Terraform Magnum Limited has announced the resignation of its Company Secretary & Compliance Officer, marking a significant change in the company's key managerial personnel. The resignation, effective January 8, 2026, represents a departure from the senior management team due to personal circumstances.

Key Personnel Change Details

Ms. Surabhi Shewaramani has resigned from her position as Company Secretary & Compliance Officer and Key Managerial Personnel of Terraform Magnum Limited. The resignation became effective from the close of working hours on January 8, 2026. In her formal resignation letter addressed to the Board of Directors, Ms. Shewaramani cited personal reasons for her decision to step down from the role.

The following table summarizes the key details of this personnel change:

Board's Response and Appreciation

The Board of Directors has formally acknowledged Ms. Shewaramani's departure and placed on record their appreciation for her contributions to the company during her tenure. The board meeting recognized her service as Company Secretary & Compliance Officer and Key Managerial Personnel, highlighting her role in the company's operations.

In her resignation letter dated January 8, 2026, Ms. Shewaramani requested the Board of Directors to relieve her from all duties associated with her position and to submit the necessary forms with the Registrar of Companies, Mumbai. She also requested that the company inform the stock exchange and other concerned authorities about her resignation.

Regulatory Compliance and Disclosure

Terraform Magnum Limited has fulfilled its regulatory obligations by informing BSE Limited about this key personnel change. The company submitted the required intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, along with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

The disclosure included comprehensive details as mandated by regulatory requirements:

Corporate Communication

The formal communication was signed by Mr. Vimal Kishor Shah, Director (DIN: 00716040), on behalf of Terraform Magnum Limited. The company's registered office is located at Godrej Coliseum, A-Wing 1301, 13th Floor, behind Everard Nagar, Off Eastern Express Highway, Sion (East), Mumbai 400 022.

Ms. Shewaramani expressed gratitude to the Board of Directors for their support and guidance during her tenure with the company. The resignation represents a change in the company's compliance and secretarial functions, requiring the appointment of a successor to fulfill these critical corporate governance roles.

Terraform Magnum Limited , a company listed on the BSE (Code: 506162), has released its unaudited financial results for the quarter and half-year ended September 30, 2025, revealing ongoing financial challenges and a change in its board composition.

Financial Performance

The company's financial results paint a picture of continued losses:

The company's performance shows a marginal decline compared to the same quarter last year, with the net loss widening slightly from ₹1.50 crore to ₹1.21 crore.

Negative Net Worth and Going Concern

Despite the continued losses, the management has prepared the financial results on a going concern basis. This decision is founded on estimated future cash flow projections and internal assessments, even as the company's net worth remains negative.

Property Assignment Uncertainties

Terraform Magnum continues to face uncertainties regarding a property assignment deal from April 2019 at Kandivali (East). The assignee has reportedly committed various defaults, leading to ongoing disputes about the transaction's completion. The company maintains that it will only recognize revenue under Ind AS 115 upon fulfillment of specific performance obligations and resolution of significant uncertainties.

Board Changes

In a significant development, Ms. Bhavisha Dedhia (DIN: 09471104) has resigned from her position as a Director of the company. Her resignation, citing pre-occupation and personal commitments, took effect from the close of working hours on November 5, 2025. The Board of Directors acknowledged her contribution during their meeting on the same day.

Auditor's Review

J.D. Zatakia & Co., the company's independent auditors, conducted a review of the financial results. While they did not express an audit opinion, they highlighted the material uncertainty related to the company's status as a going concern, given its negative net worth. The auditors also emphasized the ongoing uncertainties surrounding the property assignment deal at Kandivali (East).

Investors and stakeholders are advised to consider these factors when evaluating Terraform Magnum's financial position and future prospects. The company's ability to reverse its losses and resolve the property assignment issues will be crucial for its long-term viability.