Avance Technologies Ltd Approves Key Board Changes: Santosh Hambare Appointed Managing Director and CFO

Avance Technologies Ltd Approves Key Board Changes: Santosh Hambare Appointed Managing Director and CFO​

Avance Technologies Ltd announced significant changes to its board structure following a meeting held on June 30, 2026. The company approved several key appointments and designation changes aimed at strengthening governance and operational capacity.

Among the decisions taken were the change in designation for Mr. Latesh Poojary. Mr. Poojary, who previously held the role of Managing Director, was designated as a NonExecutive Director of the company.

New Appointments Detail Board Strengthening Efforts​

The board meeting saw the appointment of Mr. Santosh Hambare (DIN: 11523270) to two crucial roles: Managing Director and Chief Financial Officer (CFO), both effective June 30, 2026.

Mr. Hambare was appointed as a Managing Director for a period of five years, subject to the approval of shareholders at the next general meeting or within three months from the date of appointment, whichever is earlier. His role as CFO is set until resignation or cessation in accordance with applicable laws. The appointments were made to meet the company's operational and statutory requirements and to complete the composition of Key Managerial Personnel (KMP).

Mr. Hambare’s profile includes being an accounting professional with experience managing core accounting functions, maintaining accurate financial records, and possessing working knowledge of financial accounting and statutory compliance. He currently holds a directorship in Aris International Limited. Furthermore, he confirmed that he is not debarred from holding the office of Director by any order passed by SEBI or any other authority.

Independent Directorship Added to Board​

The company also approved the appointment of Mr. Dipak Gaikwad (DIN: 11797117) as an additional Non-Executive and Independent Director, effective June 30, 2026.

Mr. Gaikwad has been appointed for a term of five years, subject to the approval of shareholders at the next general meeting or within three months from the date of appointment, whichever is earlier. The purpose behind this appointment is to broaden the Board's professional expertise and enhance independent oversight, supporting the company’s long-term growth strategy. He holds no directorship in any other listed entity.

Stock Price Movement​

Avance Technologies Ltd concluded trading in the post-market session, settling at ₹0.92, which represented a 2.13% drop for the day. The shares saw modest movement during intraday trading, oscillating between a low of ₹0.92 and a high of ₹0.94.