BF Utilities Limited has informed the Exchange regarding resignation of Mr. B. N. Kalyani, Non - Executive, Non-Independent Director and Chairperson of the Company with effect from the close of business hours on May 29, 2025.
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BF Utilities informed the exchange of multiple board-level changes following its May 29, 2025 meeting. Mr. B. N. Kalyani (Babasaheb Kalyani), Non-Executive Chairperson and promoter family member, resigned citing 'other business exigencies' with effect from close of business on May 29, 2025. His son Mr. A. B. Kalyani (Amit B. Kalyani, currently Joint MD of Bharat Forge) was redesignated as the new Chairperson from May 30, 2025. Mr. Madan Umakant Takale was appointed as an Additional Non-Executive, Non-Independent Director, subject to shareholder approval via postal ballot. The board also approved FY25 audited results: total revenue of Rs 4,168.23 lakhs and profit after tax of Rs 1,598.32 lakhs (EPS Rs 4.24). However, statutory auditors G. D. Apte & Co. issued a qualified opinion flagging a Rs 3,700 lakh interest-free advance to step-down subsidiary NECE for land acquisition, outstanding for over 14 years, for which no impairment provision has been made. If the qualification were applied, PAT would swing to a loss of Rs 2,101.68 lakhs. New Secretarial Auditor (SVD & Associates for 5 years) and Internal Auditor (Mr. Saurabh Jathar for FY26) were also appointed.
Shareholders should note the promoter family succession at the chairperson level may bring continuity but does not change strategic control. The audit qualification on the 14-year-old Rs 37 crore advance to NECE is a material red flag—if treated as impaired, the company would swing from a Rs 16 crore profit to a Rs 21 crore loss, significantly impacting net worth. The consolidated results are also pending as key subsidiaries have not yet submitted their audited financials.