Phychem names Amol Palaskar CFO as Savadekar stays director

Phychem Technologies Limited appointed Amol Nandu Palaskar as chief financial officer and key managerial personnel from November 9, 2026, after Ulka Umakant Savadekar ceased to be CFO for personal reasons on November 7 while remaining whole-time director. The disclosure describes a finance-leadership handover rather than her departure from the board.

Why did Ulka Savadekar leave the CFO role?

Ulka Savadekar resigned as Phychem's chief financial officer from the close of business on Saturday, November 7, 2026, citing personal reasons. The board accepted the resignation at its meeting on the same date, which began at 1:30 p.m. and concluded at 2:30 p.m. The disclosed effective date sets out a defined CFO cessation.

Savadekar said in her November 7 resignation letter that there were no other material reasons for her resignation beyond the stated personal reasons. This confirmation accompanies the filing's record of her CFO resignation and the attached letter required under the applicable disclosure framework.

The role change does not end Savadekar's association with Phychem. She explicitly stated that she would continue as a whole-time director and discharge responsibilities in that capacity. Her letter also says she expected to continue her close association with the board, key managerial personnel and management team in her director role.

Is Ulka Savadekar still on the Phychem board?

Yes, Savadekar remains a whole-time director of Phychem after stepping down as CFO at the close of business on November 7, 2026. Both the board-meeting outcome and her resignation letter state that she will continue in this capacity, separating the executive finance change from her board position.

That distinction is explicit in the November 7 disclosure. The filing records only her cessation as CFO, whereas Palaskar's appointment disclosure specifies both the CFO role and key managerial personnel status. Phychem did not describe Savadekar's action as a resignation from directorship, removal or retirement.

The board-meeting communication was signed by Umakant Savadekar, identified as chairman and managing director, and addressed to BSE Limited under Regulations 30, 32 and 33 of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015. The announcement also covered unaudited standalone financial results for the half year ended September 30, 2026.

Who is Phychem's new chief financial officer?

Amol Palaskar is Phychem's incoming CFO and key managerial personnel, effective Monday, November 9, 2026. The board made the appointment following recommendations from its audit committee and nomination and remuneration committee, creating a two-day interval between Savadekar's CFO cessation and Palaskar's effective start date.

Palaskar has been associated with Phychem since 2018 as an accounts executive, according to the appointment disclosure. Phychem says this gave him experience in financial reporting, finalisation of accounts, Goods and Services Tax, or GST, tax deducted at source, or TDS, compliance, and audit support.

Palaskar holds Bachelor of Commerce and Master of Commerce degrees from Savitribai Phule Pune University. Phychem says he has more than 10 years of industrial experience across financial accounting, taxation and statutory compliance, and had worked in accounting roles at Kenso Agro Industries and SM Thakkar Export House before joining Phychem in 2018.

How does the CFO change affect Phychem's finance continuity?

The disclosed information indicates an internal succession because Palaskar had worked at Phychem since 2018 before his November 2026 appointment. His stated responsibilities included reporting, account finalisation, GST and TDS compliance, and audit support, while Savadekar remains a whole-time director after relinquishing only the CFO position.

Phychem said Palaskar's familiarity with its financial structure and his record in internal financial controls support his ability to handle financial strategy and regulatory compliance as CFO. This is Phychem's assessment in the appointment profile, rather than a reported operating or financial-performance outcome. The filing does not provide a separate handover timetable, remuneration detail or additional employment terms.

The transition coincides with the board's approval of unaudited standalone financial results for the half year ended September 30, 2026. Phychem enclosed a limited review report, the standalone unaudited financial-results statement and an auditor certificate under Regulation 32. The announcement does not state revenue, profit, cash-flow or balance-sheet figures in the disclosed leadership materials.

What other assurance appointments did Phychem make?

Phychem appointed K P Z & Associates, Firm Registration Number 139715W, as internal auditor for financial year 2026-27 at the November 7 board meeting. Phychem said the appointment was made to comply with Section 138 of the Companies Act, 2013, and listing-regulation requirements.

K P Z & Associates was established in 2010, according to Phychem's disclosure, and provides internal and statutory audit, direct and indirect taxation, corporate-law and government-audit services. Its described banking assignments include statutory branch audits, stock audits, concurrent audits and revenue audits for nationalised and cooperative banks. Its Phychem mandate is specifically for financial year 2026-27.

The board also appointed Murtuza Mandorwala & Associates as secretarial auditor for financial year 2026-27. The disclosure identifies the practice as peer reviewed and names CS Murtuza Mandorwala as proprietor, with certificate of practice number 14284 and membership number F10745. Phychem said the appointment was made for compliance with Section 204 of the Companies Act, 2013, and listing-regulation requirements.

Conclusion

Phychem's November 7, 2026 announcement sets out a targeted CFO succession: Savadekar left the CFO post for stated personal reasons, confirmed no other material reason, and retained her whole-time directorship. Palaskar takes over as CFO and key managerial personnel on November 9, bringing more than 10 years of stated industrial experience and Phychem finance experience since 2018.

Next, readers can watch for Palaskar's first CFO-period disclosures and for the financial year 2026-27 work of the newly appointed internal auditor, K P Z & Associates, and secretarial auditor, Murtuza Mandorwala & Associates. The filing gives both audit appointments a financial year 2026-27 term while providing no further timetable or unresolved matter concerning the CFO transition.