Resignation of Mr. Adatariya Ravikumar Jayeshbhai from the post of CFO by resignation letter dated 14th August, 2025
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Hittco Tools' board met on August 14, 2025 and accepted the resignation of Mr. Adatariya Ravikumar Jayeshbhai as Chief Financial Officer and Key Managerial Personnel, citing personal commitments. The same day, Mr. Yash Vardhan Bhandari (already a Director on the board) was appointed as the new CFO and KMP, and Ms. Khushboo Agrawal was appointed as Company Secretary and Compliance Officer. For Q1 FY26 (quarter ended June 30, 2025), the company reported revenue from operations of Rs. 167 lakhs, up about 29% from Rs. 129.42 lakhs in the same quarter last year, but posted a net loss of Rs. 28.78 lakhs, marginally better than the Rs. 33.96 lakh loss a year ago, with EPS of Rs. (0.48). The board also appointed an IBBI valuer for a preferential allotment and a new secretarial auditor for five years, and noted a favorable SAT order quashing a Rs. 1.05 lakh BSE penalty.
The CFO change was executed on the same day, so there is no leadership vacuum, though having an existing director take on the CFO role may raise governance questions. Shareholders should note that despite revenue growth, the company remains in losses, and a proposed preferential allotment could lead to equity dilution.