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.

Maharashtra Scooters Limited (MSL), a prominent player in the Indian automotive industry, has announced a significant change in its leadership team. Sriram Subbramaniam, the Company Secretary and Deputy Nodal Officer, has tendered his resignation to pursue new career opportunities outside the organization.

Resignation Details

Subbramaniam submitted his resignation letter on April 30, 2025, expressing his intention to step down from his roles at Maharashtra Scooters Limited. The company has confirmed that he will be relieved from his responsibilities effective from the close of business hours on July 25, 2025.

Company's Response

In an official statement to the stock exchanges, Maharashtra Scooters Limited acknowledged Subbramaniam's contribution to the company. V Rajagopalan, Non-Executive Director of MSL, signed the intimation, which was filed in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Transition Process

The company has assured stakeholders that it is actively working on finding a suitable replacement for the position. MSL stated, "The Company is in the process of identifying/hiring a suitable candidate for the said position and shall inform the Stock Exchanges once the vacancy is filled up."

Subbramaniam's Tenure

During his time at Maharashtra Scooters Limited, Subbramaniam served as a Key Managerial Personnel, holding the dual roles of Company Secretary and Deputy Nodal Officer. In his resignation letter, he expressed gratitude to the Board of Directors, CEO, and Senior Management of the Bajaj Finserv Group for their support throughout his tenure.

Looking Ahead

As Maharashtra Scooters Limited navigates this transition, the company remains committed to maintaining strong corporate governance and ensuring a smooth handover of responsibilities. Stakeholders and investors will be keenly watching for announcements regarding Subbramaniam's successor in the coming weeks.

The departure of a key executive like the Company Secretary often marks a significant moment for any corporation. As Maharashtra Scooters Limited moves forward, the focus will be on ensuring continuity in its operations and maintaining its standing in the competitive automotive sector.