CFO of newly-listed winemaker Sula resigns

One of the country's largest wineries Sula Vineyards Limited has announced that Bittu Varghese, the chief financial officer of the company has resigned.

"Pursuant to Regulation 30 and other applicable provisions of the Listing Regulations, we hereby inform you that Mr Bittu Varghese, Chief Financial Officer, and Key Managerial Personnel of the Company, on March 10, 2023, has tendered his resignation from the services of the Company to pursue his professional interests outside Sula," the winery said in its exchange filing dated March 11.

The company will be relieving Varghese of his duties with effect from June 9, 2023, the statement said.

“It’s been a pleasure working with Bittu over the years. I would like to thank him for his immense contribution and for playing a key role in managing the finance (including Accounts, Tax, Treasury, and Secretarial) of the company for over four years and being instrumental in the success of the company. He has also played a pivotal role in the recently concluded IPO of the Company,” Rajeev Samant, CEO, Sula Vineyards, said.

He further added that the company is extremely grateful that Varghese will oversee the finalisation of the FY23 accounts, being its first financial year as a listed company.

Samant also mentioned that the company is immediately kicking off the search for its new CFO and is hopeful "that they can be on board in time for a smooth handover from Varghese".

Varghese will continue to be associated in his current role as the CFO till June 9, 2023. The company will keep all the stakeholders notified as soon as a replacement for Varghese is identified.

Sula has been at the forefront of enabling wine tourism in India and claims that today over three lakh visitors visit Sula’s Nasik estate annually. Sula opened the country’s first Winery Tasting Room in 2005, and India’s first vineyard resort in 2010.

Also Read: Sula Vineyards Q3 results: Net profit rises 15% to Rs 39 cr