CMR Green Technologies announced that Chief Financial Officer Yugal Kishor Garg has resigned from his position. His cessation from the role and Key Managerial Personnel status is effective October 23, 2026.

The resignation was tendered on October 3, 2026, citing personal commitments and priorities as the primary reason for the departure. The company stated that Mr. Garg will ensure a smooth transition during his notice period.

Proposed Succession Plan

The company has proposed designating Satish Kumar Kaushik as the new Chief Financial Officer and Key Managerial Personnel. Mr. Kaushik was appointed as President Finance on September 28, 2026. His formal designation as CFO is subject to Board of Directors approval at a meeting scheduled for November 2026.

Mr. Kaushik brings nearly 25 years of experience in corporate finance, fund raising, project financing, risk management, taxation compliance, corporate restructuring, mergers, IPO preparation processes, strategic planning, and board-level stakeholder management. He holds an MBA in Finance, CMA, and B.Com degree.

Key Transition Details

Mr. Kaushik has no shareholding in the company and is not related to any director. He is not debarred from holding the office of Chief Financial Officer by any regulatory authority.

What the Numbers Show

The transition involves a direct internal promotion rather than an external hire, with Mr. Kaushik having joined as President Finance just weeks prior to the CFO vacancy announcement. This suggests a pre-planned succession strategy where the incoming leader was onboarded in a senior finance role before assuming the top financial position.

CMR Green Technologies Limited adopted its audited financial statements for the fiscal year ended March 31, 2026, during its 21st Annual General Meeting held on September 29, 2026. The company also approved several key resolutions regarding director reappointments and remuneration structures.

The meeting was conducted via Video Conferencing and Other Audio-Visual Means. In the absence of Chairman and Managing Director Mohan Agarwal, Whole-time Director Akshay Agarwal chaired the session. All board members, including chairpersons of various committees, were present throughout the proceedings.

Key Resolutions Passed

Shareholders voted on a series of ordinary and special business items. The primary ordinary resolutions included the adoption of standalone and consolidated financial statements and the appointment of a director in place of Raghav Agarwal, who retired by rotation.

Special business items focused on governance and operational limits:

• Ratification of the Cost Auditor's remuneration.
• Reappointment of Mohan Agarwal as Managing Director.
• Reappointment of Akshay Agarwal and Raghav Agarwal as Whole-time Directors with revised remuneration terms.
• Regularization of Ankur Singh’s appointment as Executive Director.
• Approval to increase borrowing limits under Sections 180(1)(a) and 180(1)(c) of the Companies Act, 2013.

Governance and Board Changes

The AGM addressed the continuity of independent leadership and executive roles. Three independent directors were slated for reappointment, requiring special resolution approval.

Additionally, members approved the payment of performance-linked commission to Independent Directors and performance bonuses to executive directors. The Secretarial Auditor was also reappointed for the period from FY27 to FY31.

Voting Results Analysis

The company disclosed detailed voting results on October 1, 2026, confirming that all 16 resolutions were passed with requisite majorities. While promoter group voting was unanimous in favor across all items, institutional investors registered significant dissent on specific governance matters.

The most notable divergence occurred regarding the reappointment of independent directors. For Mr. Balvinder Kumar, institutional investors voted 52.34% against the special resolution, although the overall vote remained in favor at 84.69% due to strong promoter support. Similarly, for Mr. Gyan Mohan, institutional dissent stood at 29.93%, while for Ms. Rashmi Verma, it was 37.57%.

On operational matters, the increase in borrowing limits under Section 180 saw 27.50% institutional opposition, yet passed with a total favorable vote of 91.95%. The alteration of Article 58 of the Articles of Association received a unanimous 100% support from both promoters and institutions.

Voting and Compliance

Remote e-voting facilities were available from September 26 to September 28, 2026. During the live meeting, e-voting remained open for 30 minutes after the conclusion of discussions. The scrutinizer, Deepak Goel of M/s Deepak Goel & Associates, was tasked with verifying the voting process.

The results of the voting were declared within two working days of the meeting's conclusion, in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The meeting concluded at 11:35 am with a vote of thanks to stakeholders.