Manappuram Finance's Board noted BC Asia Investments' control acquisition and reconstituted the board effective May 5, 2026.
Six independent directors resigned en masse, citing terms of a 2025 subscription and shareholders' agreement as the reason.
The Board approved six new director appointments, including two Bain-nominated non-executives and four independent members.
Key management changes included redesignation of Dr. Sumitha Nandan to Vice-Chairperson and appointment of a new CFO.