Independent Director Rajeev RA Resigns, Citing RBI Common-Director Rule on Company's Loan Plans
Mr. Rajeev RA has resigned as Non-Executive Independent Director with effect from close of business hours on 25th September, 2026.
By ScoutQuest · · 1 min read
- Director Name
- Rajeev RA
- Position
- Non-Executive Independent Director
- Effective Date
- close of business hours on 25th September, 2026
- Reason for Resignation
- RBI circular restricts an NBFC from granting a financial facility to a company having a common director
- Other NBFC Board
- Authum Investment & Infrastructure Limited
What happened
Mr. Rajeev RA (DIN: 03125952) has tendered his resignation as Non-Executive Independent Director of the company, effective from the close of business hours on 25th September, 2026. The company disclosed this to BSE and NSE under Regulation 30 on 26th September, 2026.
Reason stated
- He is a common Independent Director on the board of the company and of Authum Investment & Infrastructure Limited, an NBFC.
- The company is seeking a financial loan from that NBFC.
- He cites an RBI circular dated April 19, 2022, under which an NBFC is restricted from granting a financial facility to a company having a common director.
- He states that his continuance may therefore not be consistent with that regulatory requirement, and that he resigned in the best interest of the company.
Confirmation
The company has received confirmation from him that there are no other material reasons for the resignation other than those stated in his letter. He has also thanked the Board and management for their support during his tenure.
Committee positions
Consequent to the resignation, he ceases to be a member of the various statutory committees of the company. His only other listed-company directorship disclosed is as Independent Director of Authum Investment & Infrastructure Limited, with no board committee memberships there.
How investors may read it
The resignation is linked to a regulatory restriction connected with the company's plan to seek a loan from the NBFC, rather than to any stated disagreement with the Board or management. Investors may watch for a subsequent announcement on filling the vacancy and on the progress of the proposed loan facility.
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