Power Finance Corporation Limited has announced the resignation of Independent Director Shri Bhaskar Bhattacharya, effective April 1, 2026. The resignation comes as Bhattacharya prepares to contest in the upcoming West Bengal Assembly elections, prompting him to step down to avoid potential conflicts of interest.

Director Details and Resignation

Bhattacharya submitted his resignation via email on April 1, 2026, specifically mentioning his candidature in the West Bengal Assembly election from Serampore Constituency as the primary reason for his decision. In his resignation communication, he emphasized that avoiding potential conflict of interest was his main concern and confirmed there were no other reasons for his departure.

Previous Appointment Timeline

The director had been appointed as part-time Non-Official Director on PFC's Board for a period of one year from the date of notification of his re-appointment, following a Ministry of Power order dated May 13, 2025. The company had previously communicated this appointment to stock exchanges on May 14, 2025.

Regulatory Compliance and Additional Disclosures

Power Finance Corporation fulfilled its regulatory obligations by informing both the National Stock Exchange of India Limited and BSE Limited about this board change on April 2, 2026. The notification was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which mandates disclosure of material events and information.

In response to BSE's follow-up inquiry dated April 6, 2026, the company provided additional clarification on April 7, 2026, confirming that as per Bhattacharya's declaration, he was not holding directorship in any other listed entity as on the date of cessation.

Resignation Communication

In his resignation email to the Chairman cum Managing Director, Bhattacharya expressed gratitude for the opportunity to serve the Maharatna company. He specifically thanked the President of India, company dignitaries, and fellow Board members including other Independent Directors for their support during his tenure.

The resignation was processed through Company Secretary & Compliance Officer Manish Kumar Agarwal, who digitally signed the official communication to stock exchanges on April 2, 2026, at 11:56:04 +05'30', with the follow-up clarification signed on April 7, 2026, at 12:37:29 +05'30'.

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.