PFS Seeks Shareholder Approval for Interim MD&CEO

The company is seeking shareholder consent through a postal ballot for the following special business:

Appointment of Shri Rajiv Malhotra (DIN:02383396) as Managing Director & Chief Executive Officer (Additional Charge)
Type of Resolution: Ordinary Resolution

Shri R. Balaji, the current MD&CEO, tendered his resignation effective June 30, 2026, due to personal reasons.
The Board of Directors appointed Shri Rajiv Malhotra as an Additional Director (Non-Executive Nominee Director) on April 8, 2026, upon nomination from the holding company, PTC India Limited.
On June 4, 2026, the Board re-designated Shri Rajiv Malhotra as MD&CEO (Additional Charge) effective from July 1, 2026, to November 30, 2026 (his superannuation date from PTC).
This interim arrangement ensures leadership continuity until a new MD&CEO is appointed.
No remuneration will be paid by PFS for this additional charge; Shri Malhotra will continue to receive remuneration from PTC India Limited as per its policies.

Tenure: July 1, 2026, to November 30, 2026
Designation: Managing Director & Chief Executive Officer (Additional Charge) and Key Managerial Personnel
Remuneration: Nil from PFS
Liability: To retire by rotation

Cut-off Date: Tuesday, June 2, 2026 - Shareholders on record as of this date are eligible to vote.
Remote E-voting Period: Commences Sunday, June 7, 2026, at 9:00 AM IST and ends Monday, July 6, 2026, at 5:00 PM IST.
Voting Service Provider: KFin Technologies Limited
Result Declaration: On or before Wednesday, July 8, 2026
Scrutinizer: Shri Rohit Parmar, Proprietor of M/s Rohit Parmar & Associates, Practicing Company Secretary
The resolution will be deemed passed on July 6, 2026, if approved by the requisite majority.

DIN: 02383396
Date of Birth: November 7, 1966 (59 years)
Nationality: Indian
Qualifications: Mechanical Engineer (NIT Kurukshetra), Post Graduate Program in Management (IIM Lucknow), CFA
Experience: Over 35 years in utility and energy sector
Current Role in PTC: Executive Director & Group Chief Risk Officer (since June 2013)
Previous Experience: NTPC, Athena Energy Ventures Pvt. Ltd., Energy Infratech Pvt. Ltd.
Expertise: Strategy and finance, customer relations, cyber resilience, risk analysis, regulatory matters
Shareholding in PFS: Nil
Directorships in other companies: Nil

The notice is being sent only through electronic mode to eligible members.
All relevant documents are available for electronic inspection by members upon request.
The company will publish an advertisement in English and Hindi newspapers.
The explanatory statement and director details form part of the notice.