Sula Vineyards appoints Chaitanya Rathi as director, Rinku More as CFO
Sula Vineyards Limited has appointed Chaitanya Rathi as an Additional Non-Executive Non-Independent Director and Rinku More as CFO, effective August 6, 2026. Rathi’s appointment requires shareholder ratification within three months via postal ballot. More succeeds Abhishek Kapoor, having served as CFO Designate since July 2026.
*this image is generated using AI for illustrative purposes only.
Sula Vineyards Sula Vineyards has appointed Chaitanya Rathi as an Additional Non-Executive Non-Independent Director and Ms. Rinku More as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP). The Board of Directors approved both appointments during a meeting held on August 6, 2026, effective immediately for both roles. Mr. Rathi’s appointment is liable to retire by rotation and requires regularisation by shareholders within three months via a postal ballot, ensuring continuity in the company’s leadership structure amidst strategic growth phases.
The appointments were made pursuant to Regulation 30 read with Schedule III, Part A, Para A (7) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board acted on recommendations from the Nomination and Remuneration Committee and the Audit Committee. The company confirmed that Mr. Rathi is not debarred from holding the office of Director by any order passed by the Securities and Exchange Board of India or any other competent authority.
Key Appointments
The Board formalised two critical leadership changes to strengthen governance and financial oversight:
| Appointee | Designation | Effective Date | Key Conditions |
|---|---|---|---|
| Chaitanya Rathi | Additional Non-Executive Non-Independent Director | August 6, 2026 | Liable to retire by rotation; subject to shareholder approval within three months |
| Rinku More | Chief Financial Officer and Key Managerial Personnel | August 6, 2026 | Full-time employment; succeeds Abhishek Kapoor |
Ms. More had previously been appointed as CFO Designate and Senior Management Personnel effective July 15, 2026, following the resignation of Mr. Abhishek Kapoor as CFO and KMP on July 14, 2026. Her appointment as full CFO and KMP was pending formal Board approval, which was granted in the August meeting.
Leadership Profiles
Mr. Rathi brings over 20 years of experience across Consumer, Alcobev, Fintech, Hospitality, and Private Equity sectors. He spent over a decade with Sula Vineyards across two tenures, most recently serving as Chief Operating Officer from 2019 to 2023, where he led the company through its Initial Public Offering (IPO). His earlier tenure between 2006 and 2013 included scaling the company’s hospitality business into a leading wine tourism destination. Currently, he is the Founder of Searchlight ETA, India’s first Entrepreneurship Through Acquisition platform.
Ms. More is a qualified Chartered Accountant with over 11 years of experience in finance, audit, taxation, and risk assurance. She has been with Sula Vineyards for eight years, holding progressive roles in financial reporting, taxation, and winery finance. She played a key role in strengthening financial processes, automating MIS reporting, and managing IPO-related finance processes.
Shareholder Approval Process
The Board approved seeking shareholder approval for the regularisation of Mr. Rathi’s appointment and the payment of commission to him as a Non-Executive Non-Independent Director. This will be done via a Postal Ballot in accordance with Regulation 17(1C) of the SEBI Listing Regulations and the Companies Act, 2013. The Notice of Postal Ballot and relevant documents will be circulated to shareholders and submitted to the stock exchanges in due course.
What the Numbers Show
The appointment of an internal candidate like Ms. More to the CFO role signals a focus on institutional knowledge and continuity in financial governance, particularly after her involvement in IPO-related finance processes. Meanwhile, bringing back Mr. Rathi, a former COO who led the IPO, to the Board suggests a strategic emphasis on leveraging deep operational history and investor relations expertise during the company’s post-listing growth phase.
Historical Stock Returns for Sula Vineyards
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.26% | +1.85% | -13.77% | -13.99% | -40.99% | 0.0% |
How might Chaitanya Rathi's background in Entrepreneurship Through Acquisition influence Sula Vineyards' potential M&A strategy or expansion into new market segments?
What specific financial restructuring or cost-optimization initiatives is the new CFO, Rinku More, expected to prioritize in her first year to enhance post-IPO profitability?
Will the return of a former COO to the Board create any perceived conflicts of interest regarding operational oversight, and how does the company plan to mitigate governance risks?
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