Permanent Magnets has accepted the resignation of Sukhmal Jain as Chief Financial Officer, effective September 30, 2026. Jain served the company for 38 years before stepping down.

The company disclosed the change in key managerial personnel to stock exchanges on September 3, 2026. Jain confirmed there are no material reasons for his resignation other than those stated in his letter.

Resignation Details

Jain’s last working day will be September 30, 2026. He cited the need for a smooth transition to the next phase of the company’s growth as the reason for leaving.

The board thanked Jain for his contributions to financial governance and transparency over nearly four decades. Permanent Magnets is currently seeking a replacement for the role.

The company stated it will make separate disclosures regarding the new appointment once finalized, in compliance with SEBI Listing Regulations.

Permanent Magnets Limited announced on August 18, 2026, that its wholly owned subsidiary, Quantum Magnetics Private Limited, has received regulatory approval to manufacture Neodymium Magnets. The approval was granted under the Electronics Component Manufacturing Scheme (ECMS), a government initiative aimed at boosting domestic production capabilities in the electronics sector.

The authorization specifically covers the manufacturing of magnets using Rare Earth Elements. This marks a significant operational milestone for Quantum Magnetics, enabling it to expand its product portfolio into high-performance magnetic materials critical for various industrial and electronic applications.

Strategic Alignment

The company stated that this approval is aligned with its strategic objective of developing a domestic manufacturing ecosystem for Rare Earth Permanent Magnets (NdFeB). By securing ECMS approval, Permanent Magnets Limited positions itself to leverage government support for indigenous manufacturing, potentially reducing dependency on imports for these specialized components.

The company acknowledged the support extended by the Government of India and the Ministry of Electronics and Information Technology (MeitY) in facilitating this approval. This regulatory green light allows the subsidiary to proceed with setting up or expanding its manufacturing infrastructure for these specific products.

Regulatory Disclosure

The intimation was issued pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was submitted to the Corporate Relations Department of The Bombay Stock Exchange Limited.

Rachana Sawant, Company Secretary of Permanent Magnets Limited, signed the disclosure on August 18, 2026. The company requested the exchange to take the information on record, ensuring transparency with investors regarding this strategic development in its subsidiary's operations.