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Sayaji Hotels (Pune) Ltd has released the resignation of Goverdhan Singh Panwar as Chief Financial Officer (CFO) of the company as well as its subsidiary, Super Civiltech Private Limited, effective from the current date. The news comes mere months after Panwar took on the position in January 2025, upon the resignation of the former CFO, Arpita Jain.
CFO Resignation:
Goverdhan Singh Panwar, who joined as CFO of Sayaji Hotels (Pune) Ltd and its subsidiary in January and March 2025 respectively, has resigned from both the roles. The firm has accepted his services during his short stint and is likely to announce interim management or a replacement in the near future.
Recent Leadership Changes
Panwar's appointment came after the October 2024 resignation of former chief financial officer Arpita Jain, which is a time of quick changes in the company's financial leadership. The board had brought Panwar aboard as a Chartered Accountant with deep hospitality finance experience.
Company Performance Remains Strong:
Despite such management changes, Sayaji Hotels (Pune) has registered strong financial performance. During Q3 FY25, net profit grew 10% year-on-year to ₹7.15 crore, with revenue up 14.4%. Consolidated net profit during the nine months ended December 2024 rose 10.8% to ₹13.3 crore, while revenue increased 11.3% to ₹56.77 crore. The company is still gaining from good demand in the hospitality space.
Subsidiary Impact:
The resignation also extends to Super Civiltech Private Limited, where Panwar had joined as CFO in March 2025. The firm will have to make smooth transitions in financial activities at the parent and subsidiary levels.
Regulatory Disclosures:
Sayaji Hotels (Pune) has been making disclosures to stock exchanges in terms of SEBI regulations, apprising stakeholders and investors about the change in leadership.
Market Response and Outlook:
Though the departure of a CFO may bring short-term uncertainty, Sayaji Hotels (Pune) is on a stable financial position and will continue to sustain its growth path. The board is set to give top priority to stability and an early appointment of a new CFO so that investor confidence is not dented.
"The Board would like to place on record its appreciation for the valuable services rendered by Mr. Goverdhan Singh Panwar, CFO," the company said in its formal filing.
Sayaji Hotels (Pune) Ltd's timely disclosure and robust financials are likely to put stakeholders at ease as the company undergoes this change in its finance leadership.
Source: MarketScreener, JM Financial, BSE Corporate Filings, BoardStewardship, Economic Times
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