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Mangalam Drugs Appoints Jeevan M. Dalvi as CFO; Re-appoints Independent Director
Mangalam Drugs and Organics Limited has announced key leadership changes, including the appointment of Mr. Jeevan M. Dalvi as the new Chief Financial Officer effective February 6, 2026. Mr. Dalvi brings over 20 years of experience in finance and accounts, specializing in cost-saving measures. Additionally, the board approved the re-appointment of Dr. Praveen Saxena as an Independent Director for a second five-year term starting March 2026. These updates follow the resignation of Independent Director Shri Rukmesh P. Dhandhania, who retired from professional responsibilities in January 2026.
Key Highlights
Appointment of Mr. Jeevan M. Dalvi as CFO effective February 6, 2026, with 20+ years of experience.
Re-appointment of Dr. Praveen Saxena as Independent Director for a 5-year term until March 2031.
Resignation of Shri Rukmesh P. Dhandhania as Independent Director effective January 16, 2026.
New CFO expertise focuses on financial advisory, cost-saving, and process improvement.
💼 Action for Investors
Investors should monitor the new CFO's impact on the company's financial processes and cost management. The re-appointment of an experienced director provides stability to the board's strategic oversight.
Mangalam Drugs Appoints Jeevan M. Dalvi as CFO; Re-appoints Independent Director
Mangalam Drugs and Organics Limited has announced the appointment of Mr. Jeevan M. Dalvi as the Chief Financial Officer (CFO) effective February 6, 2026. Mr. Dalvi brings over 20 years of experience in accounts and finance, with expertise in cost-saving measures and financial process improvement. Additionally, the board approved the re-appointment of Dr. Praveen Saxena as an Independent Director for a second five-year term starting March 21, 2026. These changes follow the resignation of Independent Director Shri Rukmesh P. Dhandhania, who stepped down in January 2026 to retire from professional responsibilities.
Key Highlights
Mr. Jeevan M. Dalvi appointed as Chief Financial Officer and Key Managerial Personnel effective February 6, 2026.
Mr. Dalvi has over 2 decades of experience in accounts, finance, and financial advisory.
Dr. Praveen Saxena re-appointed as Independent Director for a second term of 5 years (2026-2031).
Resignation of Independent Director Shri Rukmesh P. Dhandhania accepted effective January 16, 2026.
The board meeting concluded at 2:25 P.M. on February 6, 2026.
💼 Action for Investors
Investors should monitor the transition in the finance department to see if the new CFO's expertise in cost-saving measures impacts the company's margins in upcoming quarters.
CRISIL Downgrades Mangalam Drugs to 'D' (Default) Rating on Rs 115 Cr Bank Facilities
CRISIL has downgraded Mangalam Drugs and Organics Limited's credit rating to 'CRISIL D' for its Rs 115 crore bank facilities, indicating the company is in default. The downgrade stems from the company overdrawing cash credit facilities for more than 30 days and defaulting on Covid loan payments. Additionally, the company has been tagged as 'Issuer Not Cooperating' due to its failure to provide necessary financial information and alleged misrepresentation of its debt-servicing ability in October 2025. Financial health has severely weakened, with the company reporting a net loss of Rs 13.73 crore for the quarter ending June 2025.
Key Highlights
Ratings for Rs 115 crore bank facilities downgraded to 'CRISIL D' from 'CRISIL BB+/Stable'.
Company defaulted on Covid loans and overextended cash credit facilities for over 30 days.
Classified as 'Issuer Not Cooperating' after failing to respond to multiple CRISIL communications since October 2025.
Reported a significant net loss of Rs 13.73 crore and negative operating margins of -7.85% in June 2025.
CRISIL highlighted misrepresentation in the company's No Default Statement (NDS) regarding its ability to honor October 2025 obligations.
💼 Action for Investors
Investors should exercise extreme caution as a 'D' rating signifies a default on debt obligations and high credit risk. The allegations of misrepresentation and lack of management cooperation are serious corporate governance red flags.
Mangalam Drugs Defaults on ₹15.56 Crore Bank Loan Payments to BoM and BoB
Mangalam Drugs and Organics Limited has reported a default on its loan obligations to Bank of Maharashtra and Bank of Baroda. The total overdue amount as of January 15, 2026, stands at ₹15.56 Crores across two cash credit accounts. The defaults began in mid-October 2025 and have persisted for over 30 days, triggering mandatory SEBI disclosure requirements. The company has stated it is making arrangements to settle the overdue amounts as soon as possible.
Key Highlights
Total overdue amount of ₹1555.63 Lacs (₹15.56 Crores) across two major banks
Default of ₹1040.71 Lacs to Bank of Maharashtra starting from October 17, 2025
Default of ₹514.92 Lacs to Bank of Baroda starting from October 20, 2025
The defaults involve Cash Credit facilities where balances exceeded limits for over 30 days
💼 Action for Investors
Investors should exercise extreme caution as persistent defaults indicate severe liquidity issues and potential credit rating downgrades. Monitor the company's ability to raise funds or restructure debt to clear these dues.
Mangalam Drugs CFO Ajay Samant and CS Anuradha Pandey Resign; Q3 Results Approved
Mangalam Drugs and Organics Limited has announced the resignation of its Chief Financial Officer, Mr. Ajay Avinash Samant, effective January 31, 2026, citing health reasons. Simultaneously, the Company Secretary and Compliance Officer, Ms. Anuradha Pandey, has also tendered her resignation. These leadership changes were approved during a board meeting on January 15, 2026, where the company also cleared its unaudited financial results for the quarter. Notably, the statutory auditors have issued an unmodified opinion on the financial statements, suggesting no immediate accounting concerns despite the management churn.
Key Highlights
CFO Ajay Samant to step down effective January 31, 2026, following his resignation letter dated November 5, 2025.
Company Secretary Anuradha Pandey resigned on January 2, 2026, creating a dual vacancy in Key Managerial Personnel (KMP).
The Board approved unaudited standalone and consolidated financial results for the quarter ended January 15, 2026.
Statutory auditors expressed an unmodified opinion on the financial results, indicating no major audit qualifications.
The Board meeting concluded at 2:30 P.M. on January 15, 2026, after transacting these key management and financial items.
💼 Action for Investors
Investors should monitor the company's upcoming appointments for the CFO and CS roles to ensure continuity in financial oversight and compliance. While the clean audit report is a positive sign, the simultaneous exit of two key officers warrants a cautious approach toward corporate governance.
Mangalam Drugs Reports Q3 Net Loss of ₹4.41 Cr; CFO and Company Secretary Resign
Mangalam Drugs and Organics reported a poor financial performance for Q3 FY26, posting a consolidated net loss of ₹4.41 crore compared to a profit of ₹3.51 crore in the same period last year. Revenue from operations saw a sharp decline of 34% YoY, falling to ₹58.49 crore from ₹88.71 crore. Adding to the financial stress, the company announced the resignations of its Chief Financial Officer, Ajay Samant, and Company Secretary, Anuradha Pandey. For the nine-month period ending December 2025, the company has accumulated a total net loss of ₹16.73 crore.
Key Highlights
Consolidated revenue from operations fell 34% YoY to ₹58.49 crore in Q3 FY26.
Reported a net loss of ₹4.41 crore for the quarter versus a profit of ₹3.51 crore in Q3 FY25.
Total expenses of ₹64.38 crore exceeded total income for the quarter, leading to operational losses.
CFO Ajay Samant resigned effective January 31, 2026, citing health reasons.
Company Secretary Anuradha Pandey resigned effective March 29, 2026, to pursue other opportunities.
💼 Action for Investors
Investors should exercise caution as the company is facing both financial losses and a vacuum in key managerial positions. The significant YoY revenue drop and transition to a net loss suggest fundamental operational challenges.
Mangalam Drugs Reports Q3 Revenue Decline to ₹58.49 Cr; CFO and CS Resign
Mangalam Drugs and Organics reported a significant decline in consolidated revenue for Q3 FY26, falling to ₹58.49 crore from ₹88.71 crore in the same quarter last year. The company faced an operational loss as total expenses of ₹64.38 crore exceeded its total income for the quarter. Adding to the financial pressure, the company announced the resignations of two Key Managerial Personnel: the Chief Financial Officer (CFO) and the Company Secretary. The 9-month performance also shows a sharp downward trend, with revenue dropping nearly 32% year-on-year.
Key Highlights
Consolidated revenue for Q3 FY26 fell 34% YoY to ₹58.49 crore from ₹88.71 crore.
Total expenses for the quarter stood at ₹64.38 crore, leading to an operational loss before other income and tax.
9-month revenue for FY26 declined to ₹165.38 crore compared to ₹245.19 crore in the previous year period.
CFO Ajay Samant resigned effective January 31, 2026, citing health reasons.
Company Secretary Anuradha Pandey resigned effective March 29, 2026, to pursue other opportunities.
💼 Action for Investors
Investors should exercise caution as the company is struggling with both declining top-line performance and the simultaneous exit of key leadership. It is advisable to wait for signs of operational stabilization and the appointment of new management before considering new positions.
Mangalam Drugs Defaults on ₹11.54 Crore Loan Payments to PSU Banks
Mangalam Drugs and Organics Limited has reported a subsequent default on its cash credit facilities with Bank of Baroda and Bank of Maharashtra. As of December 17, 2025, the total overdue amount stands at ₹1,153.76 Lacs. The default has persisted for more than 30 days, triggering mandatory disclosure under SEBI (LODR) Regulations. The company's management has stated that they are making arrangements to settle the overdue amounts as soon as possible.
Key Highlights
Total overdue amount of ₹1,153.76 Lacs across two major public sector banks
Default of ₹707.05 Lacs to Bank of Maharashtra on cash credit account
Default of ₹446.71 Lacs to Bank of Baroda on cash credit account
Default duration has exceeded the 30-day threshold for revolving facilities
Management is currently arranging funds to clear the outstanding dues
💼 Action for Investors
Investors should exercise extreme caution as loan defaults indicate severe liquidity stress and potential solvency issues. Monitor for any further credit rating downgrades or legal actions by the lending banks.
Mangalam Drugs Defaults on Rs 11.54 Crore Loan Payments to PSU Banks
Mangalam Drugs and Organics Limited has officially disclosed defaults on its cash credit facilities with Bank of Maharashtra and Bank of Baroda. The total overdue amount is approximately Rs 11.54 crore, which has remained unpaid for over 30 days. Specifically, the company owes Rs 7.07 crore to Bank of Maharashtra and Rs 4.47 crore to Bank of Baroda. Management has indicated that they are currently making arrangements to settle these overdue amounts as soon as possible.
Key Highlights
Total default amount of Rs 11.54 crore reported across two bank accounts.
Rs 707.05 Lacs overdue to Bank of Maharashtra with default starting October 17, 2025.
Rs 446.77 Lacs overdue to Bank of Baroda with default starting October 20, 2025.
Defaults have persisted for more than 30 days, triggering mandatory SEBI disclosure requirements.
The company is currently seeking arrangements to clear the outstanding dues.
💼 Action for Investors
Investors should exercise extreme caution as debt defaults are a major red flag indicating severe liquidity stress. Monitor for potential credit rating downgrades and the company's ability to clear these dues in the immediate term.