Baid Finserv Limited announced that Mr. Anurag Patni has ceased to serve as an Independent Director of the company with effect from the closure of business hours on October 21, 2026.

The cessation follows the completion of his second and final term of five consecutive years as an Independent Director. This development was reported to BSE and NSE in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Cessation details

The company filed an intimation regarding the change in its board composition pursuant to SEBI guidelines. Mr. Patni's departure is due to the natural expiry of his tenure rather than resignation or removal. The requisite details were disclosed in Annexure 1 of the filing, adhering to Schedule III of the Listing Regulations and relevant SEBI circulars.

Regulatory compliance

This intimation serves as a formal update to stock exchanges regarding the change in directorship. The company confirmed that this information would also be made available on its official website. The filing references earlier intimations dated August 13, 2026, regarding the upcoming completion of the director's term.

Baid Finserv Limited shareholders approved all resolutions at the 35th Annual General Meeting held on September 23, 2026, with 99.99% of votes cast in favor. The scrutinizer’s report confirmed requisite majorities for financial adoption, dividend declaration, and governance changes.

The meeting, conducted via video conferencing, saw remote e-voting conclude on September 22, 2026. A total of 75 folios participated through remote e-voting, representing 9,76,78,977 shares out of the company's total outstanding equity of 15,48,88,107 shares.

Voting outcomes on key resolutions

All ordinary and special resolutions were passed with overwhelming support. The promoter and promoter group held 7,33,99,736 shares and voted 6,73,89,413 shares in favor of every resolution. Public shareholders voted 3,02,89,564 shares in favor for most items, with minor dissent recorded on specific appointments.

Governance and strategic approvals

Shareholders ratified the re-appointment of Panna Lal Baid as Chairman and Managing Director for a three-year term effective April 1, 2027, ending March 31, 2030. This special resolution received 99.9988% votes in favor. Mr. Baid is the founder and a first-generation entrepreneur with over 56 years of experience in the financial services sector. He is related to other directors: Aman Baid (Grandson), Aditya Baid (Grandson), and Alpana Baid (Daughter-in-law). Additionally, Himanshu Kumar Jain was appointed as a Non-Executive Independent Director for a five-year term starting August 13, 2026, with 99.6978% support.

Expansion of lending scope via MOA amendment

A special resolution to alter the Object Clause of the Memorandum of Association was approved with 99.9988% votes in favor. The amendment inserts a new Sub-clause 7 into Clause III(A) (Main Objects) of the MOA. This change explicitly widens the scope of the company’s lending and financing activities.

The new clause permits the company to carry on business in various forms of financing, including but not limited to:

• Vehicle loans, mortgage loans, loan against property, personal loans, gold loans, silver loans, loans against jewellery and precious metals, consumer durable loans, business loans, MSME loans, working capital loans, microfinance loans, inter-corporate loans, education loans, employee loans, project finance, structured finance, supply chain finance, acquisition finance, merger and acquisition finance, bridge finance, corporate finance, loans against shares, securities, receivables and other movable or immovable assets.
• Non-fund based facilities including letters of credit, guarantees, factoring, bill discounting, and trade finance.
• Co-lending, co-origination, direct assignment, securitisation, loan participation, portfolio acquisition and transfer, receivables financing, digital lending, peer-to-peer lending, and subordinated debt.

The final dividend of ₹0.10 per equity share, representing a 5% payout on the face value of ₹2 each, was declared by shareholders as recommended by the Board.

Financial context from FY26 disclosures

The AGM followed the disclosure of FY26 financial results, where the NBFC reported a 20.35% increase in Assets Under Management (AUM) to ₹476.89 crore. Profit After Tax (PAT) stood at ₹14.97 crore, while total income reached ₹99.19 crore. Asset quality remained stable with Gross NPA at 2.66% and Net NPA at 0.39%.

During the reporting period, the company completed a rights issue aggregating to ₹30.02 crore and allotted 24,01,366 equity shares following the exercise of convertible warrants. CARE Ratings re-affirmed the company’s credit rating at CARE BBB, revising the outlook from Stable to Positive.