Board approves new MD, directors, CFO and Company Secretary; both key committees reconstituted

Board approved a new top team: Nishad Jitendra Shah as MD, Rajshree Nishad Shah and Amar Chokshi as directors, plus new CFO and Company Secretary.

Mon 5 Oct 2026

New Managing Director

Mr. Nishad Jitendra Shah, Additional Director & MD, w.e.f. October 05, 2026 till September 01, 2031

New MD Shareholding

44,27,548 equity shares

New Non-Executive Director

Mrs. Rajshree Nishad Shah, holds 32,56,753 equity shares

New Independent Director

Mr. Amar Chokshi for a term of 5 years w.e.f. October 05, 2026

RBI Approval

RBI approval dated September 24, 2026 for change in shareholding and management

The board met on Monday, October 05, 2026 at the registered office in Kolkata; the meeting commenced at 10:00 am and concluded at 10:45 am.

What was approved

• Mr. Nishad Jitendra Shah appointed as an Additional Director and Managing Director under the Chairman and promoter category, with effect from October 05, 2026 till September 01, 2031, subject to approval of the shareholders. He holds 44,27,548 equity shares.
• Mrs. Rajshree Nishad Shah appointed as an Additional Non-Executive Director under the promoter category, with effect from October 05, 2026 till September 01, 2031. She holds 32,56,753 equity shares and is the spouse of Mr. Nishad Jitendra Shah.
• Mr. Amar Chokshi appointed as an Additional Director under the Non-Executive - Independent category for a term of 5 years with effect from October 05, 2026, subject to approval of the shareholders. He holds NIL shares.
• Mr. Shivam Jayeshkumar Prajapati appointed as Company Secretary & Compliance Officer with effect from October 05, 2026.
• Mr. Mit Gandhi appointed as Chief Financial Officer with effect from October 05, 2026.

Who stepped down

• Mr. Sagar Mal Nahata resigned from the office of Managing Director and Director, and also from the office of Chief Financial Officer, with effect from close of business hours of October 05, 2026, due to change of management.
• Mr. Sujit Kumar Panda resigned from the office of Director with effect from close of business hours of October 05, 2026, due to change of management.
• Mrs. Basanti Roy resigned from the office of Independent Director with effect from close of business hours of October 05, 2026, due to personal reasons.
• The resigning directors also ceased to be members of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee.

Why these changes are happening

The appointments are stated to be proposed and approved pursuant to the receipt of approval from the Reserve Bank of India dated September 24, 2026, in relation to the proposed change in shareholding and management of the company. The resignations of Mr. Sagar Mal Nahata and Mr. Sujit Kumar Panda are attributed to that change of management.

Committee reconstitution

• Audit Committee: Mr. Amar Chokshi as Chairperson (Non-Executive, Independent Director), Mr. Ajay Pratap Singh as Member (Non-Executive, Independent Director) and Mrs. Rajshree Nishad Shah as Member (Non-Executive Director).
• Nomination & Remuneration Committee: the same three members in the same roles, with Mr. Amar Chokshi as Chairperson.

The incoming Managing Director has over 23 years of experience in banking, financial services and corporate management, and the incoming independent director has over 15 years of experience as a Chartered Accountant; the new CFO has over 15 years of banking and financial services experience.

Points a retail investor may note

• The Managing Director, Chief Financial Officer and Company Secretary roles all change with effect from the same date, October 05, 2026, along with board-level changes.
• The two promoter-category appointees hold 44,27,548 equity shares and 32,56,753 equity shares respectively.
• The appointment of Mr. Nishad Jitendra Shah as Managing Director and of Mr. Amar Chokshi as independent director are subject to approval of the shareholders.
• The company has affirmed that the appointees are not debarred from holding the office of director by virtue of any order of SEBI or any other such authority.

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