Shanthi Gears Appoints Sukanta Kumar Panigrahi as Interim CFO

The Coimbatore-based gear manufacturer has named Sukanta Kumar Panigrahi as interim Chief Financial Officer following the withdrawal of the previously appointed candidate.

COIMBATORE — Shanthi Gears Limited (SHANTIGEAR) announced on Monday, July 13, 2026, that it has appointed Sukanta Kumar Panigrahi as its interim Chief Financial Officer (CFO) with immediate effect. The board’s decision follows a notification that the previously announced CFO-designate, Sudhir R., would be unable to join the organization due to personal reasons.

The company, a prominent manufacturer of industrial gears and gearboxes, confirmed the transition in a regulatory filing submitted to the National Stock Exchange of India (NSE) and BSE Limited. Mr. Panigrahi will oversee the company's financial operations and statutory compliance until a permanent successor is identified and assumes the role.

Leadership Transition Amid Operational Objectives

The leadership change marks a shift in the company’s internal financial management as it navigates a competitive fiscal environment. Earlier in June 2026, the company had announced the appointment of Sudhir R., an experienced Chartered Accountant, to strengthen its financial leadership. However, his subsequent withdrawal has necessitated this interim arrangement to ensure continuity in financial reporting and corporate governance.

According to the regulatory disclosure, the board meeting held on July 13, 2026, addressed this transition to maintain transparency with stakeholders. The company remains focused on its ongoing industrial operations, which include the design, manufacturing, and servicing of specialized transmission equipment for the automotive and industrial sectors.

Maintaining Corporate Governance

Shanthi Gears continues to comply with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Under Regulation 30, the firm has reaffirmed its list of authorized Key Managerial Persons (KMP) responsible for determining the materiality of corporate events and facilitating disclosures to stock exchanges.

The firm’s executive team, led by Whole-time Director and CEO M. Karunakaran, is tasked with ensuring that this interim appointment does not disrupt the company's strategic financial initiatives. The company’s compliance officer, Walter Vasanth P. J., verified that the board proceedings were conducted efficiently, concluding the meeting within an hour on Monday morning.

Why It Matters

For investors and market analysts, the appointment of an interim CFO is a critical step in preserving institutional stability. Shanthi Gears, which recently reported fluctuations in annual profit before tax, is currently looking to optimize its financial health. The interim period will be vital for the company to maintain momentum in its order book and ensure that financial planning and treasury management remain uninterrupted while the search for a permanent CFO continues.

Key Facts at a Glance

• Interim Appointment: Sukanta Kumar Panigrahi has been appointed as the Interim Chief Financial Officer of Shanthi Gears Limited.

• Effective Date: The appointment is effective immediately as of July 13, 2026.

• Reason for Change: The previous candidate, Sudhir R., expressed his inability to join the company due to personal reasons.

• Regulatory Compliance: The appointment follows SEBI (LODR) regulations, ensuring continuity in corporate financial disclosures.

FAQ

Who is the new interim CFO of Shanthi Gears?

Sukanta Kumar Panigrahi has been appointed as the interim CFO to lead the company's finance department until a permanent successor is selected.

Why did the previous CFO-designate not join?

The company informed stock exchanges that Sudhir R. was unable to join the organization due to personal reasons.

What is the status of the search for a permanent CFO?

The company is currently in the process of identifying a permanent candidate, during which time Mr. Panigrahi will oversee all financial responsibilities.

Source: Shanthi Gears Limited Regulatory Filings (NSE), BSE Limited