AFAAVAS Financiers541988Routine director change

Independent director and internal audit head change; both vacancies filled

Board approved leadership changes: Independent Director Soumya Rajan resigned and Anjali Karamnarayan Seth was appointed Additional Director (Non-Executive Independent).

By ScoutQuest · Mon 26 Oct 2026, 6:25 PM IST · 2 min read

Independent Director Appointed Term

five consecutive years, from October 27, 2026 to October 26, 2031

Internal Audit Head Appointed Term

three years from October 27, 2026

Resignations Effective Date

close of business hours of October 26, 2026

Two changes at the top of the company were approved by the Board at its meeting on October 26, 2026, and in both cases a replacement was named the same day.

Independent director change

• Mrs. Soumya Rajan (DIN: 03579199) resigned as Non-Executive Independent Director with effect from the close of business hours of October 26, 2026.
• The stated reason is increasing professional commitments to her company, Waterfield Advisors; she has confirmed there are no other material reasons for her resignation.
• Ms. Anjali Karamnarayan Seth (DIN: 05234352) was appointed as an Additional Director in the capacity of Non-Executive Independent Director, not liable to retire by rotation.
• Her term is five consecutive years, from October 27, 2026 up to October 26, 2031 (both days inclusive), subject to approval of the shareholders.
• She is a lawyer with over 40 years of professional experience, has advised banks, financial institutions and large corporates, and is currently an Independent Director on the boards of Kalpataru Limited, Centrum Capital Limited, Nirlon Limited and Assets Care & Reconstruction Enterprise LTD. She is not related to any director of the company.

Internal audit function

• Mr. Ramachandran Venkatesh resigned as Head of Internal Audit, a Senior Managerial Personnel, with effect from the close of business hours of October 26, 2026, due to personal commitments, medical issues and other imminent exigencies in the family.
• Mr. Bharat Chamanal Thakkar was appointed as Head of Internal Audit, designated Senior Managerial Personnel, with effect from October 27, 2026 for a term of three years.
• He is a Chartered Accountant and Certified Information Systems Auditor (CISA) with over 34 years of experience, including leadership roles at the Kotak Mahindra Group in areas such as finance, compliance, operational risk and internal audit.
• His appointment followed the recommendation of the Nomination and Remuneration Committee and the Audit Committee; Ms. Seth's appointment followed the recommendation of the Nomination and Remuneration Committee.

Shareholder approval sought

• The Board approved a Postal Ballot Notice seeking the approval of shareholders for the appointment of Ms. Anjali Karamnarayan Seth (DIN: 05234352) as an Independent Director.

What this means for investors

• Both the independent director position and the internal audit head position have a successor named with an effective date, so the transition is back-to-back.
• Ms. Seth's appointment as independent director is an additional director appointment and requires shareholder approval through the postal ballot process.
• The resignations are attributed to the individuals' own circumstances (professional commitments in one case, family and medical reasons in the other), and the outgoing independent director has confirmed there are no other material reasons.

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