Resignation of Company Secretary
Awaiting price reaction for this filing.
Ballarpur Industries announced multiple leadership changes alongside its FY25 results in a May 26 board meeting. Mr. Hardik B. Patel resigned as CFO and Key Managerial Personnel effective May 26, 2025, citing personal reasons; Mr. Anil Mehta (a Chartered Accountant with 20+ years of experience, formerly Joint CFO at Hind Rectifiers) was appointed as the new CFO effective May 27, 2025. Company Secretary and Compliance Officer Mr. Punit A. Bajaj also resigned, effective June 30, 2025, to pursue opportunities outside the company. The board approved FY25 audited standalone financials with a modified (qualified) opinion from auditors Batliboi & Purohit, reporting a standalone net loss of ₹66.75 crore on total income of ₹20.63 crore, with an exceptional land impairment charge of ₹12.45 crore at Jagadhari. Consolidated results for multiple prior quarters (Q2-Q4 FY24) were deferred. The board also allotted the second tranche of 57 lakh 0.01% non-cumulative redeemable preference shares at par, worth ₹57 crore, to Finquest Financial Solutions Private Limited (the resolution applicant). The auditor flagged a material uncertainty on going concern, noting the company is in revival mode post-CIRP, and highlighted NCLT-pending matters around listing regulation penalties for delayed filings.
Frequent KMP turnover at a company already struggling with losses, going-concern uncertainty, and a qualified audit opinion may concern shareholders, though the seamless CFO succession and continued promoter/resolution-applicant funding (₹57 crore infusion) suggest efforts toward operational revival.