This is to inform that change in designation of Director and Appointment of Directors &CFO of the Company.
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Avance Technologies announced several board-level changes effective 30th June 2026. Mr. Latesh Poojary stepped down as Managing Director and was redesignated as a Non-Executive Director. Mr. Santosh Hambare was appointed as the new Managing Director for a five-year term (subject to shareholder approval) and additionally as Chief Financial Officer of the company. Further, Mr. Dipak Gaikwad was appointed as an Additional Non-Executive and Independent Director for five years, pending shareholder approval. The appointments were made to meet operational requirements, complete the Key Managerial Personnel (KMP) composition under the Companies Act and SEBI LODR Regulations, and strengthen board oversight.
Leadership transition at Avance Technologies with a new Managing Director and CFO taking charge, while the outgoing MD remains on the board in a non-executive capacity. The induction of an Independent Director may improve governance, but the combined MD+CFO role on one individual may raise concerns among investors about segregation of responsibilities and concentration of authority.