Maharashtra Scooters Limited (MSL) has announced significant changes to its leadership team, effective August 1, 2025. The company has appointed V Rajagopalan and S Ravikumar as Joint Managing Directors, marking a new chapter in its management structure.

Leadership Changes

The appointments come alongside the resignation of Sriram Subbramaniam from his position as Company Secretary. Subbramaniam's departure will be effective from the close of business hours on July 25, 2025, as per the company's communication to the stock exchanges.

Updated Authorized Persons

Following these leadership changes, Maharashtra Scooters has updated its list of authorized persons under the Securities and Exchange Board of India (SEBI) regulations. These individuals are responsible for determining the materiality of events and making disclosures to stock exchanges. The updated list of authorized contacts includes:

1. Sanjiv Bajaj, Chairman
2. V Rajagopalan, Joint Managing Director
3. S Ravikumar, Joint Managing Director
4. Anant Marathe, Chief Financial Officer (CFO)

Regulatory Compliance

In compliance with Regulation 30(5) of SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, the company has provided the contact details of these authorized persons to the stock exchanges. This move ensures transparency and facilitates efficient communication between the company and regulatory bodies.

Company Background

Maharashtra Scooters Limited, with its corporate office in Pune, Maharashtra, is known for its presence in the automotive sector.

These leadership changes and the subsequent update in authorized persons demonstrate Maharashtra Scooters' commitment to maintaining strong corporate governance and regulatory compliance. As the company moves forward with its new joint managing directors at the helm, stakeholders will be keen to observe how these changes impact the company's strategic direction and performance in the coming months.

Maharashtra Scooters Limited (MSL), a part of the Bajaj Finserv Group, has announced a significant change in its leadership. Sanjay Uttekar, the company's Chief Executive Officer (CEO), is set to resign from his position, following his acceptance of the company's Voluntary Separation Scheme (VSS).

Resignation Details

According to a regulatory filing by Maharashtra Scooters Limited to the BSE and NSE on July 31, 2025, Sanjay Uttekar submitted his resignation letter on July 11, 2025. The company stated that Uttekar will be relieved from his responsibilities effective from the close of business hours on July 31, 2025.

Voluntary Separation Scheme

The resignation comes as part of a broader Voluntary Separation Scheme initiated by Maharashtra Scooters Limited. The VSS notice, dated May 2, 2024, outlined the terms and conditions for employees wishing to separate from the organization. Uttekar's acceptance of this scheme led to his decision to step down from his role as CEO.

Acknowledgment and Transition

In his resignation letter, Uttekar expressed gratitude to the Board of Directors, Chairman, and Senior Management of the Bajaj Finserv Group for their support during his tenure as CEO. The company's filing indicates that Uttekar will relinquish all positions held within Maharashtra Scooters Limited as part of this transition.

Corporate Governance

The announcement of Uttekar's resignation complies with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This transparency ensures that shareholders and the market are promptly informed of significant changes in key management personnel.

Maharashtra Scooters Limited has yet to announce a successor for the CEO position. As the company navigates this leadership transition, stakeholders will be keen to observe its impact on the organization's future direction and performance.