Laxmi Organic Industries Ltd has announced key leadership changes following a Board of Directors meeting held on April 10, 2026. The specialty chemicals company disclosed the resignation of its Chief Financial Officer and the appointment of an interim replacement to ensure business continuity.

CFO Resignation and Transition Details

The Board took note of Mr. Mahadeo Karnik's resignation from his position as Chief Financial Officer and Key Managerial Personnel. His tenure with the company will conclude at the close of business hours on April 13, 2026. The Board acknowledged his valuable contributions during his service period with the organization.

Additional SEBI Compliance Disclosure

Following an observation from the exchange, the company submitted additional disclosure on April 13, 2026, in compliance with SEBI regulations. The detailed disclosure was made pursuant to Schedule III – Para A – Clause 7(c) read with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Resignation Letter Details

In his resignation letter dated April 10, 2026, Mr. Karnik cited "other professional considerations and better opportunities" as the reason for his departure. He confirmed that there are no material reasons for his resignation other than those stated and committed to extending full cooperation to ensure a smooth transition of responsibilities.

Interim CFO Appointment

To maintain operational continuity, the Board approved Mr. Harshvardhan Goenka's appointment as Interim Chief Financial Officer. Currently serving as Executive Director, Goenka will assume CFO responsibilities from the commencement of business hours on April 14, 2026. His interim role will continue until the new permanent Chief Financial Officer takes office.

Mr. Goenka brings substantial experience to the role, holding a Bachelor's degree in science from Babson College, Boston, USA. With over 13 years of experience in the chemicals industry, he has been instrumental in driving growth initiatives and establishing new ventures at Laxmi Organic. He serves as an active member of the Entrepreneurs Organisation, Mumbai, and the Babson Alumni Club.

Leadership Profile and Experience

Since joining the Board in November 2020, Goenka has played a significant role in shaping the company's strategic direction and growth initiatives.

Future CFO Appointment Timeline

The management has identified a successor for the permanent Chief Financial Officer position. The potential candidate is tentatively expected to join the company on June 15, 2026. However, the appointment remains subject to approval from the Nomination and Remuneration Committee, Audit Committee, and Board of Directors in their upcoming meetings.

The Board meeting commenced at 17:00 hours IST and concluded at 17:30 hours IST on April 10, 2026. All disclosures have been made in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Laxmi Organic Industries Limited has submitted its quarterly compliance certificate to stock exchanges BSE and NSE, confirming adherence to SEBI depositories regulations for the quarter ended March 31, 2026.

Regulatory Compliance Filing

The company filed the compliance certificate on April 08, 2026, as required under Regulation 74(5) of the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018. The certificate was prepared by MUFG Intime India Private Limited, which serves as the company's registrar and share transfer agent.

Certificate Confirmation

MUFG Intime India Private Limited confirmed that all securities received from depository participants for dematerialization during the quarter were properly processed according to regulatory requirements. The registrar verified that security certificates received for dematerialization were confirmed or rejected within prescribed timelines.

The certificate specifically noted that no requests for dematerialization or rematerialization were received during the quarter ended March 31, 2026. This indicates stable shareholding patterns with minimal conversion between physical and electronic form of securities.

Stock Exchange Communication

The compliance certificate was submitted to both major Indian stock exchanges where Laxmi Organic Industries shares are listed. The company secretary and compliance officer Aniket Hirpara signed the communication to the exchanges, ensuring proper regulatory disclosure.

This quarterly compliance filing demonstrates Laxmi Organic Industries' commitment to maintaining regulatory transparency and adherence to SEBI's depositories regulations, providing assurance to investors and market participants about proper handling of share transfer processes.