Company changed CFOs twice and secretaries three times pre-IPO

Company changed chief financial officers, or CFOs, twice and company secretaries three times during the three years disclosed in its red herring prospectus. The change table records 12 key managerial personnel and senior-management events, ending with Sanjay Suresh Sawant’s CFO appointment on May 21, 2025 and Sagar Lambole’s company-secretary appointment on August 3, 2026.

What management changes did Company disclose before its IPO?

Company disclosed 12 changes in key managerial personnel and senior management during the stated three-year period. Four records concerned the CFO role, six concerned the company secretary and compliance officer role, and two concerned Vivek Baid’s appointment and later resignation as chief group strategy and finance officer. The disclosure counts each appointment and resignation separately.

The personnel movements represent two CFO handovers and three company-secretary handovers. Sawant resigned as CFO on April 16, 2024, Baid was appointed on July 11, 2024, and Baid resigned on May 21, 2025 when Sawant was appointed again. For the company-secretary role, Rajeshree Chougule left on July 11, 2024, followed by Shruti Waghela, Shweta Shivdhari Singh and then Lambole.

Why did Company change its CFO twice?

Company attributed Sawant’s April 16, 2024 CFO resignation to career prospects and Baid’s May 21, 2025 CFO resignation to internal restructuring. Baid took office as CFO on July 11, 2024, while Sawant returned to the CFO role on the date of Baid’s resignation, May 21, 2025.

Company appointed Baid as chief group strategy and finance officer on May 22, 2025, one day after his CFO resignation. Baid resigned from that separate role on July 31, 2026 for personal reasons. The prospectus identifies Sawant as responsible for asset management, risk and compliance and overall financial performance, and reports Fiscal 2026 remuneration of Rs 56.8 lakh.

Company’s personnel profile says Sawant has been associated with Company since November 11, 2024, while the change table records his CFO appointment on May 21, 2025 and a prior CFO resignation on April 16, 2024. The supplied disclosure does not reconcile those dates. It states that Sawant is an associate member of the Institute of Chartered Accountants of India and has about 20 years of financial-sector experience.

How did Company’s company-secretary role change three times?

Company’s company-secretary role had three handovers between July 2024 and August 2026, and each of the three listed departures was attributed to personal reasons. Chougule resigned on July 11, 2024 and Waghela was appointed on the same date. Waghela resigned on April 2, 2025, and Singh was appointed on April 3, 2025.

The third handover began with Singh’s resignation as company secretary and compliance officer on July 22, 2026. Company appointed Lambole as whole-time company secretary and compliance officer on August 3, 2026, a 12-day interval between the recorded resignation and appointment dates. The disclosure does not state how the secretarial and compliance functions were handled during that interval.

Company says Lambole manages secretarial, legal and regulatory-compliance functions and has about nine years of experience in the secretarial sector. He is an associate member of the Institute of Company Secretaries of India. Because his appointment was dated August 3, 2026, Company states that he received no remuneration in Fiscal 2026.

Who was in Company’s management team at the prospectus date?

Company identified Sawant as CFO and Lambole as whole-time company secretary and compliance officer at the red herring prospectus date. Its management organisation chart also listed Rahul Miskeen as director, export management, and Ravindra Vitthal Pawar as vice president, production. Company states that all key managerial personnel and senior-management members were permanent employees at that date.

Miskeen had been associated with Company since June 1, 2012 and managed international sales, while Pawar had been associated since January 4, 2021 and oversaw production operations. Company reported Fiscal 2026 remuneration of Rs 78.3 lakh for Miskeen and Rs 30.5 lakh for Pawar. Neither operating role appeared in the 12-row change table.

Company also states that none of its key managerial personnel or senior management was appointed under an arrangement or understanding with major shareholders, customers, suppliers or others. Except for director shareholdings disclosed elsewhere, Company says other key managerial personnel and senior management held no equity shares. It reported no contingent or deferred compensation for Fiscal 2026 and no bonus or profit-sharing plan for these personnel.

What governance mechanisms apply after Company’s CFO and secretary changes?

Company’s disclosed governance framework assigns risk, compliance and financial oversight to specified management responsibilities and board committees. The board constituted a Risk Management Committee on July 22, 2025 in compliance with Regulation 21 of the Securities and Exchange Board of India, or SEBI, Listing Regulations. Its members are Eshan Jawahar Hemrajani as chairman, Jawahar Hariram Hemrajani and independent director Nandita Khurana.

The Risk Management Committee must meet at least twice in each financial year under Regulation 21(3A) of the SEBI Listing Regulations. Its remit includes a risk-management policy covering financial, operational, sectoral, sustainability, information and cyber-security risks, as well as a business continuity plan. The committee may review the appointment, removal and remuneration terms of the chief risk officer.

The mechanisms do not establish how long Sawant or Lambole will remain in their roles. Their continuity depends on Company retaining the current appointees and on the board and Risk Management Committee carrying out the monitoring functions described in the prospectus. Company also states that officers have only statutory benefits on termination or retirement, with no other termination benefits under service contracts.

Conclusion

Company’s disclosures show finance and compliance turnover concentrated in two functions: two CFO handovers from April 2024 to May 2025 and three company-secretary handovers from July 2024 to August 2026. The 12 recorded events also include Baid’s tenure as chief group strategy and finance officer from May 22, 2025 to July 31, 2026, while export and production roles were not listed as changed.

The disclosed marker to watch is the Risk Management Committee’s requirement to meet at least twice each financial year and monitor the risk-management policy. Further updates would show whether Sawant’s May 21, 2025 appointment and Lambole’s August 3, 2026 appointment remain unchanged, and whether Company explains the difference between Sawant’s November 11, 2024 association date and the CFO change table.