Key Event Details
- Shareholders at the Annual General Meeting held on September 15, 2026 approved changes in the composition of the Board of Directors
- Mr. Dilip Jagdish Pendse (DIN: 11348152) appointed as Independent Director
- Appointment effective from September 15th, 2026
- Term of appointment: Five consecutive years
- Not liable to retire by rotation
Director Background and Qualifications
- Seasoned banking and finance professional with over three decades of diverse leadership experience
- Experience across Cooperative Banks, NBFCs, and Financial Institutions
- Chartered Accountant (1992) and Law Graduate
- Certified Independent Director (IlCA, MCA - 2025)
- Empaneled as Arbitrator under Multi State Cooperative Societies Act
- Career highlights include heading GST implementation, upgrading risk management frameworks, leading mergers, recoveries, and credit growth initiatives
- Regular faculty for ICAI and cooperative banking forums
- Served on RBI Risk Management Committee for UCBs
- Recognized for governance-driven approach and regulatory compliance expertise
Appointment Process
- Initially appointed as Additional Director with effect from May 28, 2026
- Appointment made pursuant to Section 161 of Companies Act, 2013 and Articles of Association
- Recommended by Nomination and Remuneration Committee
- Approved by Board of Directors
- Subject to shareholder approval which was obtained on September 15, 2026
Board Assessment
In the opinion of the Board, Mr. Dilip Jagdish Pendse fulfils the conditions specified under Companies Act, rules made thereunder and SEBI LODR Regulations for appointment as Independent Director and is independent of the management of the Company. The Board believes his knowledge, experience and expertise would be of significant benefit to the Company and would contribute towards strengthening governance and oversight.