BF Utilities Appoints Industry Veteran Madan Umakant Takale as Non-Executive Director

1 min read     Updated on 04 Aug 2025, 04:58 PM
scanxBy ScanX News Team
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Overview

BF Utilities Limited has appointed Mr. Madan Umakant Takale as a Non-Executive, Non-Independent Director, effective May 29, 2025. The appointment received shareholder approval through a postal ballot process, with 99.42% of total valid votes in favor. Mr. Takale brings over 40 years of experience in the forging and automotive industries, along with degrees in Mechanical Engineering, Industrial and Systems Engineering, and an MBA. The company confirmed Mr. Takale is not related to any other Board member and is not debarred from holding a directorship by any regulatory authority.

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*this image is generated using AI for illustrative purposes only.

BF Utilities Limited has announced the appointment of Mr. Madan Umakant Takale as a Non-Executive, Non-Independent Director, effective May 29, 2025. The appointment, which was initially made by the board, has now received shareholder approval through a postal ballot process.

Shareholder Approval

The company conducted a postal ballot with e-voting from July 4 to August 2, 2025, during which shareholders voted on the ordinary resolution to appoint Mr. Takale. The results, as disclosed by BF Utilities, show overwhelming support for the appointment:

Category Votes in Favor Votes Against % in Favor
Promoter and Promoter Group 20,060,777 0 100.00%
Public Institutions 8,485 117,766 6.72%
Public Non-Institutions 133,360 953 99.29%
Total 20,202,622 118,719 99.42%

The resolution passed with a significant majority, garnering 99.42% of the total valid votes cast.

About Madan Umakant Takale

Mr. Takale brings over four decades of experience in the forging and automotive industries to BF Utilities' board. His educational background includes:

  • A degree in Mechanical Engineering
  • An MS in Industrial and Systems Engineering from Columbia University, New York
  • An MBA from Western Carolina University, North Carolina

His international exposure includes six years in the United States, where he gained valuable experience in the automotive industry and exposure to technological advancements in the field.

Board Composition and Compliance

BF Utilities has confirmed that Mr. Takale is not related to any other Director or Key Managerial Personnel on the company's Board. Furthermore, the company stated that he is not debarred from holding a directorship by any regulatory authority, ensuring compliance with corporate governance norms.

Company Statement

Pragati S. Rai, Company Secretary of BF Utilities Limited, stated in the regulatory filing, "The Members of the Company have duly approved the Ordinary Resolution embodied in the Postal Ballot Notice with requisite majority."

This appointment aligns with BF Utilities' strategy to strengthen its board with experienced industry professionals. Mr. Takale's extensive background in the forging and automotive sectors is expected to bring valuable insights to the company's operations and strategic decisions.

BF Utilities Limited, part of the Kalyani Group, continues to focus on enhancing its governance structure and bringing diverse expertise to its leadership team.

Historical Stock Returns for BF Utilities

1 Day5 Days1 Month6 Months1 Year5 Years
-2.17%-0.89%-14.30%-9.31%-7.34%+192.08%
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BF Utilities Confirms Promoter's Demat Account Freeze Due to Delayed Financial Results

1 min read     Updated on 28 Jul 2025, 04:48 PM
scanxBy ScanX News Team
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Overview

BF Utilities Ltd announced that its promoter's demat account has been frozen due to non-compliance with regulatory requirements. The company failed to submit consolidated financial results for the quarter and year ended March 31 on time, as required by SEBI regulations. The delay was attributed to non-submission of audited financial results by its subsidiaries, NICE and NECE. BF Utilities has paid the imposed fine and informed the stock exchanges of the situation.

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*this image is generated using AI for illustrative purposes only.

BF Utilities Ltd has disclosed that the demat account of its promoter has been frozen due to non-compliance with regulatory requirements, specifically the delay in submitting consolidated financial results.

Regulatory Non-Compliance

The company, in an official filing to the stock exchanges, revealed that the freeze action was a consequence of its failure to meet the deadline for submitting consolidated financial results for the quarter and year ended March 31, as required under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Reason for Delay

BF Utilities attributed the delay to the non-submission of audited financial results by its subsidiaries, Nandi Infrastructure Corridor Enterprise Ltd. (NICE) and Nandi Economic Corridor Enterprises Ltd. (NECE), for the same period.

Timeline of Events

  • The company received correspondence from the National Securities Depository Limited (NSDL) regarding the demat account freeze on Saturday, July 26.
  • The information was reviewed and disclosed to the stock exchanges on Monday, July 28.

Financial Penalties

BF Utilities stated that it has already paid the fine imposed for the non-compliance. However, the exact amount of the fine was not disclosed in the filing.

Management Response

Pragati S. Rai, Company Secretary of BF Utilities, signed the regulatory filing, acknowledging the non-compliance and subsequent actions. The company has assured stakeholders that it is addressing the issue and has promptly informed the stock exchanges as per regulatory requirements.

This development highlights the importance of timely financial reporting and the potential consequences of non-compliance with regulatory standards in the Indian stock market. Investors and stakeholders of BF Utilities will likely be monitoring the situation closely for any further updates or resolutions regarding the company's financial reporting and regulatory compliance.

Historical Stock Returns for BF Utilities

1 Day5 Days1 Month6 Months1 Year5 Years
-2.17%-0.89%-14.30%-9.31%-7.34%+192.08%
BF Utilities
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