Aavas Financiers Limited has issued a postal ballot notice seeking shareholder approval for the appointment of Manu Yeshpal Singh as Managing Director and Chief Executive Officer. The proposal also includes the appointment of Sanjeev Srinivasan as a Non-Executive Nominee Director.

The company received prior approval from the Reserve Bank of India (RBI) on September 17, 2026, for both appointments. Singh was previously appointed as CEO in April 2026 and subsequently as Additional Director in September 2026. His tenure as MD is proposed for five years, effective September 19, 2026, to September 18, 2031.

Appointment Terms and Remuneration

Manu Yeshpal Singh will serve as Managing Director and CEO, not liable to retire by rotation. His fixed remuneration is capped at ₹3.08 crore per annum, with a potential ceiling of ₹4.80 crore per annum for increments or revisions. Additionally, he is eligible for a Performance Linked Variable component not exceeding 110% of his total fixed remuneration.

Singh holds an MBA in Marketing and a Bachelor’s degree in Mechanical Engineering. He brings over two decades of experience in retail lending and housing finance, having held senior roles at Kotak Mahindra Bank, Tata Capital, ICICI Bank, and Tata Motors. Prior to joining Aavas Financiers, he served as President & Business Head for Housing Finance at Kotak Mahindra Bank.

Nominee Director Appointment

Sanjeev Srinivasan is proposed as a Non-Executive Nominee Director, nominated by Aquilo House Pte. Ltd., the promoter of the company. He replaces Anant Jain, who resigned from the position effective September 18, 2026. Srinivasan’s tenure is also for five years, effective September 19, 2026, to September 18, 2031, and he will be liable to retire by rotation.

Srinivasan has over two decades of leadership experience in the insurance sector. He recently served as MD and CEO of Acko General Insurance Limited and as a Director at Acko Life Insurance Limited. Previously, he led Bharti AXA General Insurance Company Limited through its merger with ICICI Lombard General Insurance Company Limited.

E-Voting Details

Shareholders can vote electronically via the National Securities Depository Limited (NSDL) platform. The voting period begins on October 3, 2026, and ends on November 1, 2026.

The postal ballot notice is available only in electronic mode to members whose email addresses are registered with the depositories or the company. Members holding shares in demat form can access the voting facility through their respective depository participant portals or directly via NSDL e-Voting services.

Aavas Financiers has reappointed Sharad Pathak as Chief Compliance Officer and Senior Managerial Personnel for a three-year term effective October 1, 2026. The decision aligns with new regulatory frameworks governing compliance functions in non-banking financial companies.

The board approved the reappointment via circular resolution on September 28, 2026, following recommendations from the Nomination and Remuneration Committee. This action ensures continued adherence to the Reserve Bank of India (Non-Banking Financial Companies – Compliance Function) Directions, 2026, issued on July 31, 2026.

Regulatory Compliance and Governance

The disclosure was made pursuant to Regulation 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that the reappointment is on existing terms and conditions, maintaining continuity in its compliance leadership structure.

Strategic Continuity in Compliance

Reappointing an incumbent Chief Compliance Officer signals stability in the company's governance framework during a period of evolving regulatory expectations for NBFCs. The specific citation of the RBI Directions dated July 31, 2026, highlights that this appointment is directly responsive to recent central bank mandates regarding compliance personnel tenure and qualifications.