Maharashtra Corporation Limited has announced the resignation of its Company Secretary and Compliance Officer, marking a key leadership transition at the company.

Resignation Details

Ms. Meenu Sharma, who served as Company Secretary and Compliance Officer, has tendered her resignation from the position effective December 23, 2025. The resignation was formally submitted through a letter dated December 20, 2025, and she will be relieved from her duties at the close of business hours on December 23, 2025.

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Maharashtra Corporation Limited formally notified BSE Limited about this development, providing all required details as mandated by the listing regulations.

The notification was signed by Director Ravi Kumar Rajak (DIN: 09438686) and submitted to BSE Limited with the company's scrip code 505523. As part of the resignation process, the company will file necessary forms with the Registrar of Companies and the Ministry of Corporate Affairs.

Company Information

Maharashtra Corporation Limited operates from its registered office located at 907-908, Dev Plaza, 9th Floor, Opposite Andheri Fire Station, SV Road, Andheri-West, Mumbai-400058, Maharashtra. The company, incorporated in 1982 with CIN L71100MH1982PLC028750, maintains its corporate governance standards through proper regulatory disclosures and compliance procedures.

Maharashtra Corporation Limited (MCL) has reported a challenging first quarter, with zero revenue and a net loss of Rs 30.31 lakhs. The company also announced the appointment of a new director and the adoption of updated insider trading policies.

Financial Performance

For the quarter ended June 30, Maharashtra Corporation Limited reported:

The significant increase in expenses was primarily due to:

• Other expenses: Rs 26.81 lakhs (up from Rs 10.31 lakhs in the corresponding quarter)
• Depreciation and amortization: Rs 3.50 lakhs (up from Rs 3.27 lakhs)

Board Appointment

The company's Board of Directors approved the appointment of Mr. Vikasjeet Singh as an Additional Director (Non-Executive, Non-Independent) effective August 12, 2025, subject to shareholder approval. Mr. Singh, a 2018 graduate from Punjab University, brings over two years of experience in VFX Compositing to the board.

Corporate Governance Updates

Maharashtra Corporation Limited adopted new codes of conduct for:

1. Trading regulations
2. Fair disclosure of unpublished price sensitive information

These updates align with SEBI (Prohibition of Insider Trading) Regulations, 2015, aiming to strengthen the company's corporate governance practices.

Financial Position

Key points:

• Debt-free status maintained
• No finance costs reported for the quarter
• Paid-up equity share capital remains at Rs 6,236.01 lakhs

The company's performance this quarter reflects significant challenges, with a complete halt in revenue generation and increased losses. Shareholders and market observers will likely be watching closely to see how Maharashtra Corporation Limited plans to address these issues and return to profitability in the coming quarters.