Bombay Burmah names Agarwal CFO after two KMP exits

The Bombay Burmah Trading Corporation Limited said on 13 November 2026 that its Chief Financial Officer and its Company Secretary would both leave that day, while Manoj Agarwal will become Chief Financial Officer from 26 November 2026. Bombay Burmah cited personal reasons for the two resignations and described Agarwal as having over 22 years of finance experience.

Who left Bombay Burmah on 13 November 2026?

Bombay Burmah said Lalita Rajesh ceased to be Chief Financial Officer and key managerial personnel at the close of business on 13 November 2026. The company gave personal reasons for her resignation and said she would also cease to be the Nodal Officer for Investor Education and Protection Fund, or IEPF, matters on that date.

Rajesh’s resignation letter, dated 9 July 2026, identifies 13 November 2026 as her last working day with Bombay Burmah. Her letter thanks the Board for its trust, cooperation and guidance but gives no further detail beyond personal reasons. The disclosure does not state her tenure, remuneration or the identity of an interim finance executive for the period after her cessation.

Bombay Burmah also said Saghan Srivastava resigned as Company Secretary, Compliance Officer and key managerial personnel at the close of business on 13 November 2026. His resignation letter says he left for personal reasons with effect from that date. The announcement does not identify a successor for the Company Secretary and Compliance Officer roles.

The two cessations therefore took effect on the same date, 13 November 2026, but involved different responsibilities. Rajesh’s disclosed positions included CFO and IEPF Nodal Officer, while Srivastava’s roles covered company-secretarial and compliance functions. Bombay Burmah disclosed an incoming CFO but did not announce an appointment for the Company Secretary and Compliance Officer position.

When does Manoj Agarwal become Bombay Burmah CFO?

Manoj Agarwal will become Bombay Burmah’s Chief Financial Officer and key managerial personnel on 26 November 2026. His appointment date is 13 days after Rajesh ceased as CFO at the close of business on 13 November 2026, and the filing does not name an acting CFO for the intervening period.

Bombay Burmah records Agarwal’s appointment as CFO and key managerial personnel, without specifying a fixed term or an interim designation. The filing does not disclose his remuneration, reporting structure, or changes to the finance organisation effective from 26 November 2026. It also marks the disclosure of relationships between directors as not applicable.

The company’s accompanying list of personnel authorised to determine materiality and make stock-exchange disclosures under Regulation 30 includes the Managing Director and CFO. Both roles use the writetous@bbtcl.com email address and the Mumbai telephone number +91-22-22197101. The disclosure does not say whether that authorisation list will change after Srivastava’s 13 November 2026 exit.

The appointments and resignations were disclosed alongside unaudited consolidated financial results approved by Bombay Burmah’s Board on 13 November 2026 for the quarter and six months ended 30 September 2026. Bombay Burmah did not connect the management changes with the financial results, and it stated personal reasons as the reason for both outgoing executives’ resignations.

What experience does Manoj Agarwal bring to Bombay Burmah?

Bombay Burmah says Agarwal has over 22 years of experience in finance across realty, aviation, non-banking financial companies, manufacturing, fast-moving consumer goods, telecom and logistics. The profile cites experience in finance management, financial reporting, planning and analysis, taxation, treasury, corporate finance, fund raising and financial controls.

Before the 26 November 2026 appointment, Agarwal was Head, Assistant Vice President, Finance & Taxation at Sunteck Realty Ltd., according to Bombay Burmah. In that role, he managed the overall finance function including domestic and foreign subsidiaries. The company’s disclosure does not state when he joined or left Sunteck Realty, or the size of the finance function he will oversee at Bombay Burmah.

Agarwal previously spent nearly 11 years at Go Airlines India Ltd. as Head, General Manager, Finance & Accounts, Bombay Burmah said. His disclosed work there included financial reporting, statutory and internal audits, taxation, regulatory compliance and internal controls. The profile also says he was part of the airline’s initial public offering team, working on groundwork, draft red herring prospectus preparation and coordination with advisers.

Bombay Burmah also lists previous experience at Godrej Industries and Edelweiss Financial Services, involving financial management, treasury, process automation and business controls. Agarwal is a Chartered Accountant from the Institute of Chartered Accountants of India and holds an Executive Master of Business Administration from SIBM Pune and a Diploma in International Financial Reporting Standards from ACCA, United Kingdom.

What financial results accompanied Bombay Burmah’s management changes?

Bombay Burmah reported standalone revenue from operations of Rs 78.43 crore for the quarter ended 30 September 2026, compared with Rs 67.54 crore in the quarter ended 30 June 2026 and Rs 80.11 crore a year earlier. The September-quarter figure was Rs 10.89 crore higher than the preceding quarter but Rs 1.68 crore below the quarter ended 30 September 2025.

Bombay Burmah recorded a standalone loss after tax of Rs 11.52 crore for the quarter ended 30 September 2026, versus a Rs 7.86 crore profit in the preceding quarter and a Rs 7.42 crore loss a year earlier. For the six months ended 30 September 2026, standalone revenue was Rs 145.97 crore compared with Rs 151.90 crore in the corresponding 2025 period, while the loss after tax was Rs 3.66 crore against profit after tax of Rs 25.85 crore.

The same results disclosure noted the phased divestment of assets related to the Dunsandle tea estate in Nilgiris district, Tamil Nadu, approved on 26 March 2026. Bombay Burmah recorded an exceptional gain of Rs 14.87 crore on assets sold during the quarter ended 30 June 2026, following a Rs 87.69 crore gain on significant assets sold during the year ended 31 March 2026. Remaining second-phase assets were held for sale at 30 September 2026, and Bombay Burmah said their estimated fair values exceeded their carrying values.

Conclusion

Bombay Burmah’s 13 November 2026 disclosure records the simultaneous exit of its CFO and its Company Secretary and Compliance Officer, both classified as key managerial personnel, with Agarwal set to take over the CFO role on 26 November 2026. The appointment brings a finance executive with over 22 years of disclosed cross-sector experience into the role after the company reported a standalone September-quarter loss of Rs 11.52 crore.

The next disclosed event is Agarwal’s effective appointment on 26 November 2026. Investors can also monitor Bombay Burmah’s continued sale process for the remaining second-phase Dunsandle estate assets, which were classified as held for sale at 30 September 2026.