CFO resigns w.e.f. 23rd October 2026; President Finance proposed to be designated as CFO & KMP

Mr. Yugal Kishor Garg has resigned as Chief Financial Officer & Key Managerial Personnel, effective 23rd October 2026; resignation letter dated 3rd October 2026.

Sat 3 Oct 2026

CFO Resignation Effective Date

23rd October 2026

Resignation Letter Date

3rd October 2026

New President - Finance Appointment

Mr. Satish Kumar Kaushik, w.e.f. 28th September 2026

Board Approval for CFO Designation

ensuing Board meeting in November 2026

New Appointee Experience & Shareholding

nearly 25 years of experience; shareholding in the Company: Nil

What the update says

• Mr. Yugal Kishor Garg, Chief Financial Officer and Key Managerial Personnel, has tendered his resignation from the position of Chief Financial Officer. The resignation letter is dated 3rd October 2026.
• He will cease to hold the designation of CFO and KMP with effect from 23rd October 2026.
• The stated reason for the resignation is his personal commitments and priorities.

Who is proposed to take over

• Mr. Satish Kumar Kaushik has been appointed as President – Finance of the Company with effect from 28th September 2026.
• The Company proposes to designate him as Chief Financial Officer and Key Managerial Personnel as per Section 203 of the Companies Act, 2013, subject to the approval of the Board of Directors at its ensuing meeting scheduled to be held in November 2026.
• The Board meeting date for that approval is expected in November 2026.

Profile of the proposed CFO

• MBA in Finance, CMA and B.Com graduate.
• Nearly 25 years of experience across corporate finance, fund raising, project financing, risk management, taxation compliance, corporate restructuring, mergers, IPO preparation processes, strategic planning and board-level stakeholder management.
• He is not related to any Director of the Company, and his shareholding in the Company is Nil.
• He is not debarred from holding the office of Chief Financial Officer by virtue of any order of SEBI or any other such authority.

Handover

The outgoing CFO has stated that he remains committed to ensuring a smooth transition and will extend full support in handing over his responsibilities during the notice period.

How retail investors can read this

• A change of Chief Financial Officer is a change in Key Managerial Personnel, a role tied to the Company's financial reporting and finance functions.
• The update gives a personal-reasons explanation for the exit and names a proposed successor, but the designation of the new CFO is subject to Board approval at the ensuing Board meeting.
• The new appointee already holds the position of President – Finance in the Company with effect from 28th September 2026, which is ahead of the outgoing CFO's effective date of 23rd October 2026.
• Reading of the news can be mixed: some investors may see it as a planned transition given the named successor, while others may watch for continuity of the finance function until the Board decision in November 2026.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.