Bhagyanagar India Limited appointed Shri Mangilal Narender Surana as an Additional Director and accepted the resignation of Executive Director Mr. Venkateswara Rao Nukala during its board meeting held on October 8, 2026. The board also noted the apportionment of cost of acquisition under the recently sanctioned Composite Scheme of Arrangement.

Surana, a Chemical Engineer with over 36 years of experience in telecom cables, metals, and solar industries, joins as a Non-Executive Non-Independent (Promoter) Director. His appointment is subject to member approval. He previously served as President of the Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) and Chairman of the Federation of Indian Chambers of Commerce and Industry (FICCI). The filing disclosed that he is related to Devendra Surana, Managing Director of the company.

Mr. Nukala resigned from his position citing personal reasons, effective close of business hours on October 8, 2026. The board confirmed no other material reasons for his departure and thanked him for his contributions.

Cost Apportionment Under Scheme of Arrangement

The board took note of the cost of acquisition apportionment following the demerger of the copper undertaking into Tieramet Limited. The National Company Law Tribunal (NCLT), Hyderabad Bench, sanctioned the scheme on September 7, 2026. Statutory auditors Luharuka & Associates certified the computation under Sections 73(2)(c) and 73(2)(d) of the Income-tax Act, 2025.

What the Numbers Show

The apportionment ratio reflects the relative net worth transferred versus retained. The net book value of assets transferred to Tieramet stood at ₹17,760.18 lakhs, while the net worth of Bhagyanagar India immediately before the demerger was ₹19,874.88 lakhs. This results in shareholders carrying 89.36% of their original cost basis to the new entity, reducing the cost basis of their remaining Bhagyanagar shares to 10.64%. This significant shift indicates that the majority of the economic value and asset base associated with the copper undertaking has moved to Tieramet.

Bhagyanagar India Limited confirmed that Surendra Bhutoria ceased to be the Chief Financial Officer (CFO) effective October 7, 2026. The departure resulted from the transfer of his employment to Tieramet Limited, a related entity within the group structure.

The company disclosed this development to stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing clarifies that the cessation was not due to resignation or removal, but specifically consequent upon the internal employment transfer.

Cessation details

The company stated that it will appoint a new Chief Financial Officer in due course. Requisite disclosures regarding the appointment will be made to the stock exchanges in accordance with applicable SEBI LODR provisions. The detailed information was submitted in Annexure-I of the regulatory filing.

Governance context

The disclosure highlights that no resignation letter with detailed reasons was required, as the change was administrative in nature. The Managing Director, Devendra Surana, signed off on the intimation. The company maintains its registered office in Hyderabad, Telangana.

What the numbers show

The transition reflects an internal reallocation of key management personnel within the Surana Group ecosystem rather than an external exit. By moving the CFO role to Tieramet Limited, Bhagyanagar India Limited signals a consolidation of financial leadership across its associated entities, pending the formal appointment of a successor for the listed entity.