Banco Products (India) Limited accepted the resignation of Mahendra Nath Mahato from the position of Deputy General Manager (DGM) - Purchase. The cessation is effective from September 30, 2026, after close of business hours.

The company informed BSE and NSE in a filing dated September 30, 2026, citing Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure classifies Mahato as Senior Management Personnel (SMP).

Resignation details

The resignation letter, sent on September 24, 2026, stated that Mahato decided to move on in pursuit of better career prospects. He confirmed his commitment to ensuring a smooth transition and handing over ongoing projects before his departure.

Regulatory compliance

Banco Products attached the resignation letter as Annexure II and the required details under SEBI LODR Regulations as Annexure I. The filing was signed by Sachin Dalwadi, Company Secretary and Compliance Officer. The company did not disclose any financial implications or specific operational impacts resulting from this leadership change.

Banco Products (India) Limited disclosed an inadvertent delay in reporting the resignation of two Senior Management Personnel (SMP) to stock exchanges, violating Regulation 30 of SEBI (LODR) Regulations, 2015.

The company informed BSE and NSE that Mr. Sujith Nair, President - Marketing (OEM), and Mr. Santosh Sawant, DGM - OEM Marketing, ceased their roles on September 5 and September 9, 2026, respectively. The formal intimation was filed on September 28, 2026, resulting in a compliance lapse.

Resignation Details

The disclosures highlight distinct timelines for the two executives. Mr. Nair served a notice period following his resignation letter dated July 5, 2026, while Mr. Sawant resigned with immediate effect after only 19 days of employment due to family obligations.

Compliance Lapse and Response

The company attributed the delay to an "inadvertent oversight in ensuring timely regulatory intimation." Banco Products stated that it remains committed to maintaining high standards of corporate governance and will ensure such delays do not recur. The filing included copies of resignation emails as annexures to substantiate the dates of cessation.

What the Numbers Show

The internal correspondence reveals a significant operational context behind Mr. Nair's departure. In his resignation email, he cited a growth trajectory from managing a business of approximately ₹42-45 crore monthly in 2021 to achieving the highest-ever monthly sales of over ₹72 crore. This data point underscores that the leadership change occurred during a period of substantial revenue expansion for the OEM marketing division.