Key Resolutions

1. Appointment of Dr Deepak Kumar Mohanty as Non-Executive Independent Director

  • Special Resolution required for appointment
  • Dr Mohanty (DIN: 09771960) was appointed as Additional Director effective 30th June 2026 following security clearance from Director General of Civil Aviation
  • Proposed term: 5 consecutive years effective from 30th June 2026
  • Not liable to retire by rotation
  • Received declaration meeting independence criteria under Section 149(6) of Companies Act, 2013 and Regulation 16(1)(b) of SEBI LODR
  • Consent given to act as Director and registered with Indian Institute of Corporate Affairs data bank
  • Currently holds no directorships in other companies
  • Will serve on Audit Committee, Stakeholders Relationship Committee, and Finance Committee
  • Sitting fee: ₹40,000 per meeting
  • No shares held in the company

2. Enhancement of Commission to Independent Directors

  • Ordinary Resolution required for approval
  • Supersedes previous resolution passed at 62nd AGM on 31st July 2024
  • Proposed enhancement: Maximum of ₹1,50,00,000 (One Crore Fifty Lakh) per annum from 0.5% of net profits
  • Effective from financial year 2026-27 onwards
  • Individual cap: ₹25,00,000 (Twenty-Five Lakh) per Independent Director per annum excluding sitting fees
  • Previous limits: ₹1,00,00,000 total and ₹20,00,000 individual cap including sitting fees
  • Rationale: Significant business expansion and valuable guidance from Independent Directors

Voting Details

  • Cut-off Date: 7th August 2026 for determining eligible shareholders
  • Voting Method: Electronic-only remote e-voting through NSDL
  • Voting Period: 12th August 2026 (9:00 AM IST) to 10th September 2026 (5:00 PM IST)
  • Results Declaration: On or before 12th September 2026
  • Scrutinizer: Mr Sourjya Prakash Mohapatra, Practicing Chartered Accountant (Membership No. 052805)
  • No physical ballot forms will be accepted

Director Profile - Dr Deepak Kumar Mohanty

  • Age: 66 years (DOB: 01/06/1960)
  • Qualifications: Ph.D. in Economics and two Master's degrees in Economics
  • Expertise: Macroeconomics, monetary policy, financial sector regulation, pension and social security reforms, financial stability
  • Previous Roles: Chairperson of PFRDA (March 2023 to May 2025), Chief Economic Advisor at FICCI, Whole Time Member at PFRDA, Executive Director at RBI, Senior Adviser at IMF
  • Experience: Economic policy formulation, regulatory governance, risk management, central banking
  • Publications: Several publications in professional journals, edited and contributed to three books

Financial Impact

  • Commission enhancement represents a 50% increase from previous ₹1,00,00,000 limit to ₹1,50,00,000
  • Individual director remuneration cap increases by 25% from ₹20,00,000 to ₹25,00,000 (excluding sitting fees)
  • Commission payable from profits of respective financial years

Interested Parties

  • Item 1: Only Dr Deepak Kumar Mohanty is concerned or interested
  • Item 2: Dr Barada Kanta Mishra, Mrs Latha Ravindran, Ms Kiran Dhingra, and Dr Deepak Kumar Mohanty are concerned or interested

Additional Information

  • Explanatory statement and draft appointment letter available for inspection at registered office
  • Documents available electronically until voting conclusion
  • Members can request inspection via email at investor-relation@imfa.in or secretarial@imfa.in
  • Company registered office: IMFA Building, Bomikhal, Rasulgarh, Bhubaneswar-751010, Odisha