Maris Spinners Limited, a well-known name in the textile industry, has announced a key leadership change with the resignation of its Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), A Harigovind. The company has formally disclosed this update under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015, ensuring transparency in corporate governance.

In an official communication to BSE Ltd., Maris Spinners Limited stated that A Harigovind has stepped down from the position of CFO due to personal reasons. However, he will continue to be actively associated with the company as a Whole-Time Director, providing strategic oversight and support to the company’s operations.

The resignation will come into effect at the close of business hours on March 31, 2025, marking the end of his tenure as CFO. The company assured stakeholders that this leadership transition would be managed smoothly to ensure no disruption in its financial operations.

Regulatory Compliance and SEBI Disclosure

As a publicly listed entity, Maris Spinners Limited has adhered to SEBI’s LODR regulations in disclosing this key managerial change. The disclosure was made in line with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, which mandates companies to inform stock exchanges about significant leadership changes.

Along with the resignation intimation, the company has provided additional details in Annexure II, outlining the reason for the change, effective date, and role continuity of A Harigovind as a Whole-Time Director.

Impact on Maris Spinners Limited

The resignation of a Chief Financial Officer is always a crucial event for any company, as the role is responsible for managing financial stability, investor confidence, and compliance with regulatory requirements. However, the continuity of A Harigovind as a Whole-Time Director ensures that his expertise and knowledge will still be available to the company.

Maris Spinners Limited has yet to announce a replacement for the CFO position, and stakeholders will be keenly watching for further updates regarding the company’s leadership structure.

Company’s Official Statement and Next Steps

In an official statement, N. Sridharan, Company Secretary and Compliance Officer of Maris Spinners Limited, confirmed that the resignation letter had been received and that the necessary procedures for leadership transition were underway. The company also assured its stakeholders that it remains committed to its financial and operational stability.

This leadership change comes at a time when the textile industry in India is witnessing significant transformations, with businesses focusing on sustainability, global trade opportunities, and financial growth. Investors and industry analysts will be closely monitoring how Maris Spinners Limited navigates this transition and its future leadership decisions.

For further updates on this development, investors and stakeholders are encouraged to track the company's disclosures on the BSE stock exchange platform.

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