Company discloses three senior-role exits over 13 months

Company disclosed three senior-role resignations over the 13 months from January 31, 2025 to February 28, 2026: the Group Chief Operating Officer, Chief Financial Officer – Operations and Group Head Human Resources. Its prospectus lists seven changes in key managerial personnel and senior management from October 2024 to April 2026, while saying attrition is not high relative to its industry.

Which three senior-role exits did Company disclose?

Company disclosed that Dr. Santy N Sajan resigned as Group Chief Operating Officer on January 31, 2025, Mangesh Shirodkar resigned as Chief Financial Officer – Operations on May 22, 2025, and Dr. Shashank Teotia resigned as Group Head Human Resources on February 28, 2026. Company gave personal commitments as the reason for each of the three resignations and did not provide further detail on their circumstances or operational effect.

The change record also includes a fourth resignation outside the three roles in the headline. Pradeep Mishra resigned as Vice President, Supply Chain Management on February 21, 2025, also citing personal commitments. The disclosed departures therefore covered operations, finance operations, human resources and supply-chain management between January 2025 and February 2026.

How many management changes did Company report?

Company reported seven listed changes in key managerial personnel and senior management from October 3, 2024 to April 1, 2026. The seven entries comprise four resignations, two appointments and one reporting-structure update, so the record is broader than the four departures alone. Company says the list does not include changes arising from redesignation of key managerial personnel or senior management.

Mangesh Shirodkar was appointed Chief Financial Officer – Operations on October 3, 2024 and resigned from that role on May 22, 2025. Balkishan Sharma was appointed Chief Human Resources and Business Transformation Officer on February 10, 2026, 18 days before Dr. Shashank Teotia’s February 28, 2026 resignation as Group Head Human Resources. Company gives the two human-resources positions different titles and does not describe Sharma as Dr. Teotia’s replacement.

Company’s April 1, 2026 entry for Dr. Amrita Singh was neither an appointment nor a departure. Under a Board resolution dated May 20, 2026, her reporting structure changed from reporting directly to the Managing Director to reporting to the Group Chief Operating Officer, effective April 1, 2026. The resolution is the latest dated organisational action in the disclosed change record.

Who holds the relevant roles after the senior-role exits?

Company’s management organisation chart identifies Vineet Aggarwal as Group Chief Operating Officer, Balkishan Sharma as Chief Human Resources and Business Transformation Officer, and Dilip Bidani as Group Chief Financial Officer. The chart also names Dr. Dharminder Kumar Nagar as Managing Director, Dr. Kapil Garg as Whole-time Director and Director Strategy & Business Intelligence, Rahul Kumar as Company Secretary and Compliance Officer, and Dr. Sonia Verma as Group Head – Projects, Central Buying Unit and Services.

Company states that Aggarwal has been associated with it since September 27, 2021 and has more than 22 years of information-technology experience. His Fiscal 2026 remuneration was Rs 145.9 lakh. The prospectus does not state that Aggarwal was appointed after Dr. Santy N Sajan’s January 31, 2025 departure, meaning the chart identifies the current role holder but not a succession process.

Company states that Sharma joined on February 10, 2026 and has more than 22 years of healthcare-sector experience. His Fiscal 2026 remuneration was Rs 24 lakh. Bidani joined Company on January 16, 2023 and was appointed Group Chief Financial Officer effective March 3, 2023; his Fiscal 2026 remuneration was Rs 106.6 lakh, excluding post-employment defined benefits and share-based payment expenses where applicable. The Chief Financial Officer – Operations role vacated in May 2025 is separately titled from Bidani’s Group Chief Financial Officer position.

Why does Company say management attrition is not high?

Company states that the attrition rate of its key managerial personnel and senior management is not high compared with the industry in which it operates. The prospectus does not disclose a numerical attrition rate, the industry comparator, the number of people in the relevant management population or the measurement period. The disclosed seven changes can therefore be counted, but the stated industry comparison cannot be independently calculated from these pages.

Company identifies dependence on key personnel as a risk factor covering its promoter, directors, key managerial personnel and senior management. It states that losing those people, or being unable to attract or retain them, could adversely affect its business, results of operations and financial condition. This is a stated dependency risk rather than a quantified forecast of the effect of any individual resignation.

Company distinguishes key managerial personnel from senior management in its prospectus. Bidani, as Group Chief Financial Officer, and Kumar, as Company Secretary and Compliance Officer, are listed as key managerial personnel, while Aggarwal, Verma and Sharma appear in the senior-management section. Dr. Kapil Garg is not categorised as senior management because he is a Whole-time Director, under the definition in the Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations.

What employment arrangements does Company disclose?

Company states that all key managerial personnel and senior management are permanent employees. It also states that none has a service contract that provides termination or retirement benefits, except statutory benefits upon termination of employment or superannuation. The prospectus therefore does not disclose role-specific contractual severance or retirement payments for this group.

Company says no contingent or deferred compensation accrued to its key managerial personnel and senior management for Fiscal 2026 outside their stated remuneration. It also says it has no profit-sharing plan for them, except a performance-linked bonus payable to Dr. Kapil Garg under his employment terms. Certain personnel have been granted employee stock options under ESOP 2024, but the prospectus excerpt does not quantify those grants.

Company further says no non-salary-related amount or benefit was paid, given or intended to be paid to any officer, including directors, key managerial personnel and senior management, during the two years before the red herring prospectus date. It says none of its key managerial personnel or senior management was selected under an arrangement or understanding with major shareholders, customers, suppliers or others. These disclosures describe employment and selection arrangements, not a commitment against further management changes.

Conclusion

Company’s record shows four resignations from January 2025 through February 2026, including the three senior-role exits involving the Group Chief Operating Officer, Chief Financial Officer – Operations and Group Head Human Resources. The seven listed changes from October 2024 to April 2026 also included two appointments and one reporting-line update, while Company did not provide numerical data supporting its industry attrition comparison.

The next disclosed item to watch is leadership continuity within the revised reporting structure. Company’s May 20, 2026 Board resolution moved Dr. Amrita Singh to the Group Chief Operating Officer reporting line with effect from April 1, 2026, while the management chart identifies the holders of the Group COO, Group CFO and human-resources transformation roles.