CFO resigns with effect from close of business hours on 9th October 2026 after change in management

Baba Arts Ltd's board accepted Mr. Ajay D. Acharya's resignation as Chief Financial Officer (also Key Managerial Personnel), effective close of business hours on 9th October 2026.

Fri 9 Oct 2026

Resignation Effective Date

close of business hours on 9th October 2026

Reason for Resignation

Change of Management and Control of the Company

Open Offer Reference

successful completion of the Open Offer by M/s. Skybridge Interactive LLP under SEBI (SAST) Regulations, 2011

The Board of Directors of Baba Arts Limited, at its meeting held on Friday, 9th October 2026, accepted the resignation of Mr. Ajay D. Acharya as Chief Financial Officer of the Company, with effect from close of business hours on 9th October 2026. He was also a Key Managerial Personnel. The company states the resignation is consequent upon the Change of Management and Control of the Company.

Why he stepped down

• In his resignation letter, Mr. Acharya says he tendered his resignation from the position of Chief Financial Officer and Key Managerial Personnel consequent upon the change of management and control of the Company.
• He attributes that change to the successful completion of the Open Offer process by M/s. Skybridge Interactive LLP under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
• Mr. Acharya has confirmed that there are no other material reasons involved for his resignation, which he states is clearly mentioned in his letter.

What he confirmed to the Board

• The financial accounts, books of accounts, subsidiary books and records maintained by him and the finance team are in order as on date and shall be handed over in an organised manner to the incoming CFO or such other person as may be designated by the Board.
• All tax updates (direct and indirect tax), XBRL updates, quarterly financial result submissions to BSE and all other financial reporting obligations due up to the date of his resignation have been duly attended to.
• He has reviewed and certified the financial statements and reports in his capacity as CFO, and confirms that no material adverse financial matter has come to his knowledge which has not been reported to the Audit Committee or the Board.
• No dues are outstanding and payable to him by the Company except salary and allowances that may have legitimately accrued up to the effective date of his cessation.
• He has requested the Board to take the resignation on record and make the requisite updates and disclosures.

What this means for a retail investor

• A Chief Financial Officer exiting at the same time as a change of management and control is commonly part of the transition that follows a new promoter or acquirer taking charge.
• The letter records the outgoing CFO's confirmation that the accounts, books and updates up to the date of his resignation are in order and that no unreported material adverse financial matter came to his knowledge. These are the outgoing officer's own statements.
• The change at the top of the finance function is a development investors would track as the Company moves under the new management, alongside whatever disclosures follow on the reconstitution of the board and key personnel.

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