Oxford Industries Ltd (514414)

Oxford Industries Limited announced the successful completion of an Open Offer by acquirer Mr. Saroj Kumar Choudhury on September 18, 2026. Following the offer, Choudhury has assumed control with a 46.46% equity stake (27,61,576 shares) and was appointed Managing Director. Eight erstwhile promoters and promoter group entities holding zero shares have been reclassified into the public category. This marks a complete change of promoter control for the micro-cap entity which reported Rs 0 Cr TTM revenue and a negative net worth of Rs -1 Cr.

• Open offer completed on September 18, 2026 by acquirer Mr. Saroj Kumar Choudhury
• Current promoter holding stands at 46.46% (27,61,576 shares) held by Saroj Kumar Choudhury
• 8 outgoing promoters/promoter group members holding Nil shares reclassified to public category
• Company currently operates with Rs 0 Cr TTM revenue and Rs -1 Cr net worth

Oxford Industries Limited has proposed a Scheme of Reduction of Share Capital under Section 66 of the Companies Act, 2013, to absorb accumulated losses of ₹12.95 Cr as of March 31, 2026. The company plans to utilize ₹11.71 Cr, which includes reducing fully paid-up equity share capital by ₹5.88 Cr (from ₹5.94 Cr to ₹5.94 lakh) and wiping out ₹5.83 Cr across reserves (Securities Premium of ₹4.33 Cr, General Reserve of ₹1.23 Cr, and Capital Reserve of ₹0.27 Cr). Additionally, 14,700 partly paid-up equity shares (calls in arrears of ₹73,500) will be fully cancelled. The scheme is subject to statutory approvals from shareholders, stock exchanges, and the NCLT Cuttack Bench.

• Proposed utilization of ₹11,71,37,611 to set off accumulated losses of ₹12,95,40,119 as of March 31, 2026.
• Fully paid-up equity capital to be reduced by ₹5,87,66,400 from ₹5,93,60,000 to ₹5,93,600.
• Complete utilization and exhaustion of Securities Premium (₹4,32,85,000), General Reserve (₹1,23,18,111), and Capital Reserve (₹26,94,600).
• Cancellation of 14,700 partly paid-up equity shares with calls in arrears of ₹73,500.
• Appointed date set as April 1, 2026, subject to NCLT sanction.

Mr. Saroj Kumar Choudhary has officially taken control of Oxford Industries as the new promoter with a 46.46% stake following the completion of an open offer. The Board has proposed a drastic 99% reduction of the company's issued and paid-up share capital to address accumulated business losses. Simultaneously, the company is pivoting its business model from textiles to healthcare and pharmaceuticals, including hospitals and diagnostic centers. The registered office is also being shifted from Maharashtra to Odisha, and the new promoter has assumed the additional role of CFO.

• New promoter Saroj Kumar Choudhary now holds 27,61,576 shares, representing 46.46% of the paid-up capital.
• Proposed 99% reduction of issued and paid-up share capital due to accumulated business losses.
• Expansion of business objects to include hospitals, diagnostics, and pharmaceutical manufacturing.
• Shifting of the registered office from Maharashtra to Odisha, subject to shareholder approval.
• Appointment of Lipika and Associates as Statutory Auditors for a 5-year term (2026-2031) following the resignation of PAMS & Associates.

Oxford Industries is undergoing a total structural overhaul following a change in management, with new promoter Saroj Kumar Choudhary now holding a 46.46% stake. The board has proposed a massive 99% reduction in share capital to offset accumulated business losses, which will significantly impact existing equity value. Simultaneously, the company is pivoting its business model from textiles to healthcare, pharmaceuticals, and diagnostics. Other major changes include shifting the registered office to Odisha and appointing the new promoter as the CFO.

• Proposed 99% reduction of issued and paid-up capital to address accumulated business losses.
• New promoter Saroj Kumar Choudhary holds 27,61,576 shares, representing 46.46% of the company.
• Complete business pivot into hospitals, diagnostics, and pharmaceuticals via MOA amendments.
• Resignation of statutory auditor M/s. PAMS & Associates effective June 19, 2026, due to geographical constraints.
• Proposed shifting of the registered office from Maharashtra to Odisha.

Oxford Industries has rescheduled its board meeting to July 17, 2026, to deliberate on a significant corporate restructuring. The agenda includes a proposal for the reduction of share capital to offset accumulated business losses and the appointment of a new Chief Financial Officer (CFO). Additionally, the board will consider shifting the registered office to another state and expanding the company's Main Object Clause (MOA), indicating a potential pivot in business strategy. This comes amid extreme price volatility, with a 12-month return of 1034.6% despite a recent 3-month decline of 43.5%.

• Board meeting rescheduled to July 17, 2026, to approve structural changes.
• Proposal for reduction of share capital to address accumulated business losses.
• Appointment of a new Chief Financial Officer (CFO) and Statutory Auditors to fill casual vacancies.
• Plan to shift the registered office from one state to another, subject to approvals.
• Proposed enlargement of the Main Object Clause of the MOA to expand business scope.