McLeod Russel India Limited has announced the resignation of Mr. Amritanshu Khaitan from his position as Non-Executive Non-Independent Director, effective March 17, 2026. The tea company informed major stock exchanges including BSE, NSE, and Calcutta Stock Exchange about this board change through a regulatory filing dated March 18, 2026.

Resignation Details

The resignation was formally communicated through the following key details:

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 of SEBI LODR 2015, providing comprehensive documentation including the resignation letter and required annexures. The disclosure follows SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Director's Statement

In his resignation letter dated March 17, 2026, Khaitan emphasized several important clarifications:

• His role was limited to that of a Non-Executive Director despite being a member of the promoter family
• His access to information was confined to board proceedings in the ordinary course
• He was not involved in day-to-day management, operational affairs, or executive decision-making
• The resignation is a personal decision to focus on other areas and manage time commitments more effectively

Khaitan specifically stated that his resignation "should not be construed as being connected with the affairs, management, or operations of the Company" and expressed appreciation for his association with the company while extending best wishes for its continued progress.

Corporate Information

McLeod Russel India Limited, with CIN L51109WB1998PLC087076, operates from its registered office at Four Mangoe Lane, Surendra Mohan Ghosh Sarani, Kolkata. The filing was signed by Company Secretary Alok Kumar Samant and has been made available on the company's website at www.mcleodrussel.com .

McLeod Russel India Limited announced its unaudited financial results for the quarter and nine months ended December 31, 2025, revealing continued financial challenges despite operational improvements in certain areas. The tea cultivation and manufacturing company reported mixed performance indicators while navigating ongoing debt restructuring processes.

Financial Performance Overview

The company's Q3FY26 performance showed both challenges and relative improvements compared to the previous year:

For the nine months ended December 31, 2025, the company reported revenue from operations of ₹89,051 lakhs compared to ₹89,647 lakhs in the corresponding period of the previous year, representing a marginal decline of 0.66%.

Debt Resolution and Financial Restructuring

McLeod Russel continues to grapple with substantial financial obligations and ongoing restructuring efforts. The company's borrowings totaling ₹1,46,107 lakhs have been assigned to Asset Reconstruction Companies, with ₹1,03,303 lakhs assigned to National Asset Reconstruction Company Limited (NARCL) and the remaining ₹42,804 lakhs to other lenders.

The resolution plan submitted to NARCL and other lenders remains under consideration, with management expressing confidence in achieving a sustainable debt restructuring arrangement.

Operational Challenges and Going Concern

The company faces significant operational headwinds, with current liabilities exceeding current assets. Tea realization has been adversely affected, impacting operational volumes and overall performance. Cut-backs against sales proceeds have been appropriated toward borrowing repayments, further constraining operational liquidity.

Statutory liabilities aggregate to ₹18,236 lakhs as of December 31, 2025, with demands received from authorities in certain cases. The Assam Tea Employees Provident Fund Organisation has made representations to NARCL for consideration of provident fund dues during the resolution plan approval process.

Auditor Observations and Regulatory Matters

The statutory auditors, Lodha & Co LLP, issued an adverse review conclusion citing several material concerns including the recoverability of Inter-Corporate Deposits and non-recognition of various liabilities. The auditors highlighted that the financial results have not been prepared fairly in all material respects due to the significance of unresolved matters.

During the period, an arbitration award dated September 29, 2025, was passed involving promoter group entities for ₹50,896 lakhs plus additional amounts. The company has challenged this award before the Hon'ble High Court of Delhi, with the outcome pending.

Segment Performance and Outlook

On a consolidated basis, the group reported revenue from operations of ₹44,545 lakhs for Q3FY26 compared to ₹37,056 lakhs in Q3FY24. The consolidated net loss stood at ₹3,641 lakhs for the quarter.

The company's financial results have been prepared on a going concern basis, contingent upon successful debt resolution and implementation of ameliorative measures. Management remains focused on rationalizing operational costs and securing additional funding through the resolution process to strengthen the financial position over time.