Kalyani Forge fills CFO post after auditor flagged books
The board appointed Sainath Bhanage as CFO on July 14, ending a three-month vacancy that followed Jagdish Baheti's resignation after three straight years of auditor disclaimers.
— 4 earlier stories on Kalyani Forge Ltd. →What's new
- Kalyani Forge appointed Sainath Bhanage as CFO effective July 14.
- Former CFO Jagdish Baheti resigned April 30 citing personal reasons.
- Bhanage brings 12+ years of finance experience in manufacturing and auto sectors.
Why this matters
Filling the CFO role removes a key leadership gap for a nano-cap with a history of auditor disclaimers. But the appointment is a restorative step, not a signal that accounting concerns are resolved. The same auditor still audits the books.
What we're watching
- Whether the new CFO leads to a change in auditor relationship or accounting practices.
- Any improvement in auditor opinion in the next annual report.
- Succession planning for other key roles at the company.
The full read
Kalyani Forge finally has a CFO again. The board appointed Sainath Bhanage on July 14, filling a vacancy that had been open since April 30 when former CFO Jagdish Baheti quit citing personal reasons. That resignation came after the company's auditor issued disclaimers on its books for three straight years: a pattern that raised serious governance questions for the ₹219-crore forgings firm. Bhanage brings 12+ years of experience across manufacturing and auto sectors — competent, but not a hire that changes the underlying accounting risks. The appointment removes one key uncertainty, but the same auditor still signs off. The open question is whether the new CFO can improve financial reporting enough to earn a clean opinion in FY27. Until then, this is a necessary step, not a turning point.
Questions answered
- Who is the new CFO of Kalyani Forge?
- The company appointed Sainath Bhanage as chief financial officer. He has over 12 years of experience in finance, accounting, and treasury across manufacturing, automotive, and infrastructure sectors.
- Why did the previous CFO leave?
- Jagdish Baheti resigned on April 30 citing personal reasons. His departure followed three consecutive years of auditor disclaimers on the company's financial statements.
- How long was the CFO position vacant?
- The vacancy lasted just over two and a half months: from April 30 to July 14.
- Does the new CFO appointment resolve the auditor disclaimer issue?
- Not directly. The same auditor continues to audit Kalyani Forge's books. The appointment addresses a leadership gap but does not itself change the auditor's stance.
- What is the scale of Kalyani Forge's auditor problem?
- The company's auditor has issued disclaimers for three consecutive years, meaning it cannot vouch for the accuracy of the financial statements. This is a serious governance concern for a company with a market cap of ₹219 crore.
Kalyani Forge Ltd.
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All notes on KALYANIFRG →- 14 Jul 2026 · 2:08 PM IST Kalyani Forge fills CFO post after auditor flagged books
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