Resignation of Mr. Hardik Bharat Patel from position of Chief Financial Officer
Awaiting price reaction for this filing.
Ballarpur Industries Ltd's board on May 26, 2025 accepted the resignation of Mr. Hardik B. Patel from the position of Chief Financial Officer and Key Managerial Personnel, citing personal reasons. He continues as Chairman & Whole-Time Director. Mr. Anil Mehta (Chartered Accountant with 20+ years' experience) was appointed as the new CFO effective May 27, 2025. Separately, Company Secretary and Compliance Officer Mr. Punit A. Bajaj also resigned effective June 30, 2025 for personal reasons. The board approved audited standalone results for FY25 reporting a net loss of Rs. 66.75 crore (vs Rs. 252.57 crore loss in FY24, the comparison distorted by a one-time deferred tax asset write-off of Rs. 119.24 crore in the previous year). Total income stood at Rs. 20.63 crore. Statutory auditor M/s Batliboi & Purohit issued a qualified opinion, flagging NSE/BSE penalties for delayed financial filings (currently sub-judice before NCLT). The board also approved allotment of a second tranche of 57 lakh 0.01% non-cumulative redeemable preference shares aggregating Rs. 57 crore to Finquest Financial Solutions Pvt Ltd (the resolution applicant). Several quarterly and FY24 consolidated results were deferred.
Two KMP-level exits within a single board meeting (CFO and Company Secretary) along with a qualified audit opinion and continued losses signal ongoing governance and operational stress. However, new management is infusing fresh capital via preference shares and holding Rs. 49.5 crore of assets for sale, which is positive for revival, though shareholders should watch for any further delays in pending consolidated results.