Haryana Financial Corporation successfully conducted its 58th Annual General Meeting on March 25, 2026, at The Haryana State Cooperative Apex Bank Ltd premises in Chandigarh. The meeting commenced at 3:30 PM and concluded at 4:30 PM, with Sh. Sushil Sarwan, IAS, Managing Director, presiding as Chairman due to the pre-occupation of the Corporation's Chairman.

Meeting Attendance and Participation

The Annual General Meeting achieved the requisite quorum with total attendance of 12 members across different categories. The attendance breakdown demonstrates active shareholder participation in the corporation's governance processes.

The meeting was attended by key officers including Shri Sanjay Garg (General Manager), Shri H. S. Rana (Company Secretary), Ms. Richa Garg (Chief Financial Officer), and other senior management personnel. Statutory auditor Shri Ravinder Garg, CA, and company law consultant Shri P. D. Sharma, FCS, were also present.

Financial Statements and Audit Appointments

The shareholders unanimously approved the adoption of audited Balance Sheet as of March 31, 2025, and the Statement of Profit and Loss for the year ended on that date, together with the Board of Directors' Report for 2024-25 and the Auditor's Report. This resolution was proposed by Shri M. K. Chopra and seconded by Shri Chandan Kumar Mukherjee.

For the financial year 2025-26, the meeting appointed M/s AARSH & Associates, Chartered Accountants, Chandigarh, as statutory auditors from the Reserve Bank of India's approved panel. The audit fee was set at Rs.57,200/- plus applicable GST and admissible TA/DA.

Secretarial Audit and Compliance Measures

In compliance with SEBI regulations, the shareholders appointed Shri Vishal Arora, Practicing Company Secretary, as Secretarial Auditor for a five-year term commencing from financial year 2025-26. The appointment carries a lump-sum fee of Rs.25,000/- plus GST, with provisions for the Managing Director to modify terms as deemed appropriate.

Board Appointments and Governance

The meeting approved the re-appointment of six directors through a single resolution as permissible under the Companies Act, 2013. The re-appointed directors include representatives from various government and financial institutions.

A special resolution was passed unanimously for the appointment of Shri M. K. Chopra as Non-Executive Director representing shareholders for three years, notwithstanding his age of seventy-five years. This appointment aligns with Section 10(e)(i) of the State Financial Corporations Act, 1951, and SEBI listing regulations.

Formal Director Appointment Confirmation

Following the AGM approval, Haryana Financial Corporation formally issued the appointment letter to Shri M.K. Chopra on March 30, 2026. The corporation notified BSE Limited under Regulation 30 of SEBI (LODR) Regulations, 2015, confirming his appointment as Shareholders Director.

Corporate Structure and Compliance

Haryana Financial Corporation operates as a Public Sector Company with 97.28% shareholding held by the State Government of Haryana. The corporation maintains its registered office at 30 Bays Building, Sector 17-C, Chandigarh. All resolutions were passed unanimously, reflecting strong shareholder confidence in the corporation's governance and strategic direction.

Haryana Financial Corporation has announced a key leadership change with the appointment of Shri Sushil Sarwan, IAS, as its new Managing Director. The appointment, effective March 20, 2026, was communicated to BSE Limited under regulation 30 of the SEBI (LODR) Regulations, 2015.

Leadership Transition Details

The State Government issued orders number 1/37/2026-1SII dated March 19, 2026, formally appointing Sarwan to the position. He replaces Dr. Aditya Dahiya, IAS, who previously served as Managing Director of Haryana Financial Corporation.

Professional Background

Shri Sushil Sarwan brings significant administrative experience to his new role. Born on June 1, 1973, he holds a BA degree and is an IAS officer from the 2012 batch of the Haryana cadre. His career includes extensive experience in Haryana's administration, having served in key positions including Deputy Commissioner.

Additional Responsibilities

As part of the broader administrative reshuffle, Sarwan has also been appointed as Managing Director of Haryana State Industrial and Infrastructure Development Corporation Limited (HSIIDC), in addition to his role at Haryana Financial Corporation. This dual responsibility reflects the state government's confidence in his administrative capabilities.

Regulatory Compliance

The appointment was formally communicated to BSE Limited's Listing Compliance Monitoring Team as required under SEBI regulations. Haryana Financial Corporation, trading under scrip code 530927, ensures full compliance with regulatory requirements for such key management changes.

The company has requested BSE Limited to take the appointment on record, completing the necessary regulatory formalities for the leadership transition.