Section A – KMP Resignation Details

  • Name of Resigning KMP: Mr. Bibhu Prasad Mahapatra (DIN: 08756848)
  • Designation: Non-Executive Non-Independent Director & Chairman
  • Reason for Resignation: Consequent upon receipt of permission from the Department of Financial Services, Ministry of Finance, Govt. of India by Punjab National Bank (PNB) for nominating Sh. Amit Kumar Srivastava, Executive Director-PNB, as a Non-Executive Director on the Board of PNB Gilts Ltd.
  • Effective Date of Resignation: August 7, 2026 (close of business hours)
  • Date of Resignation Letter: August 7, 2026 (received by company on same day)
  • Duration in Role: Not Specified
  • Board's Acknowledgment / Statement: Not Specified
  • Replacement Appointed: Amit Kumar Srivastava, Executive Director-PNB (nominated but not yet appointed)
  • Regulatory Compliance Statement: Disclosure made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Part A of Schedule III of the Listing Regulations read with Master Circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026
  • Delay in Disclosure: No delay - resignation received and disclosed on same day (August 7, 2026)

Analytical Add-On: The resignation appears routine and strategic, resulting from a planned leadership transition initiated by the parent organization (Punjab National Bank) and government approval processes. As a Non-Executive Chairman role, the resignation is unlikely to immediately affect financial reporting integrity or operational continuity, given the planned replacement nomination.

Section B – Additional Observations or Disclosures

  • Transition & Internal Role Reallocations: The resignation facilitates the nomination of Amit Kumar Srivastava, Executive Director-PNB, as the new Non-Executive Director. The transition appears well-planned with government approval already secured.
  • Successor Appointments: Amit Kumar Srivastava, Executive Director of Punjab National Bank, has been nominated to replace Mr. Mahapatra. His background as Executive Director of the parent bank suggests relevant financial services expertise and alignment with the company's strategic direction as a PNB subsidiary.

Section C – Financial & Governance Disclosures

Not Specified - The document contains no financial results, auditor reports, dividend declarations, or other governance disclosures beyond the resignation announcement.