GP Petroleums532543Senior KMP change

Shirish Suvagia to be CFO from Oct 15, 2026; Arjun Verma resigns as CFO, stays Executive Director

Shirish Suvagia appointed Chief Financial Officer & KMP from Oct 15, 2026; Arjun Verma resigns as CFO (personal reasons) but stays Whole Time Director (Executive Director).

By ScoutQuest · Tue 13 Oct 2026, 5:02 PM IST · 3 min read

New CFO Effective Date: Shirish Suvagia appointed CFO & KMP w.e.f. October 15, 2026
CFO Resignation: Arjun Verma resigns as CFO from October 15, 2026; continues as Whole Time Director (Executive Director)
Investment Consideration: Acquisition of equity shares of Incubit Pipavav Terminal for INR 44.27 crore, from internal reserves, in multiple tranches over one year

GP Petroleums' board met on October 13, 2026 and approved a strategic investment along with a change in its senior finance leadership.

What the board approved

Appointment of Mr. Shirish Suvagia as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) with effect from October 15, 2026, as recommended by the Audit Committee and the Nomination and Remuneration Committee.
Resignation of Mr. Arjun Verma from the position of CFO with effect from October 15, 2026. He continues to serve as a Whole Time Director (designated as Executive Director) and as a Key Managerial Personnel of the company.
Acquisition of equity shares of Incubit Pipavav Terminal Private Limited (formerly known as Gulf Petrochem (India) Private Limited) from some of its existing shareholders.
Authority to execute a Share Purchase Agreement with the selling shareholders and the target company, and a Shareholders' Agreement with the target and its shareholders.

The new CFO

Mr. Shirish Suvagia is a qualified Chartered Accountant with over 22 years of professional experience in finance and accounts, treasury management, strategic financial planning, mergers and acquisitions, equity structuring, fund-raising through debt and private equity, and business partnering. His profile cites experience in managing treasury operations of approximately ₹100 crore, implementation of Ind AS and IFRS, and IPO-related activities including preparation of Draft Red Herring Prospectuses. He is not related to any of the directors of the company.

The outgoing CFO

Mr. Arjun Verma's resignation letter states that he is stepping down as CFO due to personal reasons requiring his attention and time, that he will continue as a Whole-Time Director, and that there is no other material or significant reason for the resignation. The change is effective October 15, 2026.

The investment in Incubit Pipavav Terminal

Aggregate consideration for the equity shares: INR 44.27 crore.
The consideration is subject to any change in valuation of the shares of the target company.
The shares may be acquired in multiple tranches over a period of one year.
The purchase is to be funded from the company's internal reserves.
The update describes it as a strategic investment to strengthen the company's strategic and operational presence at Pipavav and to leverage potential synergies through access to the target's tank storage/rental space, terminal facilities and related infrastructure.

Who can decide what is material

The Key Managerial Personnel authorised to determine the materiality of events and information are Mr. Ayush Goel (Chairman & Managing Director), Mr. Arjun Verma (Executive Director), Mr. Shirish Suvagia (CFO, w.e.f. October 15, 2026) and Mrs. Kanika Sehgal Sadana (Company Secretary & Compliance Officer).

Points a shareholder may want to track

The CFO change takes effect on the same day for both the outgoing and the incoming officer, and the outgoing CFO stays on the board as Executive Director.
The acquisition is an outlay from internal reserves of INR 44.27 crore, spread across multiple tranches over one year, and the final amount can change with the valuation of the target's shares.

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