Sterling Powergensys Appoints Pundlik Davane as CFO

New Delhi, May 16 (PTI) Sterling Powergensys on Friday said its board has appointed Pundlik Davane as its Chief Financial Officer (CFO) on February 13, 2025.

Owing to overlapping responsibilities, administrative procedures, and the need to ensure full regulatory compliance, there was an inadvertent delay in communicating the appointment to the stock exchange, the company said in a regulatory filing.

"Based on the recommendations of the Nomination and Remuneration Committee and Audit Committee, the Board of Directors of the Company has, on February 13, 2025, appointed Pundlik Davane as the Chief Financial Officer (CFO) of Sterling Powergensys Limited, with effect from February 13, 2025," it added.

Following the resignation of Dinesh Agarwal as CFO on November 20, 2024, the company promptly initiated the process of identifying and appointing a suitable candidate for the position, the firm said.

During the period, Davane, who was associated with the company as Compliance Assistance and previously served as a CFO, was considered for re-appointment as CFO, it stated.

"We would like to assure you that this delay was entirely unintentional and without any mala fide intent. The Company remains committed to adhering to all regulatory requirements and has taken steps to further strengthen its internal processes to ensure timely disclosures in the future," the filing said.