Slump Sale Completion
The company has completed the slump sale of its Friction Business Undertaking to Rane (Madras) Limited (RML) in accordance with the Business Transfer Agreement dated 30th June, 2026. The transfer was completed with effect from 20th August, 2026.
Management Personnel Transfers
Pursuant to the Business Transfer Agreement terms, four Senior Management Personnel were transferred to RML effective 20th August, 2026:
- Mr. Nakuleshwar Chatterjee, Sr. V.P. Sales
- Mr. Vimal Kiritkumar Desai, G.M. Purchase
- Mr. G. M. Indapawar, Sr. V.P. Works
- Mr. T.N. Venkatramani, V.P. R & D
Key Managerial Personnel Change
Mr. Pawan Kumar Choudhary (DIN: 00535670), Managing Director and Key Managerial Personnel, resigned and stepped down from his positions effective close of business hours on 20th August, 2026 to facilitate his transfer to RML. He will continue as Non-Executive Director of the company but ceases to be the authorized person for determining materiality and making disclosures under Regulation 30(5) of the Listing Regulations.
Timeline of Events
- 30th June 2026: Business Transfer Agreement executed
- 11th August 2026: Voting results of postal ballot intimated
- 20th August 2026: Slump sale completed and management changes effective
Documentation
The resignation letter of Mr. Pawan Kumar Choudhary is enclosed with the disclosure. The event occurred on 20th August, 2026 at 9:20 PM.