Automotive Stampings and Assemblies announces resignation of SMP

Sandip Raj Gupta

    13/Jan/2025

What's covered under the article:

  1. Automotive Stampings and Assemblies Limited confirmed resignation of Mr. Rajendra Bhagwat as Head-Development.
  2. The resignation is attributed to personal reasons, specifically family healthcare needs, effective June 8, 2024.
  3. SEBI compliance requirements were fulfilled with detailed disclosures and letters attached.

Automotive Stampings and Assemblies Limited (ASAL), a Tata Enterprise, has announced the resignation of its Head-Development, Mr. Rajendra Bhagwat, who was designated as Senior Management Personnel (SMP). This announcement comes as a revised submission under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The resignation was effective from June 8, 2024, and ASAL had informed the stock exchanges within the stipulated timeline. This updated disclosure includes the resignation letter, the company's acceptance of the resignation, and compliance confirmation with SEBI’s regulations.

Background of the Resignation

Mr. Rajendra Bhagwat tendered his resignation on March 9, 2024, citing personal reasons, particularly the need to dedicate more time to the healthcare and well-being of his family members. Following company policy, his resignation was officially accepted on March 16, 2024, with a relieving date set for June 8, 2024.

The company stated that there were no other material reasons for his resignation apart from those mentioned above.

SEBI Compliance and Disclosure

ASAL has adhered to the provisions outlined under Regulation 30 and Schedule III of the SEBI Listing Obligations and Disclosure Requirements. A detailed disclosure, including the resignation letter and its acceptance, was submitted to the stock exchanges, ensuring full transparency.

Key disclosures include:

  • Reason for Resignation: Personal reasons, specifically family healthcare needs.
  • Effective Date of Resignation: June 8, 2024.
  • Compliance Timeline: The company ensured that the resignation was communicated to the stock exchanges within the stipulated seven-day period.

Company's Statement

In its official communication, ASAL emphasized its commitment to compliance with all regulatory requirements. The company also clarified that there was no delay in submitting the resignation details to the stock exchanges and pledged to continue upholding high standards of corporate governance.

Impact on ASAL's Operations

While the resignation of Mr. Bhagwat marks a significant change, ASAL reassured stakeholders that the transition has been managed effectively. The company is committed to maintaining operational continuity and meeting its strategic objectives.

Annexures Provided

ASAL’s disclosure includes the following annexures:

  • Annexure I: Details of the resignation, as required by SEBI regulations.
  • Annexure II: Copy of Mr. Bhagwat's resignation letter and the company's acceptance letter.

Key Takeaways

  • ASAL's transparent handling of the resignation underscores its dedication to regulatory compliance.
  • The resignation was a personal decision driven by family considerations.
  • Stakeholders have been kept fully informed through timely disclosures and detailed documentation.

This update is crucial for shareholders and investors to understand the company’s internal developments and its adherence to SEBI’s strict disclosure requirements.

Conclusion The resignation of Mr. Rajendra Bhagwat reflects ASAL’s open and transparent corporate practices. The company has not only complied with regulatory mandates but has also ensured that stakeholders are provided with all necessary information regarding this significant management change.


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