Mcleod Russel India Limited has informed the Exchange regarding Change in Director(s) of the company.
MCLEODRUSS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The Board has appointed Mr. Pradip Bhar as Additional Director and Whole-Time Director & Chief Financial Officer for 3 years effective April 27, 2026, subject to shareholder approval. Mr. Bhar is not new to the company — he has been serving as CFO since July 2019 and was elevated to Senior Vice President & CFO in October 2020, so this is essentially an internal promotion adding board-level responsibility. Separately, the company has signed three MoUs to sell Nya Gogra, Rupajuli, and Boroi Tea Estates in Assam for a combined expected value of around Rs. 88.85 crore. The buyers are Bengal Tea & Fabrics Ltd, Khona Tea Estate LLP, and Jatinga Agro-Tech Pvt Ltd — none related to the promoter group. These estates together contributed roughly 6% of the company's turnover in FY25 (about Rs. 58.34 crore). The sales are being executed as part of a debt restructuring plan approved by National Asset Reconstruction Company Ltd (NARCL) through India Debt Resolution Company Ltd, under a sanction letter dated April 2, 2026, to help the company pay down debt.
The asset sales signal that Mcleod Russel is in active debt resolution mode, shedding non-core or weaker tea estates to honour obligations to lenders — a sign of financial stress, though structured under NARCL's resolution framework. Shareholders should expect the company to shrink modestly in size. On the management change, continuity at the CFO level with additional board weight is generally a positive for governance and execution of the debt plan.