Key Changes in Directorate

Resignations:

  • Mr. Ghanshyam Das (DIN: 01807011) resigned as Chairman & Director (Non-Executive & Non-Independent) effective 28th May 2026 due to personal reasons.
  • Mr. Arvind Jadhav resigned as Independent Director effective 02nd June 2026 due to personal and professional reasons.

Appointment:

  • Dr. Sethurathnam Ravi (DIN: 00009790) appointed as Director (Additional Director in the category of Non-Executive, Non-Independent Director) and Chairman of the Company with effect from 02nd June 2026.
  • The appointment is liable to retire by rotation and subject to approval of Members of the Company and other regulatory/statutory approvals as required under applicable laws.
  • Dr. Ravi is not related to any existing Director of the Company.
  • Dr. Ravi is not debarred from holding the office of Director by virtue of any SEBI or other authority order.

Committee Reconstitution

The Nomination and Remuneration Committee was reconstituted effective 02nd June 2026 with the following members:

  • Mr. Sarat Kumar Malik (DIN: 09791314, Non-Executive Independent Director) - Chairperson
  • Mr. Deenadayal Tripurasetty (DIN: 10200896, Non-Executive Independent Director) - Member
  • Mr. Prathipati Parthasarathi (DIN: 00004936, Non-Executive Independent Director) - Member

Background on New Chairman

Dr. Sethurathnam Ravi is a Fellow Chartered Accountant with a Doctorate in finance and commerce, DISA certified (Information Systems Audit), Insolvency Resolution Professional, and member of Association of Certified Fraud Examiners (CFE), USA.

Professional Experience:

  • Over 37 years of Board Level experience across Banking, NBFCs, Mutual Funds, Home Finance, Capital Markets, PSU Banks and large Public Limited Companies
  • Served as director on boards of HAL, ONGC, BHEL, LIC Housing Finance, IDBI Bank, Union Bank of India, Corporation Bank
  • Former Chairman of BSE Limited and UTI Trustee Company Private Limited
  • Former member of SEBI's Takeover Panel and SEBI's Mutual Fund Advisory Committee
  • Appointed by GOI and RBI in 2003 as Chairman of Technical Experts Committee for Strategic Turnaround of Punjab & Sind Bank

Current Board Positions include:

  • Tourism Finance Corporation of India Ltd - Chairman
  • 360 One Asset Management Ltd - Non-executive Chairman and Independent Director
  • Aditya Birla ARC Limited - Member of Audit Committee & NRC
  • Aditya Birla Money Limited - Chairman of Audit Committee
  • Usha Martin Ltd - Chairman of Finance Committee
  • Granules India Ltd - Member of Audit and Risk Management Committee
  • PCBL Chemical Limited - Member of Audit Committee
  • Dalmia Cement (Bharat) Limited - Chairman of Audit Committee and Risk Management Committee

Professional Practice:

  • Founder of Ravi Rajan & Co. LLP, chartered accountancy firm established in 1989
  • Has handled assignments for World Bank, SEBI, and various government committees
  • Has guided central statutory audit of Public Sector Banks and PSU Maharatna entities

Meeting Details

The Board meeting was held on 02nd June 2026, commencing at 04:00 PM (IST) and concluding at 05:05 PM (IST).

Correction Notice

The filing corrects a typographical error in the previous submission dated 02nd June 2026, changing Mr. Ghanshyam Das's resignation date from 29th May 2026 to 28th May 2026. No other changes were made to the original submission.