Aavas Financiers shareholders approved a ₹9,000 crore authorization for non-convertible debentures at its 16th annual general meeting on September 16, 2026. The resolution passed with 99.99% support from voting shareholders.

The company also finalized key board appointments and ratifications during the meeting, conducted via video conferencing and other audio-visual means. Of the 1,12,699 shareholders on the record date of September 9, 2026, 64.35 million votes were polled, representing 81.16% of outstanding shares.

Voting Results by Resolution

All resolutions proposed in the notice were approved by the requisite majority. The voting breakdown highlights strong promoter support across all agenda items, while public institutional investors showed varying levels of dissent on specific governance matters.

Board Appointments and Ratifications

Members approved the following corporate governance actions:

• Re-appointment of Mr. Nikhil Omprakash Gahrotra as a Non-Executive Nominee Director, liable to retire by rotation. Public institutions voted against this resolution at a rate of 3.86%.
• Re-appointment of Mrs. Neha Sureka as a Non-Executive Nominee Director, liable to retire by rotation. Public institutions voted against this resolution at a rate of 1.22%.
• Ratification of remuneration paid to Mr. Sachinderpalsingh Jitendrasingh Bhinder, the former Managing Director and Chief Executive Officer. This resolution saw the highest dissent, with 8.63% of total votes cast against it, primarily driven by public institutional investors who voted against it at a rate of 21.74%.

New Independent Directors

The AGM regularized the appointments of two independent directors for five-year terms:

Both directors are not related to any existing board members and have not been debarred by SEBI or other authorities.

Debt Authorization Details

The Board received authorization to issue listed or unlisted Non-Convertible Debentures (NCDs), including subordinate debentures and bonds, via private placement. The total amount is capped at ₹9,000 crore.

This authorization is valid for one year from the date of the AGM, expiring on September 15, 2027. The issuance can occur in one or more tranches or series. The resolution was supported by 99.99% of votes polled, with only 1,332 votes cast against it.

What the Numbers Show

The voting pattern reveals a clear divergence between promoter and public institutional sentiment regarding management continuity and compensation. While promoters voted unanimously in favor of all resolutions, public institutions expressed notable dissent on the re-appointment of rotating directors and the ratification of the former MD's remuneration. The 21.74% opposition from public institutions to the remuneration ratification suggests heightened scrutiny of executive compensation structures, even though the resolution ultimately passed with 91.37% overall support due to promoter backing.

AAVAS Financiers received Reserve Bank of India approval on September 17, 2026, for the appointment of Manu Yeshpal Singh as Managing Director. The regulatory green light clears a key hurdle in the leadership transition process.

The company disclosed the development under Regulations 30 and 51 of the SEBI LODR Regulations. This follows an earlier intimation on April 20, 2026, regarding the proposed appointment.

Appointment Details

Mr. Singh will serve a tenure of 5 years from the date of appointment. His Director Identification Number is 11687234. The role includes serving as Chief Executive Officer.

Next Steps

The appointment remains subject to shareholder approval. The company stated it will update the exchanges once the Board of Directors approves the appointment in due course.

The disclosure was made available on the company website at www.aavas.in .