Fusion Finance Limited has announced a leadership transition in its technology department following a board meeting conducted on March 20, 2026. The company disclosed significant changes to its senior management structure through an official regulatory filing, involving the resignation of its current Chief Information Officer and the appointment of his successor.

Board Meeting Outcome and Regulatory Compliance

The board of directors approved two key personnel decisions during their meeting, which commenced at 06:25 PM (IST) and concluded at 06:55 PM (IST). The changes were made pursuant to Regulations 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company communicated these decisions to both the National Stock Exchange of India Limited and BSE Limited in compliance with listing obligations.

Reason for CIO Departure

Mr. Sanjay Mahajan submitted his formal resignation from the Chief Information Officer position due to health-related concerns. In his resignation letter dated March 20, 2026, Mahajan explained that he had been managing recurring health issues over the past 4-5 months while continuing his professional responsibilities. However, recent weeks had become more alarming, prompting medical advice to prioritize his health and reduce work-related stress.

Mahajan expressed his commitment to ensuring a smooth transition and offered to support the identification and onboarding of his successor. He acknowledged the company's turnaround story under current leadership and thanked the leadership team and board members for their support during his tenure.

New CIO Appointment Details

The board, based on recommendations from the Nomination and Remuneration Committee, appointed Mr. Susheel Kumar Menon as the new Chief Information Officer and designated him as Senior Managerial Personnel. Menon has been working with the company since April 8, 2024, in his capacity as Chief Information Security Officer (CISO).

During the interim period, Menon will continue holding both the Chief Information Officer and Chief Information Security Officer positions, ensuring continuity in the company's technology and security operations. The appointment was formally approved in the respective meetings of the Nomination and Remuneration Committee on March 20, 2026.

Professional Background of New CIO

Mr. Susheel Kumar Menon brings extensive experience to his expanded role, with over 27 years of diverse experience across IT strategy, information security, and digital transformation. His career includes key leadership positions at several reputed organizations including Satin Creditcare Network Ltd., Bata India, Yum! Restaurants India, Ericsson, and Gillette India Ltd.

Menon's expertise encompasses enterprise security architecture, IT governance, program management, infrastructure and data center operations, and vendor risk management. He is recognized for his ability to integrate business strategy with technology execution, enabling innovation while maintaining strong governance and compliance with regulatory frameworks such as RBI and data protection norms.

Regulatory Filing and Documentation

The company has fulfilled all disclosure requirements under Regulation 30 of the SEBI LODR Regulations, including the submission of detailed information about both the resignation and appointment. The filing included comprehensive annexures containing the resignation letter and detailed profile information as required under Schedule III and SEBI Circular dated January 30, 2026.

The resignation was noted and accepted by the Nomination and Remuneration Committee of Board of Directors in their respective meetings on March 20, 2026. Mr. Menon is confirmed to be not related to any Director, Key Managerial Personnel, and Senior Managerial Personnel of the Company.

Fusion Finance Limited has disclosed receiving a penalty order from the Registrar of Companies, ROC Delhi, for non-compliance with director rotation requirements under the Companies Act, 2013. The company informed stock exchanges about the conclusion of an adjudication process that it had voluntarily initiated through a suo-moto application.

Penalty Details and Financial Impact

The Registrar of Companies, Delhi, issued an order dated March 16, 2026, imposing penalties following the company's voluntary application for adjudication. The financial impact of the regulatory action includes:

Mr. Devesh Sachdev, the erstwhile Managing Director, was identified as the officer in default during the violation period and received a separate penalty of ₹1,00,000.

Nature of Compliance Violation

The non-compliance pertained to Section 152(6) of the Companies Act, 2013, specifically regarding director rotation requirements. During the violation period from July 20, 2021, to July 08, 2023, the company failed to maintain the required board composition:

Current Compliance Status and Regulatory Disclosure

Fusion Finance emphasized that it has achieved full compliance with Section 152(6) provisions since July 08, 2023. The company stated that it continues to place strong emphasis on statutory compliance and good governance, taking necessary steps to ensure enhanced compliance with the Companies Act, 2013, and other applicable regulations.

The disclosure was made pursuant to Regulation 30(2) of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company provided detailed information as required under Schedule III of the Listing Regulations and SEBI Circular dated July 13, 2023. With the receipt of the adjudication order, the matter has been formally concluded through the regulatory process.

The penalty represents the financial consequence of the governance oversight, while the company's voluntary approach to seeking adjudication demonstrates its commitment to regulatory compliance and transparency with stakeholders.