Breaking: Delta Corp’s longtime CFO resigns for new professional opportunity

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Delta Corp Limited, the country’s only listed casino operator today announced the resignation of its longtime Chief Financial Officer (CFO) Hardik Dhebar.

Dhebar has been the face of the Company attending investor calls on quarterly basis and is designated as a Key Managerial Person alongside Company Secretary Dilip Vaidya. In a stock exchange filing, the Company said Dhebar resigned to pursue a new professional opportunity and his resignation is effective from close of business hours on 16 August 2023.

After much thought and consideration, I have decided to take on a new professional challenge that aligns with my career goals and aspirations. While I am excited about this new opportunity, I wish and am confident that Delta will continue to thrive and achieve greater heights in the future,” he said in his resignation letter addressed to Managing Director Ashish Kapadia.

Incidentally, the Company concluded its 32nd Annual General Meeting today where it declared a dividend of Rs. 1.25 for every Rs. 1 equity share. The news of the resignation is announced just hours after the conclusion of the AGM.

The Board of Directors and the management team of Delta Corp Ltd will be identifying a replacement for the vacant position to ensure continuity in its operations, said the leading casino operator in its statement to stock exchanges.

On the recent GST Council decision, speaking to media in the last week of July, Dhebar said in his view the unanimous decision for tax rate was for online gaming and for offline gaming and casinos the consensus didn’t happen. Although Delta’s 85-90 percent of the business is offline, Dhebar said that they should do well for the time being.

The shares of Delta have fallen close to 25% in the last one month on backdrop of GST Council’s decision to impose 28% on full face value.