Section A – KMP Resignation Details

  • Name of Resigning KMP: Yugal Kishor Garg
  • Designation: Chief Financial Officer and Key Managerial Personnel
  • Reason for Resignation: Personal commitments and priorities
  • Effective Date of Resignation: October 23, 2026
  • Date of Resignation Letter: October 3, 2026
  • Duration in Role: Not Specified
  • Board’s Acknowledgment / Statement: Not Specified
  • Replacement Appointed: Satish Kumar Kaushik is proposed to be designated as CFO in the ensuing Board Meeting.
  • Regulatory Compliance Statement: Disclosure made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
  • Delay in Disclosure: Not Specified

Analytical Add-On: The resignation appears routine and not abrupt, as it is due to personal reasons, with a planned transition and replacement already in place, suggesting minimal disruption to financial reporting integrity and operational continuity.

Section B – Additional Observations or Disclosures

  • Transition & Internal Role Reallocations: Mr. Yugal Kishor Garg will cease to be CFO effective October 23, 2026, and has committed to ensuring a smooth transition during the notice period. Mr. Satish Kumar Kaushik was appointed as President Finance of the Company effective September 28, 2026, and is proposed to be designated as CFO.
  • Successor Appointments: Mr. Satish Kumar Kaushik is appointed as President Finance and will be designated as Chief Financial Officer and Key Managerial Personnel subject to Board approval in November 2026. He is an MBA in Finance, CMA, and B.Com graduate with nearly 25 years of experience in corporate finance, fund raising, project financing, risk management, taxation compliance, corporate restructuring, mergers, IPO preparation processes, strategic planning, and board-level stakeholder management. He has experience in building relationships with financial institutions, investors, and government bodies, including securing MoUs at the World Economic Forum 2025 and with the Government of Andhra Pradesh. He is not related to any Director of the Company and holds no shares in the Company. He is not debarred from holding the office of CFO by any order of SEBI or other authority.

Section C – Financial & Governance Disclosures

Not Specified