Bank of Maharashtra successfully conducted its Extraordinary General Meeting on March 23, 2026, through video conferencing, securing shareholder approval for critical board appointments. The meeting, attended by 55 members including one authorized representative of the Government of India, addressed two key agenda items related to board composition under SEBI (LODR) Regulations, 2015.

Executive Director Appointment Approved

Shareholders overwhelmingly approved the appointment of Shri Prabhat Kiran as Executive Director of the bank. The Department of Financial Services, Ministry of Finance, had initially appointed him on November 24, 2025, under Section 9(3)(a) of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, for a three-year term.

The resolution required shareholder approval as per SEBI (LODR) Regulations, 2015, specifically under Clause 17(1C) regarding director appointments.

Shareholder Director Election Results

In a competitive election for the shareholder director position, four candidates contested after meeting the fit and proper criteria determined by the board. Shri Prasenjeet Shrikrishna Fadnavis emerged victorious, securing the majority of votes cast.

Shri Fadnavis assumed office on March 24, 2026, and will serve until June 30, 2028, in accordance with Bank of Maharashtra (Shares & Meetings) Regulations, 2004.

Meeting Proceedings and Regulatory Framework

The EGM was chaired by Mr. Nidhu Saxena, MD & CEO, in the absence of the Non-Executive Chairman, following Regulation 59 of the bank's regulations. The meeting commenced at 11:00 AM and concluded at 11:45 AM, with three directors present alongside the government representative.

Remote e-voting was conducted from March 18-22, 2026, allowing shareholders to cast votes electronically. Central Depository Services (India) Limited provided the e-voting platform, facilitating both remote voting and voting during the meeting. S.N. Ananthasubramanian & Co. served as the scrutinizer, ensuring transparent and fair voting processes.

Compliance and Validation

The meeting adhered to all regulatory requirements under SEBI (LODR) Regulations, 2015, and Companies (Management and Administration) Rules, 2014. The comprehensive scrutinizer's report confirmed all votes as valid, with no shareholder holding more than 10% voting rights, ensuring compliance with Banking Companies Act provisions. Both agenda items were passed with requisite majority, completing the bank's board restructuring process as mandated by regulatory authorities.

Bank of Maharashtra has fulfilled its debt obligations by completing the annual interest payment on its BASEL III compliant Tier II bonds on March 23, 2026. The payment demonstrates the bank's commitment to maintaining its bond servicing schedule and regulatory compliance.

Bond Payment Details

The interest payment pertains to bonds with ISIN INE457A08084, representing a significant portion of the bank's Tier II capital structure. The comprehensive payment details are outlined below:

Regulatory Compliance

The payment was made in accordance with Regulation 57(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Bank of Maharashtra has notified both BSE Limited and National Stock Exchange of India Limited about the successful completion of the interest payment.

The bank confirmed that there were no changes in the payment frequency and no delays or non-payment issues were reported. The payment includes applicable Tax Deducted at Source (TDS) as per regulatory requirements.

Bond Structure and Trustee

The BASEL III compliant Tier II bonds form part of the bank's regulatory capital framework, supporting its capital adequacy requirements. Catalyst Trusteeship Limited serves as the Debenture Trustee for these bonds, ensuring proper oversight and bondholders' interest protection.

The timely completion of this interest payment reinforces Bank of Maharashtra's financial discipline and commitment to meeting its debt obligations as scheduled.