Key Event Details
The Board of Directors of Baba Arts Limited accepted the resignation of Mr. Ajay D. Acharya as Chief Financial Officer of the Company with effect from close of business hours on 9th October, 2026. The resignation was accepted at a board meeting held on Friday, 9th October, 2026, which commenced at 1:30 PM and concluded at 3:45 PM.
Reason for Resignation
The resignation is consequent upon the change of management and control of the Company pursuant to the successful completion of the Open Offer process by M/s. Skybridge Interactive LLP under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Financial and Operational Status Confirmation
Mr. Acharya confirmed in his resignation letter that:
- Financial accounts, books of accounts, subsidiary books, and records maintained by him and the finance team are in order as on date
- All tax filings (Direct and Indirect Tax), XBRL filings, and quarterly financial result submissions to BSE under Regulation 33 of SEBI LODR Regulations have been duly attended to up to the resignation date
- Financial statements and reports have been certified as required under Section 134 and other applicable provisions of the Companies Act, 2013
- No material adverse financial matter has come to his knowledge that hasn't been reported to the Audit Committee or Board
- No dues are outstanding and payable to him except salary and allowances that may have legitimately accrued up to the effective date of cessation
Handover Process
The financial records shall be handed over in an organized manner to the incoming CFO or such other person as may be designated by the Board.
Regulatory Compliance Requirements
The Company is required to comply with Section 203(4) of the Companies Act, 2013 and file the requisite form with the Registrar of Companies, along with making appropriate disclosures to BSE Limited under Regulation 30 of SEBI LODR Regulations within prescribed timelines.