Electrotherm (India) Limited announced at the board meeting held on February 8, 2024, approved Appointment of Mr. Fageshkumar R. Soni as a Company Secretary & Compliance Officer of the Company with effect from 08th February, 2024. Elevation and re-designation of Mr. Suraj Bhandari from `Whole-time Director' to `Managing Director' with effect from 9th February 2024. Re-designation of Mr. Shailesh Bhandari, Managing Director as `Executive Vice Chairman' with effect from 9th February 2024.

Mr. Fageshkumar R. Soni has done B. Com., L.L.B. and he is a qualified Company Secretary from the Institute of Company Secretaries of India and he has nearly 13 years' experience in Company Law, Legal & Statutory Compliances, SME IPO & Corporate Re-Structuring, Amalgamation, Preferential Allotment and Due Diligence related work. Mr. Suraj Bhandari, aged 28 years, is Bachelor of Technology (Electrical and Electronics Engineering). Mr. Suraj Bhandari was earlier associated with various functions related to sales, marketing, production & planning in Engineering & Technologies Division.

After his appointment as Whole-time Director with effect from 13th November, 2019, he oversees and involved in various functions related to sales, marketing, production & planning, finance, secretarial & legal and overall business administration and management of the Company. Mr. Shailesh Bhandari aged about 65 years, is B. Sc. (Economics).

He is associated with the Company since its inception as its Director and he has contributed immensely to the growth of the business of the Company. His areas of responsibility are marketing and international business. He has developed a strong bond with national and international customers and gives highest priority to customer's satisfaction.

He has immensely contributed in designing and developing metallurgical equipment as import substitute. He closely supervises the marketing, banking & financial activities and government relationships of the Company. He was instrumental in revival of operations of the Company after the Company has incurred heavy losses since 2012.

During these difficult times, he has initiated various cost effective measures by building relationship with suppliers for longer credit period, effective working capital utilization, advance from customers, control of manpower cost by effective utilization etc. Thereafter, there was turnaround of operations and the financial results have been improved substantially. Due to his business acumen and foresight, the Company was able to arrive at settlement at appropriate time with various lenders at sustainable level.

The Company has entered into settlement terms with 18 out of 19 lenders /ARC /financial institutions including full repayment of settlement amounts to 6 banks /financial institutions. During June 2022, due to his continuous and persistent approach, the Company was able to arrive at settlement with Central Bank of India at appropriate time and come out of the clutches of the proposed Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. Under his able leadership and guidance, the Company is hopeful to arrive at settlement with remaining one lender also.

He has maintained cordial relationship with all the lenders, asset reconstruction companies, financial institutions and all the stakeholders for long term sustainability. Mr. Shailesh Bhandari has led the marketing initiatives at Electrotherm over the last more than 36 years. He has been primarily responsible for building and sustaining a very strong and large customer base for various products of the Company.

Due to his persistent approach towards brand identity, the Company was successful to penetrate the products of the Company at national and international level including recognition with various government organizations.