Majestic Auto loses CFO Ajay Kumar with no prior notice
The nano-cap company's CFO resigns citing personal reasons, effective June 24. Revenue has fallen 77% trailing while the stock trades at a P/E of 3.9.
What's new
- CFO Ajay Kumar resigns, citing personal reasons.
- Board accepted resignation on June 8, effective June 24.
- No prior disclosure or successor named.
Why this matters
For a company with declining revenue, a surprise CFO exit raises governance questions. The financial controls and reporting integrity are now in limbo until a replacement is found.
What we're watching
- Who steps in as CFO and how quickly.
- Any further management changes in coming weeks.
- Impact on financial reporting and compliance timelines.
The full read
Majestic Auto Ltd., a nano-cap with a market cap of ₹357 crore and trailing revenue down 77%, lost its CFO Ajay Kumar, who resigned citing personal reasons effective June 24. The board accepted the resignation on June 8. For a company with a P/E of 3.9 and ROE of just 1.1%, the financial controller's sudden exit is a governance stumble. There is no stated dispute or financial irregularity, but the lack of prior disclosure or a named successor leaves investors guessing. The next test is who takes over — and how quickly.
Questions answered
- Why did Ajay Kumar resign as CFO of Majestic Auto?
- The company says he resigned for personal reasons. No further details were provided.
- When will his resignation take effect?
- The board accepted it on June 8, 2026, and he will be relieved at the close of business on June 24, 2026.
- Is there any indication of a dispute or financial irregularity?
- No. The filing attributes the move solely to personal reasons and states no dispute or irregularity.
- Has Majestic Auto named a successor?
- Not yet. The company did not announce an interim or permanent replacement.