Key Changes Approved

The Board of Directors approved three key items at their meeting:

1. The resignation of Mr. Boorugu Venkatesham from the position of Chief Financial Officer (CFO), effective close of business hours on May 28, 2026.

2. The appointment of Mr. Veera Raghavaiah Panchagnula as the new Chief Financial Officer (CFO), effective May 29, 2026.

3. The appointment of M/s Apical Business Advisory Services LLP as the Internal Auditor for the financial year 2026-27.

Details of CFO Resignation (Annexure-A)

The resignation of Mr. Boorugu Venkatesham was submitted via a letter dated May 28, 2026. The stated reason for his resignation is "certain personal reasons." He explicitly confirmed in his resignation letter that "there are no other material reasons" for his departure. His resignation was effective from the close of business hours on May 28, 2026.

Details of New CFO Appointment (Annexure-B)

Mr. Veera Raghavaiah Panchagnula was appointed as CFO effective May 29, 2026. His professional profile details include:

  • Qualifications: CA (Inter) and MBA (Finance).
  • Experience: Over 30 years of experience in finance and accounts across listed companies, MNCs, and high-growth organizations.
  • Key Expertise Areas: Financial strategy, governance, risk management, statutory compliance, treasury management, financial planning, IPO management, capital raising, and ERP implementation.
  • Previous Role: He has been serving as General Manager - Finance at Samkrg Pistons and Rings Limited since August 2023.
  • Notable Achievements: As per his CV, he has successfully secured a term loan of INR 12.5 Crores from SBI, managed a public issue of INR 330 Lakhs, and has extensive experience in compliance (GST, Income Tax, FEMA/RBI, SEBI).

Details of Internal Auditor Appointment (Annexure-C)

M/s Apical Business Advisory Services LLP was appointed as the Internal Auditor for the financial year 2026-27. The firm is described as having "working experience and proficiency in all matters related to Finance, Taxes, Accounts and Laws including Human Resource and other Admin processes."

Meeting Details

The Board meeting where these changes were approved was held on May 29, 2026, at the company's registered office in Hyderabad. The meeting commenced at 11:00 a.m. and concluded at 12:45 p.m.