"Could Hart have decided to run at that time also. Not believing EFL could pull off the acquisition either. Because without it, there really isn't much future."

If was Hart decision, they will have mentioned "leave to pursue other opportunities" and some words from Sankar to thanks him for years as Electrovaya CFO. Today nothing !

Looks more at Sankar decision to replace it by CFO with skills more adapted to Electrovaya 2.0 needs.

Will not be surprised change/addition to board following.