SML Isuzu Limited has informed the Exchange regarding Appointment of Mr. Pushkar Patwardhan as Chief Financial Officer (Designate) and SMP of the company w.e.f. August 02, 2025.
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SML Isuzu announced multiple board-level changes effective August 2, 2025. Mr. Vinod Kumar Sahay was appointed as Executive Chairman (from Aug 3), replacing Mr. Chandra Shekhar Verma who continues as a Non-Executive Independent Director. CFO Mr. Rakesh Bhalla's term is being cut short from the original May 2026 to September 30, 2025, after which he moves to an advisory role. Mr. Pushkar Patwardhan, a Chartered Accountant with 21 years of experience (including at Volkswagen Group and Mahindra Group), takes over as CFO (Designate) on Aug 2 and becomes full CFO from Oct 1, 2025. Mr. Ritesh Agrawal (IIT Kharagpur, FMS Delhi, 30+ years experience) joins as COO. Two CGMs (Production and R&D) cease to be Senior Management Personnel due to organisational restructuring but continue in employment. Separately, statutory auditor Walker Chandiok & Co LLP resigned on Aug 1, 2025, citing that a related party of the firm is providing non-audit services to the new Holding Company (Mahindra & Mahindra), which impairs independence. B S R & Co. LLP has been appointed to fill the casual vacancy until the next AGM, with a proposed 5-year term subject to shareholder approval.
The sweeping changes follow M&M's acquisition of a controlling stake and signal a complete reorganisation of SML Isuzu's leadership under the new parent. The orderly transition of CFO, appointment of Mahindra-experienced COO, and shift to a Big-4 auditor (B S R & Co. LLP) are largely expected governance steps. However, the mid-term auditor resignation over independence rules is a procedural red flag shareholders should note, though it is not related to any audit disagreement.