PT Sepatu Bata Tbk (BATA) has announced that Rajeev Gopalakrishnan has submitted his resignation from his position as President Commissioner of the company. The resignation letter was received by the company on Wednesday, June 25, 2025.

"The Company has received the resignation letter from Mr. Rajeev Gopalakrishnan as President Commissioner on Wednesday, June 25, 2025," wrote BATA management in a statement quoted from the Information Disclosure at the Indonesia Stock Exchange (IDX) on Thursday, June 26, 2025.

Management stated that Rajeev’s resignation will become effective starting July 25, 2025. However, the request for resignation will be formally decided during the General Meeting of Shareholders (GMS) as stipulated in Article 19.9 of the Company's Articles of Association and Article 8 paragraph (3) of OJK Regulation No. 33/2014.

It is worth noting that BATA is currently facing financial difficulties and asset shrinkage. As of September 30, 2024, the company reported a 21.7% decline in assets compared to December 31, 2023. BATA recorded total assets amounting to IDR 458 billion.

The company also registered liabilities amounting to IDR 456 billion. At the same time, BATA continued to report losses, recording a net loss of IDR 129 billion as of September 2024.

Most recently, BATA was sanctioned by the IDX for failing to submit its interim financial report for the period ending March 31, 2025. Prior to this, the IDX had issued a written warning to the company on Friday, May 30, 2025, regarding the same matter.

The sanctions imposed by the IDX include a Second Warning Letter (SP2) and a financial penalty of IDR 50 million. BATA was not alone in this; a total of 82 companies received the same sanctions for not submitting their interim financial statements on time.