PNB Gilts Limited accepted the resignation of Bibhu Prasad Mahapatra as Non-Executive Non-Independent Director and Chairman on August 7, 2026. The departure is effective immediately from the close of business hours on that date. This leadership change coincides with the appointment of Amit Kumar Srivastava as a Non-Executive and Non-Independent Director, following a nomination request from the company’s promoter, Punjab National Bank (PNB). The transition ensures continuity in board governance while aligning with regulatory directives for non-banking financial companies.

Mahapatra tendered his resignation via email on August 7, 2026, citing the receipt of permission from the Government of India for PNB to nominate Srivastava to the Board. Consequently, Srivastava has been appointed to fill the vacancy. His tenure will continue until he ceases to hold the position of Executive Director at PNB or until further orders from the Government of India, whichever is earlier. The appointment requires subsequent approval from the Reserve Bank of India (RBI) and shareholders.

Board Composition Changes

The Board of Directors approved these changes in accordance with the Reserve Bank of India (Non-Banking Financial Companies - Governance) Directions, 2025. The company filed an intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Srivastava brings over 31 years of banking experience to the role. He currently serves as an Executive Director at PNB and previously held the position of Group Chief Risk Officer. He holds a postgraduate degree in Computer Science from Banaras Hindu University and is a Certified Associate Member of the Indian Institute of Bankers. His other qualifications include certifications in MSME, Risk in Financial Services, Professional Risk Manager, and Sustainability and Climate Risk from GARP (USA). He also serves as a Director at India Infrastructure Finance Company Limited and Chairman of the Governing Board of National Institute of Banking Studies & Corporate Management.

Upcoming Shareholder Actions

The Board also approved the notice for the 30th Annual General Meeting (AGM), scheduled for September 28, 2026, at 11:00 AM (IST). The meeting will be conducted via Video Conference or Other Audio-Visual Means (VC/OAVM) in compliance with Ministry of Corporate Affairs and SEBI circulars. Shareholders must approve Srivastava’s appointment during this meeting. Additionally, the record date for the final dividend of financial year 2025-26, if declared, is set for September 21, 2026. Any declared dividend will be paid within 30 days of the declaration date.

PNB Gilts Ltd successfully conducted a one-on-one analyst meet with Canara Bank Securities Limited on July 20, 2026. The interaction was held physically at the Mumbai office of Canara Bank Securities Limited from 11:00 a.m. to 2:15 p.m. The company confirmed that no unpublished price sensitive information was shared or discussed during the meeting.

Meeting Details

The interaction was conducted pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The specific details of the event are as follows:

The update was submitted to the National Stock Exchange of India Ltd and BSE Limited on July 20, 2026. Monika Kochar, Company Secretary & Compliance Officer of PNB Gilts Ltd, signed the intimation.