Nature of change: Appointment of Mr. Ajay Charuchandra Kirtane (DIN: 02711040) as an Additional, Non-Executive Independent Director of the Company, not liable to retire by rotation
Effective date and tenure: Appointment effective from September 07, 2026 to September 06, 2031 (5 consecutive years), subject to approval of shareholders by postal ballot
Qualifications and experience: Mr. Kirtane is a qualified Cost & Works Accountant with more than 34 years of experience in financial management, debt syndication, mergers and acquisitions, private equity and related fields. He is the founder and Associate Member of Management Consultancy Firm – Shah & Kirtane (retired with effect from 31st March 2025) involved in various corporate and commercial consultancy projects across industries including engineering, infrastructure, real estate, and auto components
Eligibility confirmation: Mr. Kirtane has not been debarred from holding the office of Director by virtue of any order issued by Securities and Exchange Board of India or any other Authority, as confirmed through circulars NSE/ CML/2018/24 and LIST/COMP/14/2018-19
Relationship disclosure: Not related to any other Director/KMP on the Board of the Company
Approval process: Appointment approved by Board of Directors via Circular Resolution dated September 07, 2026, based on recommendation of Nomination and Remuneration Committee. Shareholder approval to be sought through postal ballot
Governance and Compliance Details
The appointment was made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
The Board has approved the draft notice of Postal Ballot via its Circular Resolution dated September 07, 2026 for seeking shareholders' approval
The notice along with explanatory statements and relevant details will be circulated in due course and made available on the Company's website www.bfutilities.com
The disclosure includes reference to SEBI Circular no HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026
