BF Utilities has appointed Ajay Charuchandra Kirtane as an additional, non-executive independent director. The Board approved the move on September 7, 2026, based on the recommendation of the Nomination and Remuneration Committee.

Appointment Details

Mr. Kirtane will serve for a period of 5 years, effective from September 7, 2026, to September 6, 2031. He is not liable to retire by rotation. The appointment remains subject to approval by the company’s shareholders through a postal ballot.

The Board also approved the draft notice for the postal ballot on September 7, 2026. The company will circulate the notice along with explanatory statements in due course.

Profile and Compliance

Ajay Kirtane is a qualified Cost & Works Accountant with over 34 years of experience in financial management, debt syndication, mergers and acquisitions, and private equity. He is the founder of the management consultancy firm Shah & Kirtane, from which he retired on March 31, 2025.

In compliance with SEBI Listing Regulations and exchange circulars, the company confirmed that Mr. Kirtane is not debarred from holding the office of Director by any regulatory authority. He has no relationship with any other director or key managerial personnel on the Board.

BF Utilities paid penalties of ₹1,82,900 each to the National Stock Exchange of India Ltd and BSE Limited on August 26, 2026. The fines address non-compliance with SEBI Listing Regulations regarding the company's board structure.

The exchanges levied the charges after the company failed to appoint an independent woman director, violating Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. BF Utilities received communication from both exchanges on August 25, 2026, detailing the breach.

Regulatory Compliance Status

The company clarified that it is currently identifying a suitable candidate with relevant expertise and integrity to fill the vacancy. This position became vacant following the completion of an independent director's tenure. The firm aims to comply with Regulation 17 and Regulation 17(1)(c) of the listing rules.

BF Utilities confirmed there was no delay in settling the dues. The payment deadline was September 9, 2026, allowing a 15-day window from the receipt of the exchange communications.

Financial Impact

The total penalty outflow amounts to ₹3,65,800, inclusive of GST. The company stated that this payment has no material impact on its financials, operations, or other activities. The funds were transferred to both exchanges on the date of disclosure.

The disclosure was made under Regulation 30 of the SEBI Listing Regulations by Pragati S. Rai, Company Secretary.