PNB Housing Finance has accepted the resignation of Ms. Valli Sekar as Chief Business Officer (Affordable Business), effective September 1, 2026. The company simultaneously designated Mr. Satish Kumar Singh to the same position, effective August 3, 2026, ensuring continuity in leadership for its affordable housing vertical. This transition marks the end of Ms. Sekar’s four-year tenure, during which she built and scaled the affordable business unit from inception.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026. The company informed the Bombay Stock Exchange and the National Stock Exchange of India Limited on August 3, 2026. Veena G Kamath, Company Secretary, signed the intimation, confirming that the details are available on the company’s website.

Ms. Sekar tendered her resignation on June 15, 2026, stating her desire to pursue other opportunities. In her resignation letter, she expressed gratitude for the opportunity to lead the affordable housing vertical, noting the strong business foundation established during her tenure. Ajai Kumar Shukla accepted her resignation, confirming her last working day would be September 1, 2026, after business hours.

Mr. Satish Kumar Singh brings nearly two decades of industry experience to the role, including more than 14 years with PNB Housing Finance. His appointment consolidates the responsibilities of Sales and Collections under one leader for the Affordable Business segment. Previously, he served as Chief Operating Officer at PHFL Home Loans and Services Limited and recently held the position of Chief People Officer. Management highlighted his institutional knowledge and execution capabilities as key factors in his selection.

Leadership Transition Details

Strategic Implications

The consolidation of Sales and Collections under Mr. Satish Kumar Singh suggests a strategic shift towards integrated operational management within the Affordable Business vertical. Having served in both operational (COO) and human resources (CPO) capacities within the group, his background aligns with the dual mandate of driving revenue while managing workforce dynamics. This structural change aims to leverage his deep institutional knowledge to navigate evolving market dynamics in the affordable housing sector.

PNB Housing Finance has issued detailed guidelines regarding Tax Deduction at Source (TDS) on its recommended final dividend of ₹8 per equity share for the financial year ended March 31, 2026. The Board of Directors approved the payout during its meeting on April 20, 2026, pending ratification by shareholders at the Annual General Meeting (AGM) on August 17, 2026. As per the Income Tax Act, 2025, dividend income is taxable in the hands of investors, requiring the company to withhold tax at source unless specific exemptions are claimed with valid documentation.

Shareholders must submit requisite documents to claim lower or nil TDS rates by Saturday, August 8, 2026. Communications received after this deadline will not be considered. The company has categorized TDS applicability based on residential status and entity type, with distinct requirements for resident individuals, other resident entities, and non-resident shareholders. Failure to provide necessary proofs may result in higher TDS deductions, though shareholders retain the right to claim refunds through their income tax returns if eligible.

TDS Rates for Resident Shareholders

For resident individuals holding a valid Permanent Account Number (PAN), TDS is levied at 10% under Section 393(1) read with Section 393(4) of the Act. However, no tax will be deducted if the aggregate dividend received during the tax year does not exceed ₹10,000, or if the shareholder submits Form 121 certifying that their total estimated income results in nil tax liability. In cases where PAN is missing, invalid, or not linked with Aadhaar, TDS is deducted at 20% under Section 397(2).

Other resident entities face varied treatment based on their classification:

Provisions for Non-Resident Shareholders

Non-resident shareholders are subject to a default withholding tax of 20% plus applicable surcharge and cess under Section 393(2). However, they may opt for beneficial rates under the Double Tax Avoidance Agreement (DTAA) between India and their country of residence. To avail DTAA benefits, non-residents must submit a copy of their PAN (if available), a self-attested Tax Residency Certificate (TRC), e-filed Form 41, and a declaration confirming no taxable presence in India.

Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs) are also subject to the 20% rate plus surcharge and cess, unless DTAA provisions offer more favorable terms. The company reserves the right to reject DTAA claims if documentation is incomplete or unsatisfactory. Notably, PNB Housing Finance will not apply the Most Favored Nation Clause during TDS deduction. For shareholders holding shares across multiple accounts under different statuses but a single PAN, the highest applicable tax rate across all accounts will be applied to the entire holding.

Submission Guidelines

All documents must be sent to investor.services@pnbhousing.com from registered email IDs or via post. Joint shareholders must have the first-named member in the Register of Members furnish the documents. The company warns that any misrepresentation or omission of information will hold the shareholder liable for indemnification against any resulting tax demands, interest, or penalties. Tax credits can be verified via Form 168 on the TRACES portal or the Income Tax e-filing website.