Key Decisions and Approvals

1. Annual General Meeting Convening

  • The Board approved convening the 42nd Annual General Meeting for FY 2025-26
  • Date: Friday, September 18, 2026
  • Time: 12:00 Noon (IST)
  • Mode: Video Conferencing/Other Audio Visual Means
  • The notice will be issued to members in due course

2. Reappointment of Mr. Ritesh Vaid as Designated Whole Time Director

  • The Board recommended reappointment of Mr. Ritesh Vaid (DIN: 09433856) who is liable to retire by rotation
  • Subject to shareholder approval at the ensuing AGM on September 18, 2026
  • Reappointed for a five-year term from October 1, 2026 to September 30, 2031
  • Mr. Vaid is 49 years old with qualifications: MBA-Marketing, Masters in Commerce, and Post Graduate Diploma in Business Management
  • He possesses advanced functional expertise in operational management and corporate regulatory frameworks
  • Not related to any Director or Key Managerial Personnel of the company
  • Not debarred from holding director office pursuant to any SEBI order

3. Resignation of Ms. Sakshi as Chief Financial Officer

  • Ms. Sakshi (PAN EQFPS7178A) resigned as CFO and Key Managerial Personnel
  • Resignation effective from close of business hours on August 12, 2026
  • Reason for resignation: Personal priorities
  • Resignation letter enclosed as Annexure-1

4. Appointment of Mr. Sushil Jindal as Chief Financial Officer

  • Mr. Sushil Jindal (PAN ACPPJ0096A, ICAI Membership No. 505994) appointed as CFO
  • Appointment effective from August 13, 2026
  • No fixed term of appointment
  • Qualifications: Chartered Accountant, MBA (Finance), Bachelor of Commerce
  • Over 22 years of experience in finance, accounting, financial management, corporate finance, taxation, treasury operations, and strategic financial planning
  • Expertise includes financial statement consolidation, risk management, process excellence, business analysis, product costing, budget projections, tax compliances, and project evaluation
  • Not related to any Director or Key Managerial Personnel

Additional Appointment in Subsidiary

  • Mr. Sushil Jindal also appointed as Advisor, Corporate Finance and Strategy in Paul Merchants Finance Private Limited (wholly owned subsidiary)
  • Annual remuneration (CTC): ₹16,20,000 (Rupees Sixteen Lakhs Twenty Thousand only)
  • Appointment approved under Section 188(1)(f) of Companies Act, 2013
  • PMFPL may grant annual increments, performance-based increases, incentive payments, bonus, allowances and other revisions as per its remuneration policies