulhani, avoiding an external search and keeping the role within the existing leadership.
- What is Rajesh Dulhani's background?
- The board noted he brings over three decades of experience in the apparel industry and was already an executive director at the company before this promotion.
- Are the other board changes related to the chairman's exit?
- No. The cessation of independent director Maniklal Karmakar is due to his term completion on June 19, and the reappointments of Yatiraj Marda and Amar Thorat are routine five-year renewals subject to shareholder vote.
- Does this change the company's ownership or control structure?
- The filing does not detail ownership changes. The appointment is an internal promotion, suggesting the Dulhani family's operational control continues. The use of 'Dulhani' in both the outgoing and incoming chairman's names indicates a family-run business.
Story so far
All notes on SSDL →- 8 Jun 2026 · 4:06 PM IST Saraswati Saree Depot names Rajesh Dulhani chairman after predecessor's exit
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