Submission regarding appointment of Internal Auditor for the year 2026-27
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On the reaction day the stock moved 9.2 pts more than Nifty Microcap 250 and 9.9 pts more than its Auto Components & Equipments peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The Board of Directors approved three key changes on May 29, 2026. First, Mr. Boorugu Venkatesham resigned as CFO effective close of business on May 28, 2026, citing personal reasons with no other material reasons stated. Second, Mr. Veera Raghavaiah Panchagnula was appointed as the new CFO effective May 29, 2026. Notably, Mr. Panchagnula was already serving as General Manager - Finance at the company since August 2023, making this an internal promotion rather than an external hire. He brings over 30 years of finance experience including roles at listed companies, MNCs, and the company's own subsidiary. Third, M/s Apical Business Advisory Services LLP was appointed as Internal Auditor for FY 2026-27.
The CFO transition appears orderly with minimal gap between resignation (May 28) and appointment (May 29), suggesting a planned handover. The new CFO's extensive track record may be viewed positively by the market, though the resignation reason of 'personal reasons' leaves some uncertainty about the circumstances.