ESOP Trust Deed amended: Arvind Agarwal steps down as Trustee, Kuttikrishnan Krishna Pisharody appointed
Piramal Finance said the Trust Deed of PFL Employee ESOP Trust has been amended for a change in trustee composition.
By ScoutQuest · · 2 min read
- Trustee resignation
- Shri Arvind Agarwal resigned as Trustee with effect from 19th October 2026
- Trustee appointment
- Shri Kuttikrishnan Krishna Pisharody was appointed as Trustee from 19th October 2026
- Trustees now
- Shri Suresh Tapuriah and Shri Kuttikrishnan Krishna Pisharody
What the update says
Piramal Finance Limited has informed BSE and NSE that the Trust Deed of the PFL Employee ESOP Trust has been amended, and the first amendment deed to the amended and restated Trust Deed has been executed. The amendment covers a change in the composition of the Trustees of this trust.
Who changed
- Shri Arvind Agarwal has resigned as a Trustee with effect from 19th October 2026.
- Shri Kuttikrishnan Krishna Pisharody has been appointed as a Trustee with effect from 19th October 2026.
- Accordingly, Shri Suresh Tapuriah and Shri Kuttikrishnan Krishna Pisharody are the Trustees of the Trust with effect from 19th October 2026.
The update also states that all other terms of the Amended and Restated Trust Deed continue to remain in full force and effect.
What this ESOP trust is
The trust was originally set up in 2009 as the Piramal Life Sciences Limited Senior Employees Option Trust. Its name changed over the years, and following a scheme of arrangement it was reconstituted as the PFL Employee ESOP Trust under an Amended and Restated Trust Deed dated 30th December 2025, to administer and implement the Piramal Finance Limited Senior Employees Stock Option 2025 in line with the ESOP scheme provisions and SEBI regulations.
How a reader can think about this
An ESOP trust is the vehicle that holds and administers shares and options for employees under a company's stock option scheme. Its trustees are the people who oversee that trust. A change in who the trustees are is about the governance and administration of the employee scheme, not about the company's business, borrowings, earnings or capital.
The update sets out the resignations and appointments and notes that the rest of the Trust Deed is unchanged. It does not contain any financial terms, share counts, pricing or exercise details connected with this amendment.
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