Mayur Leather Products Announces Key Management Changes: Company Secretary and Independent Director Resign

Mayur Leather Products has announced significant changes in its management structure, with two key resignations effective October 13, 2025. The company, known for its leather products, disclosed these changes in a regulatory filing to the Bombay Stock Exchange (BSE).

Dual Resignations

Company Secretary and Compliance Officer

Ms. Vaishali Goyal has stepped down from her role as Company Secretary and Compliance Officer.
Reason: To explore other career opportunities.

Non-Executive Independent Director

Mr. Sharad Vyas has resigned from his position as Non-Executive Independent Director.
Reason: Pre-occupation and personal commitments.

Interim Arrangements and Committee Changes

Following these resignations, Mayur Leather Products has made the following arrangements:

Compliance Duties: CEO Rajendra Kumar Poddar and CFO Akhilesh Poddar will temporarily handle compliance responsibilities until a new Company Secretary is appointed.
Committee Restructuring: Due to Mr. Vyas's departure, he will no longer be a part of the Audit Committee and Nomination and Remuneration Committee. The Board has initiated the process of reconstituting these committees in line with regulatory requirements.

Additional Information on Mr. Sharad Vyas

Mr. Vyas's resignation has broader implications beyond Mayur Leather Products:

Aspect	Details
Other Directorships	Loyal Equipments Limited
Committee Positions Held	- Corporate Social Responsibility Committee (Chairman)
	- Nomination and Remuneration Committee (Member)
	- Audit Committee (Member)
	- Stakeholders Relationship Committee (Chairman)
Resignation Confirmation	No material reasons for resignation other than those stated in his letter

Company's Response

Mayur Leather Products has assured stakeholders that it is taking necessary steps to ensure smooth transitions following these resignations. The company has updated its website with this information to maintain transparency with its investors and the public.

These management changes come at a time when companies are increasingly focusing on corporate governance and transparency. Mayur Leather Products' prompt disclosure and interim arrangements demonstrate its commitment to maintaining operational continuity and regulatory compliance.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.58%	+2.72%	+38.27%	+61.40%	+95.85%	+313.15%

Mayur Leather Products Limited , a Jaipur-based company, has reported a net loss of Rs 10.28 lakhs for the first quarter, according to its latest financial results. This loss represents a deterioration from the Rs 7.48 lakhs loss reported in the same quarter of the previous year.

Financial Performance

The company's financial performance for Q1 paints a concerning picture:

Particulars	Q1 (Rs in Lakhs)	Q1 Previous Year (Rs in Lakhs)
Revenue from Operations	0.00	0.00
Other Income	0.00	6.09
Total Expenses	10.28	13.57
Net Loss	10.28	7.48

Notably, Mayur Leather Products reported zero revenue from operations for the quarter, continuing a trend from the previous financial year. The company's total expenses stood at Rs 10.28 lakhs, primarily comprising employee benefit expenses, finance costs, depreciation, and other expenses.

Operational Challenges

The company is facing significant operational challenges:

Zero Manufacturing Activity: There has been no sale, purchase, or manufacturing activity in the current quarter or the last financial year.
Asset Relocation: All Plant, Property, and Equipment have been relocated due to the company's land being seized by Canara Bank and subsequently sold through auction.
Legal Proceedings: Mayur Leather Products has moved to the Debt Recovery Tribunal (DRT) challenging the bank's auction process.
Regulatory Compliance: The company has not filed its Income Tax Return for the financial year 2022-23 and onwards.

Corporate Updates

Despite these challenges, the company's board has made several decisions in its recent meeting:

Appointment of Auditors: The board recommended the appointment of M/S ATCS & Associates as Secretarial Auditors for a five-year term, subject to shareholder approval.
Re-appointment of Internal Auditors: M/s Jain Kamal K & Associates have been re-appointed as Internal Auditors.
Registered Office Relocation: The company will shift its registered office within Jaipur.
Board Changes: The board recommended the appointment of several new directors, including independent and non-independent members, subject to shareholder approval at the upcoming Annual General Meeting.
Annual General Meeting: The 40th AGM is scheduled at Fusion Restro in Jaipur.

Auditor's Concerns

The company's auditors have raised several concerns in their review report, including:

Uncertainties about the company's ability to continue as a going concern
Non-compliance with various accounting standards
Issues related to asset valuation and recoverability

As Mayur Leather Products grapples with these financial and operational challenges, the company's future remains uncertain. Stakeholders will be closely watching the outcome of the legal proceedings and the company's efforts to revive its operations in the coming quarters.