Magadh Sugar & Energy Limited Announces CFO Transition and Q1 Financial Results
Magadh Sugar & Energy Limited has made significant changes to its leadership team. Mr. Manoj Prasad has resigned as CFO but will continue as VP (Finance) of the Hasanpur Unit. Mr. Aditya Baheti, a Chartered Accountant with over 15 years of experience, has been appointed as the new CFO. The company also approved Q1 financial results, which will be available on their website. Key Managerial Personnel have been authorized to determine materiality of events for stock exchange disclosures.

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Magadh Sugar & Energy Limited , a prominent player in the sugar industry, has announced significant changes in its leadership team along with the release of its Q1 financial results.
Leadership Transition
The company's Board of Directors, in a meeting held on August 5, approved several key changes in its top management:
CFO Resignation: Mr. Manoj Prasad has stepped down from his position as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the company, effective from the close of business hours on August 5. Mr. Prasad's decision to resign stems from his desire to focus more on operational financial matters of the company's Hasanpur unit.
New Role for Mr. Prasad: While relinquishing his CFO duties, Mr. Prasad will continue to serve the company as Vice President (Finance) of the Hasanpur Unit, ensuring a smooth transition and maintaining his valuable expertise within the organization.
New CFO Appointment: Mr. Aditya Baheti has been appointed as the new Chief Financial Officer and Key Managerial Personnel, effective August 6. Mr. Baheti brings with him over 15 years of post-qualification experience in Accounting and Finance functions, and is a qualified Chartered Accountant.
Revised Key Managerial Personnel
Following these changes, the company's updated list of Key Managerial Personnel, effective August 6, is as follows:
Designation | Name |
---|---|
Whole-time Director | Mr. Pankaj Singh |
Chief Financial Officer | Mr. Aditya Baheti |
Company Secretary | Mr. S Subramanian |
Q1 Financial Results
In the same board meeting, Magadh Sugar & Energy Limited also approved the unaudited financial results for the quarter ended June 30. The company has stated that these results, along with the Auditors' Limited Review Report, will be made available on their official website at www.magadhsugar.com .
Regulatory Compliance
In compliance with SEBI regulations, the company has authorized its Key Managerial Personnel to determine the materiality of events or information and make necessary disclosures to stock exchanges. This authorization is effective from August 6, and includes Mr. Pankaj Singh (Whole-time Director), Mr. Aditya Baheti (Chief Financial Officer), and Mr. S Subramanian (Company Secretary).
The management changes and financial results announcement demonstrate Magadh Sugar & Energy Limited's commitment to strategic growth and transparent corporate governance. As the company moves forward with its new financial leadership, stakeholders will be keen to observe the impact on its operational and financial performance in the coming quarters.
Historical Stock Returns for Magadh Sugar & Energy
1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
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-0.07% | -3.10% | +2.30% | -16.03% | -40.18% | +367.29% |