Power Finance Corporation Limited has announced significant changes to its Board of Directors following the superannuation of two senior directors effective April 1, 2026. The company has informed both the National Stock Exchange of India Limited and BSE Limited about these board changes in compliance with regulatory requirements under SEBI (LODR) Regulations, 2015.

Director Superannuation Details

The company reported the cessation of two directors who reached their superannuation age on March 31, 2026. Both directors had been serving in key commercial and financial roles within the organization.

Appointment Background

Shri Manoj Sharma was appointed as Director (Commercial) pursuant to Ministry of Power, Government of India order no. F.No.24-8/1/2021-PFC(MoP) dated 29.08.2022. His appointment was effective from the date of assumption of charge until his superannuation date of 31.03.2026, or until further orders, whichever was earliest.

Similarly, Shri Sandeep Kumar was appointed as Director (Finance) through Ministry of Power, Government of India order no. F.No.24-8/1/2023-PFC(MoP) dated 11.07.2024. His tenure was also structured to continue until his superannuation on 31.03.2026, or until further orders, whichever came first.

Regulatory Compliance

The intimation was filed by Company Secretary & Compliance Officer Manish Kumar Agarwal on April 1, 2026, ensuring timely disclosure to stock exchanges. This notification fulfills the company's obligations under Regulation 30 read with Schedule III of SEBI (LODR) Regulations, 2015, which mandates disclosure of material events including changes in board composition.

Corporate Governance Impact

Both departing directors held crucial positions overseeing commercial operations and financial management respectively. As a Government of India undertaking and ISO 9001:2015 certified organization, Power Finance Corporation maintains structured governance protocols for board transitions and succession planning in accordance with government guidelines and regulatory frameworks.

Power Finance Corporation has completed the transfer of South Kalamb Power Transmission Limited to Adani Energy Solutions Limited for Rs. 12.53 crore on March 30, 2026. The transaction was announced through a regulatory filing under Regulation 30, marking the successful completion of the bidding process for this transmission infrastructure asset.

Transaction Details

The transfer involves South Kalamb Power Transmission Limited, which was established for the development of "Network Expansion Scheme for drawal of power at South Kalamb S/s: Part A". The company was a wholly owned subsidiary of PFC Consulting Limited, which itself is a wholly owned subsidiary of Power Finance Corporation Limited.

Regulatory Compliance

According to the official filing, the transaction does not fall within the purview of related party transactions, as Adani Energy Solutions Limited does not belong to the promoter or promoter group of Power Finance Corporation. The sale is not in the nature of a slump sale, and the consideration has been determined in accordance with guidelines issued by the Ministry of Power, Government of India.

The transferred subsidiary contributed negligible amounts to Power Finance Corporation's turnover, revenue, income, and net worth during the last financial year. The transaction represents a strategic divestment as part of Power Finance Corporation's portfolio optimization efforts.

Strategic Impact

This transfer adds to Adani Energy Solutions Limited's expanding transmission infrastructure portfolio, strengthening its presence in the power transmission sector. For Power Finance Corporation, the divestment aligns with its strategic focus on core operations while ensuring optimal resource allocation across its business segments.