Board approves update of RBI application for proposed Additional Director appointment
Board of Panafic Investment and Finance Ltd (formerly Panafic Industrials Ltd) met on Monday, 19 October 2026.
By ScoutQuest · · 2 min read
- Board Meeting Date
- Monday, 19 October 2026
- Proposed Appointment
- Mr. Ankit Sharma as an Additional Director
- Approval Condition
- implemented only upon receipt of the RBI's prior written approval, where mandatory
What the Board approved
The Board of Directors of Panafic Investment and Finance Limited, formerly known as Panafic Industrials Limited, met on Monday, 19 October 2026 and approved the proposal to make an application to the Reserve Bank of India for its prior written approval for the proposed appointment of Mr. Ankit Sharma as an Additional Director of the company.
Key points to note
- The approval covers update the application with the RBI, subject to the applicable provisions of the Companies Act, 2013, the Articles of Association of the company and applicable RBI directions and regulatory requirements.
- Any director of the company has been authorised to sign, execute and submit the application, declarations, undertakings and supporting documents, and to furnish any additional information, clarifications and documents the RBI may require in connection with the application.
- The proposed appointment is to be implemented in accordance with applicable statutory and regulatory requirements and, wherever mandatory, only upon receipt of the requisite prior written approval of the RBI.
Why RBI approval is in the picture
The company is an investment and finance company, and the update states that the proposed appointment is being routed through the RBI's prior written approval process as part of the applicable regulatory requirements. In simple terms, the Board has set the approval process in motion rather than completing the appointment in this meeting.
Meeting details
The meeting was held at 23, II Floor, North West Avenue, Club Road, West Punjabi Bagh, New Delhi - 110026. It commenced at 03.30 P.M. and concluded at 4.00 P.M. The outcome was signed by Sarita Gupta, Managing Director.
What a retail investor may watch for
- The application to the RBI is a step in the process; the proposed appointment is linked to the RBI's prior written approval, where mandatory.
- The company has stated that it will furnish additional information and clarifications to the RBI as required in connection with the application.
Also from Panafic Industrials
Company name changed to Panafic Investment and Finance Limited effective 16 October, 2026
16 Oct 2026
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