Avance appoints Santosh Hambare as MD & CFO, fills vacancy after resignation
Hambare takes dual role, replacing former MD Latesh Poojary as NED and filling CFO gap left by Vijay Purohit's exit. Board also adds Dipak Gaikwad as independent director.
— 3 earlier stories on Avance Technologies Ltd. →What's new
- Santosh Hambare appointed MD & CFO effective immediately, subject to shareholder approval.
- Former MD Latesh Poojary redesignated as Non-Executive Director.
- Dipak Gaikwad inducted as additional Independent Director.
Why this matters
The appointment resolves the uncertainty from CFO Vijay Purohit's resignation three weeks ago. The dual MD/CFO role suggests a lean management structure at the nano-cap, but Hambare's accounting background rather than strategic pedigree keeps the bar for upside low.
What we're watching
- Shareholder approval at the next AGM.
- Any subsequent change in corporate strategy or cost structure.
- Whether the CFO role remains combined or separates in future.
The full read
Avance Technologies moved quickly to fill its CFO gap, appointing Santosh Hambare as both Managing Director and Chief Financial Officer. The dual role is unusual but suggests a lean management structure at the nano-cap. Former MD Latesh Poojary stays on the board as a non-executive director, and Dipak Gaikwad joins as an independent director, strengthening oversight—the appointments are subject to shareholder approval. For a company with a market cap of ₹188 crore and trailing revenue down 36%, the leadership refresh resolves near-term uncertainty without signaling a strategic pivot. Whether Hambare's accounting background can drive the next growth phase remains an open question.
Questions answered
- Who is Santosh Hambare?
- Santosh Hambare is an accounting professional with experience in financial record-keeping and statutory compliance, appointed as both Managing Director and CFO.
- Why was the CFO role vacant?
- The previous CFO, Vijay Purohit, resigned recently, and the board filled the gap with Hambare.
- What happened to the former Managing Director Latesh Poojary?
- Latesh Poojary was redesignated as a Non-Executive Director, remaining on the board.
- Is this appointment a sign of distress?
- No, the transition appears amicable. The company described it as a routine board refresh, and there is no indication of financial distress or strategic upheaval.
- When do the appointments take effect?
- They are effective immediately but require shareholder approval at the next annual general meeting.
Avance Technologies Ltd.
Latest quarter · Mar 2026
Strength & growth
Story so far
All notes on AVANCE →- 30 Jun 2026 · 4:30 PM IST Avance appoints Santosh Hambare as MD & CFO, fills vacancy after resignation
- 16d ago Avance Technologies loses its CFO without naming a successor
- 38d ago Avance's ₹13.24 cr profit is almost entirely other income. Revenue fell.
- 38d ago Avance's ₹13.24 crore profit came from ₹13.84 crore in other income