Power Finance Corporation Ltd has appointed Pankaj Gupta as a part-time Non-Official Director on its Board for a period of three months effective June 22, 2026. The appointment, made by the Ministry of Power, Government of India, is pursuant to the Articles of Association of the Company and will remain valid until further orders, whichever is earlier.

The disclosure was made to the National Stock Exchange of India Limited and BSE Limited pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015. The company confirmed that Gupta is not debarred from holding the office of Director by virtue of any order of SEBI or any other authority.

Pankaj Gupta (DIN: 03415536) is a Chartered Accountant and a Fellow Member of the Institute of Chartered Accountants of India (ICAI). He brings over 25 years of professional experience in the fields of Taxation, Audit & Assurance, Corporate Law, and Financial Advisory.

Profile of the Appointee

Gupta is the Managing Partner of Pankaj Manvi & Associates, a firm providing services in Direct and Indirect Taxation, Audit, Accounting, Fund Raising, and Corporate Litigation. His advisory work covers complex matters involving Income Tax, International Taxation, Transfer Pricing, GST, FEMA, Corporate Compliance, and Capital Market Regulations. He has guided clients through IPOs, FPOs, Private Placements, PE deals, and regulatory compliances before SEBI, ROC, NCLT, and NCLAT.

Recognised as a public policy commentator, Gupta has appeared on national television to share insights on Income Tax, GST, and Union & State Budgets. He contributes to professional journals and business forums and has delivered lectures at industry seminars and conferences.

Appointment Details

REC Limited has received Presidential approval for the proposed merger of the company into Power Finance Corporation, marking a pivotal milestone in the consolidation of two of India's largest state-owned power sector lenders. The Ministry of Power conveyed this decision through a letter dated June 10, 2026, formally confirming the requisite consent for the merger to proceed. This strategic consolidation aims to streamline the power sector financing landscape by combining the assets and capabilities of the two major lenders.

Background and Approval Process

The approval follows a decision by the Board of Directors of REC Limited to reserve the merger proposal for the President's consideration, as communicated in an earlier intimation dated May 16, 2026. The Ministry of Power's subsequent communication confirms that Presidential consent has now been granted, clearing a critical regulatory hurdle in the consolidation process.

The following table outlines the key timeline for the merger approval process:

Strategic Significance

The merger of REC Limited into Power Finance Corporation aims to consolidate the operations of both government undertakings, strengthening the overall capacity of state-owned financing in India's power sector. Dinesh Garg, Company Secretary & Compliance Officer of REC Limited, signed the disclosure on June 10, 2026.